India’s richest 1 per cent expanded their wealth by 62 per cent between 2000 and 2023, according to a report commissioned by the South African Presidency of the G20 , highlighting an alarming rise in global inequality.
The study, led by Nobel laureate Joseph Stiglitz, described inequality as having reached “emergency” levels that now threaten democracy, economic stability and climate progress.
As per the report by the G20 Extraordinary Committee of Independent Experts on Global Inequality, which includes economists Jayati Ghosh, Winnie Byanyima, and Imraan Valodia, the top 1 per cent globally captured 41 per cent of all new wealth created between 2000 and 2024.
In contrast, the bottom half of humanity received only 1 per cent, underscoring the widening wealth gap.
“In India, the top 1% have grown their share of wealth by 62% over this period (2000–2023); this figure is 54% in China,” the report said.
It added that the richest 1 per cent increased their share of wealth in over half of all countries, covering about 74 per cent of the global population.
The report noted that while intercountry inequality appeared to have declined due to rising incomes in nations like India and China, this masked severe internal inequality.
“Extreme inequality is a choice. It is not inevitable and can be reversed with political will. This can be greatly facilitated by global coordination, and in this regard, the G20 has a critical role,” the committee stated.
To tackle the crisis, the experts proposed establishing an International Panel on Inequality (IPI), modelled on the Intergovernmental Panel on Climate Change (IPCC), to monitor inequality trends and guide global policymaking.
The report also warned that countries with high inequality are seven times more likely to face democratic decline.
It found that global poverty reduction has stalled since 2020, with 2.3 billion people now facing food insecurity and 1.3 billion impoverished by health costs.
The study, led by Nobel laureate Joseph Stiglitz, described inequality as having reached “emergency” levels that now threaten democracy, economic stability and climate progress.
As per the report by the G20 Extraordinary Committee of Independent Experts on Global Inequality, which includes economists Jayati Ghosh, Winnie Byanyima, and Imraan Valodia, the top 1 per cent globally captured 41 per cent of all new wealth created between 2000 and 2024.
In contrast, the bottom half of humanity received only 1 per cent, underscoring the widening wealth gap.
“In India, the top 1% have grown their share of wealth by 62% over this period (2000–2023); this figure is 54% in China,” the report said.
It added that the richest 1 per cent increased their share of wealth in over half of all countries, covering about 74 per cent of the global population.
The report noted that while intercountry inequality appeared to have declined due to rising incomes in nations like India and China, this masked severe internal inequality.
“Extreme inequality is a choice. It is not inevitable and can be reversed with political will. This can be greatly facilitated by global coordination, and in this regard, the G20 has a critical role,” the committee stated.
To tackle the crisis, the experts proposed establishing an International Panel on Inequality (IPI), modelled on the Intergovernmental Panel on Climate Change (IPCC), to monitor inequality trends and guide global policymaking.
The report also warned that countries with high inequality are seven times more likely to face democratic decline.
It found that global poverty reduction has stalled since 2020, with 2.3 billion people now facing food insecurity and 1.3 billion impoverished by health costs.
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