Johannesburg: A G20 taskforce has called for the formation of a global panel to address what it describes as an “inequality emergency,” warning that widening wealth gaps are threatening democracy, economic stability, and social cohesion worldwide.

The proposal, led by Nobel Prize-winning economist Joseph Stiglitz, was presented by the Extraordinary Committee of Independent Experts on Global Inequality under South Africa’s G20 presidency. The taskforce suggested creating a body similar to the Intergovernmental Panel on Climate Change to regularly assess and report on inequality across nations.

According to the report, the richest one percent of the global population has captured about 41 percent of new wealth since 2000, while the poorest half of the world’s people gained only about one

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