Agreeing to establish an International Panel on Inequality would be a landmark decision – a powerful signal that leaders are ready to confront this crisis with the same urgency and scientific rigor as the climate emergency.
Oxfam Ireland - South Africa challenges G20 leaders to tackle global inequality
Billionaires in G20 countries added $2.2 trillion to their fortunes in just one year – more than enough to lift 3.8 billion people out of poverty, says Oxfam.
Since 2000, the richest 1% have captured 41% of all new wealth, while the poorest half received just 1%. This is according to a new expert report, which warns of an “inequality emergency” ahead of the G20 Summit.
Oxfam reveals these new figures ahead of the Johannesburg-hosted summit (November 22 - 23), where the South African presidency has made tackling inequality a core theme.
South Africa commissioned the first ever G20 analysis of inequality to advise leaders - the “G20 Extraordinary Committee of Independent Experts on Global Inequality”, led by Professor Joseph Stiglitz.
Oxfam backs the report’s call for an International Panel on Inequality, similar to the IPCC for climate, to drive urgent global action. South Africa’s President Cyril Ramaphosa supports the idea and is urging G20 nations to follow suit.
"Inequality is not just an economic issue. It is tearing at the fabric of our societies, fueling extremism, eroding democracy, and undermining trust in institutions. The G20’s own experts have rightfully called this an ‘inequality emergency’. Agreeing to establish an International Panel on Inequality would be a landmark decision – a powerful signal that leaders are ready to confront this crisis with the same urgency and scientific rigor as the climate emergency. It would be a fitting and historic legacy for South Africa’s presidency of the G20 and a major step toward a fairer, more stable world."
— Jim Clarken - Oxfam Ireland CEO
The G20 must also act on fair taxation and debt relief. Today, only 8 cents of every tax dollar in G20 countries comes from wealth, while over half of low-income countries face debt distress, diverting funds from schools and hospitals.
Billionaires in G20 countries saw their wealth grow 16.5% in just one year, from $13.4 trillion to $15.6 trillion dollars. The annual cost to lift up the 3.8 billion people who currently live below the poverty line is $1.65 trillion.
The $15.6 trillion sitting at the summit leaders’ own table – the tremendous amount of wealth that the G20’s own billionaires now hold between them – is an “open secret” that must be fairly taxed in order to help end poverty and fight the climate breakdown.
The U.S. is absent from the G20 table but has pushed policies that worsen inequality, like tax breaks for the wealthy and blocking global tax reforms. Other G20 nations can choose a different path: fair rules that benefit ordinary people, not billionaires.
Today, 3.4 billion people live in countries spending more on interest than on health or education.
As private lenders withdraw their capital because of increasing risk of default, governments are being forced to borrow from multilateral lenders, like the IMF and World Bank. These loans often come with stricter conditions like no debt relief and pressure to cut public spending.
The G20’s debt plan has failed; just 4 of 69 countries have received help. Without urgent action, nations will stay trapped in a cycle of borrowing and austerity, undermining development and stability.
“Despite record wealth for those at the top who benefit from a system without making a fair contribution, public wealth is declining. If we fail to help countries invest in health, education and sustainability, we cannot expect stability, prosperity or progress on climate justice."
Read Oxfam’s G20 Media Advisoryhere for more information on spokespersons and photo actions.
Billionaires’ data is from the Forbes real-time billionaires list as of the end of October 2024 and October 2025. The combined wealth of the billionaires in the 19 countries that are part of the G20 (the other members are the EU and AU - as regions they are not included in the calculations) rose from US$13.4 trillion at the end of October 2024 (adjusted for inflation) to US$15.6 trillion at the end of October 2025. This is an increase of US$2.2 trillion.
Poverty data, at US$8.30 per day poverty line, is in purchasing power parity (PPP), and is sourced from the World Bank’s poverty and inequality platform, which covers 168 countries. We have converted the $8.30 PPP into the market exchange rate for each country using the PPP conversion factor and exchange rates from the World Inequality Database. There are currently 3.77 billion people living below this poverty line. The amount needed to end poverty is the product of the poverty line, poverty gap, and population. Our calculations show that $1.65 trillion would be enough to eradicate poverty at $8.30 PPP for one year.
"Inequality is not just an economic issue. It is tearing at the fabric of our societies, fueling extremism, eroding democracy, and undermining trust in institutions. The G20’s own experts have rightfully called this an ‘inequality emergency’. Agreeing to establish an International Panel on Inequality would be a landmark decision – a powerful signal that leaders are ready to confront this crisis with the same urgency and scientific rigor as the climate emergency. It would be a fitting and historic legacy for South Africa’s presidency of the G20 and a major step toward a fairer, more stable world."
