G20 billionaires' wealth gains could end global poverty amid inequality and debt crises
Billionaires in the G20 countries earned a staggering $2.2 trillion in 2024, an amount that surpasses the $1.65 trillion needed to lift 3.8 billion people out of poverty worldwide, according to a report by Oxfam released ahead of the G20 summit in Johannesburg. The combined wealth of billionaires in these 19 major economies rose 16.5% over the past year, reaching $15.6 trillion.
Oxfam urged G20 leaders to tackle global inequality and the mounting debt burden undermining developing countries. The charity supports South Africa’s proposal to establish an International Panel on Inequality modeled after the UN’s Intergovernmental Panel on Climate Change. The panel would provide scientific assessments on inequality’s scale, causes, and solutions to drive urgent policy actions.
The G20 Extraordinary Committee of Independent Experts on Global Inequality, led by Nobel laureate Joseph Stiglitz, found that from 2000 to 2024, the richest 1% captured 41% of new global wealth, while the bottom half of humanity received only 1%. The report highlights how inequality exacerbates poverty, political polarization, and social instability.
Oxfam also spotlighted the debt crisis afflicting 3.4 billion people living in countries that spend more on interest payments than on essential services like health and education. The organization called for fair taxation of the wealthy and criticized policies worsening inequality, including regressive tax breaks and tariffs.
The summit unfolds without US participation following President Donald Trump’s boycott, citing disputed allegations regarding South Africa. Despite this absence, South Africa’s presidency prioritizes addressing inequality, debt sustainability, climate resilience, and energy transition financing for vulnerable nations. The event marks the first G20 summit hosted on African soil, positioning South Africa as a key voice for Global South economies.
This critical juncture emphasizes the urgent need for global cooperation to leverage the immense wealth concentrated at the top to eradicate poverty and foster sustainable development worldwide.
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