Overview
- The Stiglitz-chaired Extraordinary Committee released its first report under South Africa’s G20 presidency ahead of the Johannesburg meetings.
- Using World Inequality Lab data, it finds the richest 1% captured 41% of new wealth since 2000 while the poorest half gained 1%.
- It cites research projecting up to $70 trillion in inheritances by 2035 that would further concentrate wealth.
- The report says 83% of countries meet the World Bank’s high-inequality threshold and face a higher risk of democratic backsliding.
- The authors warn recent shocks have deepened hardship, noting one in four people regularly skip meals and billionaire wealth is at a record, as the proposal heads to G20 leaders with the United States due to take the presidency next.