Ramaphosa launches G20 taskforce on global wealth inequality
President Cyril Ramaphosa has launched a G20 experts taskforce to examine global wealth inequality, the first initiative of its kind within the grouping.
The six-member panel, chaired by Nobel Prize-winning economist Joseph Stiglitz, will investigate how widening disparities affect growth, poverty, and multilateral cooperation. The taskforce will present its recommendations at the G20 Leaders’ Summit in Johannesburg this November.
Ramaphosa said inequality “undermines dignity and the chance for a better future,” pointing to challenges exposed by the pandemic and the rising cost of living.
Other members include Winnie Byanyima, head of UNAIDS, and renowned economist Jayati Ghosh, representing a diverse range of global expertise.
According to the World Inequality Report, the poorest 50% of the world held just 2% of global wealth in 2021, while the richest 10% controlled 76%, underscoring the urgency of the initiative.