South African President Leads G20 Taskforce on Global Wealth Inequality

South African President Cyril Ramaphosa has taken a bold step in addressing global wealth inequality by launching the G20’s first-ever taskforce on the matter. Chaired by Nobel laureate Joseph Stiglitz, this six-member panel will delve into how extreme wealth concentration hampers economic growth, exacerbates poverty, and undermines international cooperation.

This initiative is a top priority for South Africa’s G20 presidency, with a focus on the challenges faced by developing nations such as sovereign debt and unfair global systems. Ramaphosa highlighted the stark example of vaccine inequality during the pandemic, emphasizing how inequality erodes human dignity.

The taskforce’s goal is to translate public outrage over escalating inequality into tangible policy recommendations, providing G20 leaders with a practical roadmap for action when they gather in Johannesburg this November. With the wealthiest 10% of the world controlling a staggering 76% of global wealth, this effort signifies a significant stride towards tackling one of the most urgent issues of our time.

Reuters