South Africa' Ramaphosa warns richest 1% dominate new wealth
South African President Cyril Ramaphosa has urged world leaders to treat global inequality as an urgent crisis, warning that widening wealth gaps threaten democracy, climate stability and peace.
Speaking at the Global Inequality Dialogue in Johannesburg on Friday, Ramaphosa said it was “astounding” that the richest 1% of people captured 41% of all new wealth created between 2000 and 2024, while the poorest half of humanity received just 1%.
He said no country could defeat inequality alone and called for major reforms to global financial and political institutions, including the United Nations Security Council. Ramaphosa argued that the current system does not adequately serve developing countries or protect global peace.
His remarks came during the second meeting of the International Panel on Inequality, launched under South Africa’s G20 presidency and backed by Brazil, Norway and Spain. The panel aims to become a leading global source of inequality data, with South Africa expected to push for its permanent establishment at the UN General Assembly.
This story is written and edited by the Global South World team, you can contact us here.
