South African President Cyril Ramaphosa has unveiled a new G20 taskforce aimed at tackling global wealth inequality, marking the first time such an initiative has been launched within the group.
The taskforce, chaired by Nobel Prize-winning economist Joseph Stiglitz, will focus on the economic and social consequences of widening inequality, particularly for developing nations.
Its findings are expected to be presented at the G20 summit in Johannesburg this November.
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Ramaphosa stressed that inequality is eroding global growth, fueling poverty, and undermining multilateral cooperation.
He cited unequal access to COVID-19 vaccines and rising food and energy prices as examples of how disparities deepen economic divides.
“A new oligarchy in our global economy is becoming apparent,” he warned.
The World Inequality Report shows that the poorest 50% of the global population owned just 2% of wealth in 2021, while the richest 10% controlled 76%.
Stiglitz argued that inequality is not inevitable but the result of policy choices, noting that G20 nations have the capacity to chart a different path.
Other members of the six-person taskforce include UNAIDS Executive Director Winnie Byanyima and development economist Jayati Ghosh.
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However, the initiative comes amid a notable absence: the United States confirmed it will not attend South Africa-hosted G20 meetings due to policy disagreements, particularly over Pretoria’s land reform laws.
Analysts say this signals a growing realignment, with South Africa leaning more toward BRICS partners such as China and Russia.
The U.S. is set to assume the G20 presidency at the end of the year.
Image Credit: Business Insider Africa
