India's Richest 1 Percent Saw 62% Wealth Growth Amidst Global Inequality Crisis

A significant report commissioned by the South African Presidency of the G20, led by Nobel laureate Joseph Stiglitz, reveals that India's richest 1 percent increased their wealth by 62 percent between 2000 and 2023. This is part of a global study warning that inequality has reached "emergency" levels, threatening democracy, economic stability, and climate progress. Globally, the top 1 percent captured 41 percent of new wealth created from 2000-2024, while the bottom half received only 1 percent. The report noted that intercountry inequality has somewhat reduced due to growth in populous countries like India and China. Wealth concentration within countries is a key issue, with the top 1 percent increasing their share in over half of nations.

The report emphasizes that "Extreme inequality is a choice" and can be reversed with political will. It proposes an International Panel on Inequality (IPI), similar to the IPCC, to monitor trends and guide policy. High inequality is linked to a seven-fold increase in the likelihood of democratic decline and has contributed to slowed poverty reduction and increased food insecurity since 2020.

**Impact** This news impacts investor sentiment and economic policy discussions by highlighting wealth concentration trends. It could influence government regulations, taxation, and social welfare programs, affecting consumer demand and market stability. Understanding these trends offers insights into potential market shifts. Rating: 7/10.

**Difficult Terms** * **G20**: An international forum for governments and central bank governors from 19 countries and the European Union. * **Nobel laureate**: A recipient of a Nobel Prize for outstanding achievements. * **Global inequality**: The uneven distribution of wealth and income worldwide. * **Intercountry inequality**: Economic differences between countries. * **GDP (Gross Domestic Product)**: The total value of goods and services produced in a country. * **International Panel on Inequality (IPI)**: A proposed body to monitor global inequality. * **Intergovernmental Panel on Climate Change (IPCC)**: A UN body assessing climate change science. * **Democratic decline**: The weakening of democratic systems. * **Food insecurity**: Lack of consistent access to adequate food.