South African President Cyril Ramaphosa on Thursday unveiled the G20’s first task force dedicated to tackling global wealth inequality, highlighting its effects on growth, poverty, and international cooperation.
The six-member panel, chaired by Nobel laureate Joseph Stiglitz, will deliver its findings to G20 leaders meeting in Johannesburg this November. Members include prominent figures such as UNAIDS chief Winnie Byanyima and economist Jayati Ghosh.
Ramaphosa said the initiative reflects South Africa’s push to prioritize the concerns of poorer nations during its G20 presidency, citing inequality in vaccine access during the pandemic, rising food and energy prices, debt, and trade wars as factors widening the gap between rich and poor.
Stiglitz stressed that inequality results from policy choices, urging G20 leaders to chart a fairer economic path. The World Inequality Report shows that in 2021 the richest 10% of people held 76% of global wealth, while the poorest half owned just 2%.
The United States will assume the G20 presidency next year.