G20 team to examine ‘inequality of wealth’

South African President Cyril Ramaphosa on Thursday launched a G20 experts taskforce to examine global wealth inequality and its impact on growth, poverty and multilateralism — the first initiative of its kind for the G20.

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The six-member taskforce, chaired by Nobel Economics Prize laureate Joseph Stiglitz, is expected to present its findings to G20 leaders due to convene in Johannesburg in November.

South Africa has sought to use its Group of 20 presidency this year to highlight issues affecting poorer nations, including rising inequality and sovereign debt burdens.

“South Africa’s G20 presidency today is proud to launch an initiative that will target this issue of global wealth inequality, a first for the G20, and offer a practical way forward,” Mr Ramaphosa said in a statement.