Experts Warn Wealth Inequality Now a Global Emergency, Urge G20 Action
By Passman Akpos
Wealth inequality has reached alarming levels worldwide, posing a grave threat to democracy and social stability, experts warned on Tuesday ahead of this month’s G20 summit in South Africa.
In a joint statement released by a coalition of economists, development researchers, and civil society groups, the experts described the widening gap between the world’s richest and poorest as a “global emergency” requiring immediate and coordinated action from the international community.
“The concentration of wealth in the hands of a tiny elite is not just an economic issue—it’s a democratic and moral crisis,” the statement read. “Inequality is eroding trust in institutions, fueling political extremism, and destabilizing societies.”
The group called on G20 leaders, who will convene later this month in Johannesburg, to establish a Global Panel on Wealth Inequality—a high-level task force mandated to propose policy solutions including progressive taxation, fair wage policies, and increased investment in public services.
According to recent reports by the World Inequality Lab, the top 1% of the global population now owns nearly half of all wealth, while the bottom half collectively controls less than 2%. The gap has widened further since the COVID-19 pandemic and subsequent cost-of-living crises, driven by corporate profits and asset inflation.
Dr. Lindiwe Mbeki, a South African economist and one of the signatories, said the G20 summit presents “a defining moment” for world leaders to show political will.
“If the G20 cannot confront the reality of runaway inequality, then its promise to promote inclusive growth will ring hollow,” she said.
As global attention turns to Johannesburg, campaigners hope the summit will not only produce rhetoric but lead to concrete commitments toward building a more equitable world economy.
