South Africa Launches G20 Taskforce to Tackle Global Wealth Inequality

South African President Cyril Ramaphosa has launched the G20’s first taskforce on global wealth inequality, chaired by Nobel laureate Joseph Stiglitz, to examine its impact on growth, poverty, and multilateralism ahead of the November summit in Johannesburg.

South African President Cyril Ramaphosa has launched the Group of 20’s first-ever taskforce aimed at addressing global wealth inequality and its impact on economic growth, poverty, and multilateral cooperation.

The six-member panel, chaired by Nobel Prize-winning economist Joseph Stiglitz, will present its policy recommendations at the G20 summit scheduled to take place in Johannesburg this November. Other members include prominent figures such as UNAIDS Executive Director Winnie Byanyima and development economist Jayati Ghosh, highlighting the taskforce’s focus on inclusive, globally informed solutions.

Speaking at the launch, President Ramaphosa stressed the urgency of tackling inequality, citing rising food and energy prices, mounting sovereign debt, and trade conflicts as key drivers of the widening wealth gap. “Inequality is not just an economic issue; it undermines dignity and the chance for a better future for billions of people,” he said.

Stiglitz echoed these concerns, arguing that inequality is largely a choice and that G20 nations have the policy tools necessary to chart a different course. According to the 2021 World Inequality Report, the poorest half of the world’s population owns just 2% of global wealth, while the richest 10% control 76%, underscoring the scale of the challenge.

The initiative represents a rare moment for the world’s most powerful economies to confront the structural disparities that threaten global stability. Observers note that the taskforce could help translate public frustration over inequality into actionable policy proposals, potentially reshaping international approaches to taxation, social welfare, and economic governance.

By placing inequality at the forefront of the G20 agenda, South Africa aims to amplify the voices of developing nations and demonstrate that bridging the wealth gap is essential not only for fairness, but for the long-term resilience of the global economy.