Wealth Inequality Spotlighted By South Africa's G20 Taskforce

South African President Cyril Ramaphosa unveiled a G20 taskforce led by Nobel Prize‐winning economist Joseph Stiglitz, aimed at scrutinising global wealth inequality and its consequences for economic growth, poverty and cooperation among nations. This pioneering effort marks the first time the G20 has deployed such a specialised group of independent experts, with findings due to be presented at the Johannesburg summit in November 2025.

The six‐member panel comprises experts from Brazil, Uganda, India and South Africa, including Dr Adriana E. Abdenur, Ms Winnie Byanyima, Professor Jayati Ghosh, Professor Imraan Valodia, and Dr Wanga Zembe‐Mkabile alongside Stiglitz. Their mandate is to assess the current state of income and wealth disparities, analyse their impact on multilateral institutions and poverty, and to devise a set of policy‐oriented solutions for G20 leaders.

Ramaphosa characterised inequality as a direct threat to global dignity and economic dynamism, pointing to stark examples such as unequal vaccine access during the COVID‐19 pandemic and the growing influence of a global economic oligarchy. He emphasised that rising food and energy costs, debt accumulation and trade conflicts are intensifying disparities between the affluent and everybody else.

Stiglitz urged that inequality is not inevitable but a result of policy choices, insisting that G20 nations possess the means to reverse the trend. He underscored the importance of translating academic insights and societal frustration over inequity into actionable policy recommendations.

The urgency of the initiative is highlighted by data pointing to accelerating inequality. According to Oxfam, the wealthiest one per cent of the global population have amassed an additional US$33.9 trillion since 2015-an amount sufficient to eradicate global poverty over 20 times. Meanwhile, nearly half of the world's population continues to live in poverty.

This taskforce fits within a broader strategic thrust by South Africa under its G20 presidency, which has emphasised“Solidarity, Equality, Sustainability” and aims to elevate development priorities of the Global South. In addition to equity, the presidency has focused on debt relief, climate finance, inclusive growth, food security and digital innovation.

As host of the Johannesburg G20 summit in November 2025-a first for the African continent-South Africa expects to steer global debate toward equity and development, reinforcing that step as part of broader institutional reforms and policy action.

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