G20 Report Flags “Emergency” Levels of Global Inequality as India’s Top 1% Gains Surge

A new G20-commissioned report led by Nobel laureate Joseph Stiglitz has warned that global inequality has reached a dangerous tipping point, threatening democracy, economic security, and climate action. The study reveals that the top 1% worldwide captured 41% of all wealth generated between 2000 and 2024, while the poorest 50% received only 1%.

Highlighting India’s growing disparity, the report states that the country’s richest 1% expanded their share of wealth by 62% from 2000 to 2023 — higher than China’s 54% in the same period. Despite declining inequality between countries due to rising incomes in populous nations like India and China, wealth concentration within nations has sharply intensified, affecting over half the world’s economies.

To counter this widening gap, the experts propose the establishment of an International Panel on Inequality, similar to the IPCC for climate issues, to guide global policy action. The report underscores the urgency, noting stalled poverty reduction since 2020, rising food insecurity affecting 2.3 billion people, and nearly half the world still lacking essential health coverage.