"The committee's report, commissioned as part of South Africa's G20 presidency, found that the richest 1% of the global population captured 41% of new wealth since the year 2000. By contrast, the bottom 50% of humanity have increased their wealth by just 1%, the report said, using data from the World Inequality Lab. In other words, the top 1% increased their average wealth by 2,655 times as much as the bottom 50%, the report said."
"The taskforce recommended that a new panel on inequality should be modelled after the Intergovernmental Panel on Climate Change (IPCC). It would be responsible for monitoring the causes and impacts of inequality, and providing insights to governments and policymakers. "It isn't just unfair and undermining societal cohesion it's a problem for our economy and our politics too," said Joseph Stiglitz, a Nobel Prize-winning economist who is famous for his work on global inequality."
Top 1% wealth share in India rose 62% between 2000 and 2023. Globally, the richest 1% captured 41% of new wealth since 2000 while the bottom 50% increased wealth by only 1%. The average wealth gain of the top 1% was 2,655 times that of the bottom 50%. A recommendation calls for an IPCC-style panel on inequality to monitor causes and impacts and to provide insights to governments and policymakers. High inequality undermines societal cohesion and can erode democratic institutions. Global shocks such as COVID-19, the war in Ukraine and trade disputes have worsened poverty and inequality, and one in four people regularly skip meals.
Read at www.dw.com
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