The taskforce has warned that extreme wealth disparities disrupt democracy and cause economic instability. The committee’s report, commissioned as part of South Africa’s G20 presidency, found that the richest 1% of the global population captured 41% of new wealth since the year 2000. The authors cited a “perfect storm” of global shocks such as COVID-19, the war in Ukraine and trade disputes, for worsening poverty and inequality.

–Reuters–