NEW DELHI: Between 2000 and 2023, India’s richest 1 per cent have grown their wealth by 62 per cent, said the World Inequality Database in a new report commissioned by the South African Presidency of the G20.
In China, the rich population’s wealth increased by 54 per cent in China while in the United States, a sharp rise occurred after 1980, with the top 1 per cent expanding their share of wealth by a total of 5 per cent since then.
The study led by Nobel Prize-winning economist Joseph Stiglitz warned that global inequality has reached “emergency levels”, putting democracy, economic stability, and climate progress at risk. The report, prepared by the G20 Extraordinary Committee of Independent Experts on Global Inequality, includes economists Jayati Ghosh, Winnie Byanyima, and Imraan Valodia.
It highlighted that the richest 1 per cent of people in the world captured 41 per cent of all new wealth created between 2000 and 2024, while the bottom half of the global population received only 1 per cent.
Inequality in some countries narrowed marginally because incomes have risen in large countries like China and India, reducing the overall share of high-income nations in global GDP, the report said.
However, within most countries, inequality has increased sharply. Between 2000 and 2023, the richest 1 per cent expanded their share of total wealth in more than half of all nations, covering 74 per cent of the global population.
The G20 report mentioned that extreme inequality is a choice, not a necessity, and can be reduced through political action and global cooperation. The G20, it said, has a vital role in leading this effort.
The G20 report suggested creating a new body, such as an International Panel on Inequality (IPI), which is similar to the Intergovernmental Panel on Climate Change (IPCC). The panel would track inequality trends worldwide and give governments clear, reliable data to guide policies.
The proposed panel, to be launched under South Africa’s G20 Presidency, would offer authoritative and accessible information on the causes and impact of inequality.
Agencies