CAPE TOWN, South Africa — In a significant move, hundreds of prominent economists and experts, including former U.S. Treasury Secretary Janet Yellen, have issued a compelling call for the establishment of an independent international panel to address income and wealth inequality. This appeal was made in an open letter released on Friday, just ahead of the Group of 20 (G20) summit scheduled for November 22-23 in South Africa. The summit is expected to feature a groundbreaking report on global inequality, chaired by Nobel Prize-winning economist Joseph Stiglitz, which will be presented to world leaders. The report, published earlier this month, highlights a dual crisis of inequality and climate change, warning of increased political instability, conflicts, and a decline in democratic trust. It reveals that between 2000 and 2024, the wealthiest 1% captured 41% of all new global wealth, while 2.3 billion people—approximately one in four globally—face moderate or severe food insecurity, a figure that has surged by 335 million since 2019. The report advocates for the creation of an International Panel on Inequality, modeled after the U.N.’s Intergovernmental Panel on Climate Change, to guide governments in addressing this pressing issue. The letter, signed by Nobel laureates and former senior officials from the World Bank and International Monetary Fund, emphasizes that extreme wealth concentration undermines democratic governance, erodes societal trust, and fuels political polarization. South Africa, the G20 host and the world’s most unequal country according to the World Bank, has prioritized global inequality as a key summit agenda item.
Top economists call on world leaders to set up an international panel on inequality
