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inequality
$70 Trillion in Inherited Wealth Shows Global 'Inequality Emergency' Spiraling Out of Control
"Inequality is a crisis in need of concerted action," said Nobel Prize-winning economist Joseph Stiglitz.
Nov 04, 2025
A panel of experts convened by South Africa's president warned Tuesday that the world is facing an "inequality emergency" as the richest people on the planet capture a disproportionate share of new wealth and prepare to pass it down to their heirs—perpetuating the chasm between economic elites and everyone else.
The panel, led by Nobel Prize-winning economist Joseph Stiglitz, notes in a new report that over $70 trillion in wealth will be passed down to heirs over the next decade. In the next 30 years, the panel estimates, 1,000 billionaires will transfer more than $5.2 trillion to their heirs mostly untaxed.
"Inequality is one of the most urgent concerns in the world today, generating many other problems in economies, societies, polities and the environment," states the report, published ahead of the G20 meetings in Johannesburg at the end of the month.
Joining Stiglitz on the panel, formally called the Extraordinary Committee of Independent Experts on Global Inequality, were Adriana Abdenur of Brazil, Winnie Byanyima of Uganda, Jayati Ghosh of India, and Imraan Valodia and Wanga Zembe-Mkabile of South Africa.
"Inequality is not a given; combating it is necessary and possible," the experts wrote. "Inequality results from policy choices that reflect ethical attitudes and morals, as well as economic trade-offs. It is not just a matter of concern for individual countries, but a global concern that should be on the international agenda—and therefore the G20's."
Since 2000, the global 1% has captured more than 40% of all new wealth while the bottom half of humanity saw its wealth grow by just 1%, according to the new report. More than 80% of countries—accounting for roughly 90% of the global population—have high levels of income inequality, which undermines social cohesion, economic functioning, and democratic institutions nationally and worldwide.
The panel recommends a broad scope of policy changes to tackle runaway income and wealth inequality, from ensuring the fair taxation of multinational corporations and ultra-rich individuals, to antitrust policies that reduce corporate concentration, to major investments in public services.
The experts also called for the creation of an International Panel on Inequality—inspired by the Intergovernmental Panel on Climate Change (IPCC)—"to support governments and multilateral agencies with authoritative assessments and analyses of inequality" that would "empower policymaking."
"The committee's work showed us that inequality is a crisis in need of concerted action," Stiglitz said Tuesday. "The necessary step to taking this action is for policymakers, political leaders, the private sector, journalists and academia to have accurate and timely information and analysis of the inequality crisis. This is why our recommendation above all is for a new International Panel on Inequality."
"It would learn from the remarkable job the IPCC has done for climate change, bringing together technical expertise worldwide to track inequality and assess what is driving it," he added.
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Corporate America Accelerates Layoffs As Trump Economy Flashes Red Warning Signs
"We’re not just in a low hire, low fire environment anymore," said one economist. "We’re firing."
Nov 03, 2025
Several major US corporations in the last month have announced plans to cut thousands of workers as layoffs in the American economy have reached their highest level since 2020, when much of the global economy was shut down due to the Covid-19 pandemic.
As reported by Bloomberg on Monday, major firms including Target, Amazon, Paramount, and Molson Coors in October announced plans to lay off a combined total of more than 17,000 workers for a wide variety of reasons ranging from the impact of artificial intelligence to declining sales.
Taken together, these layoffs point to a significantly weakened labor market, which had already ground to a halt over the summer when the last jobs report released by the Bureau of Labor Statistics (BLS) showed the economy created just 22,000 jobs in the month of August.
And while the BLS has stopped releasing monthly employment reports during the ongoing shutdown of the federal government, Bloomberg pointed to data collected by outplacement firm Challenger, Gray & Christmas showing that there have been "almost 950,000 US job cuts this year through September, the highest year-to-date total since 2020—and that was before the heavy October run of announcements."
Dan North, senior economist at Allianz Trade Americas, told Bloomberg that he has detected a definite shift in the jobs market in recent weeks.
"We’re not just in a low hire, low fire environment anymore," he explained. "We’re firing."
Joseph Brusuelas, chief economist at RSM US, said in an interview with Reuters that he also expected the labor market to get worse in the coming months due to "adverse policy shocks emanating from Washington," as well as "the change in behavior among corporates who hoarded labor for the past four to five years," and were thus reluctant to carry out layoffs.
"That was never an indefinite behavior," he said. "We're going to see migration up in the unemployment rate."
John Challenger, CEO of Challenger, Gray & Christmas, told CBS News last week that he didn't think that the layoffs announced over the last month were just a blip.
"These are major layoffs, the kind of which we only see in periods of real change in the economy," he emphasized.
One challenge for economists in assessing the current state of the economy is the vast gulf between the experiences of America's highest-earning households and households at the bottom of the economic ladder.
According to a Monday report from CNBC, recent corporate earnings reports have shown signs of a so-called "K-shaped" economy in which well off consumers are maintaining or increasing their spending while low-income consumers are being forced to cut back.
"Last week, Chipotle reported it’s seeing consumers who make less than $100,000 a year, which represents roughly 40% of the company’s customer base, spending less frequently due to concerns about the economy and inflation," CNBC noted. "Coca-Cola said in its third-quarter earnings that pricier products like Topo Chico sparkling water and Fairlife protein shakes are driving its growth. Procter & Gamble reported similar results, saying wealthier customers are buying more from club retailers, which sell bigger pack sizes, while lower-income shoppers are significantly pulling back."
A Monday report from Fortune similarly picked up on evidence that the US is in the midst of a K-shaped economy, as it found that the percentage of Americans taking on subprime loans in the third quarter of 2025 reached its highest level since 2019.
This is significant, Fortune noted, because an increased reliance on subprime loans "adds to signs that many are facing increased financial pressure" to make ends meet. What's more, Fortune pointed to a recent analysis from Moody's showing that the top 20% of households in the US are now responsible for economic growth, while the bottom 80% have essentially been stagnant.
Lucia Dunn, an economist at Ohio State University, told Fortune that this economic disparity could increase instability if not addressed.
"We are losing the middle class," Dunn said. "And when you get to a society where there are a lot of people at the bottom and then a small group at the top, that's a prescription for real trouble."
The reports of the layoffs in corporate American come as a new analysis released Monday by Oxfam offered the latest look at extreme wealth inequality in the US, with the the 10 wealthiest Americans gaining nearly $700 billion so far this year—and as millions of people have lost crucial federal food assistance due to the government shutdown and the Trump administration's refusal to release full benefits.
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10 Richest Americans Have Gained $700 Billion in Wealth Since Trump Reelection
"The new American oligarchy is here," said the CEO of Oxfam America. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare, and groceries."
Nov 03, 2025
New research published Monday shows that the 10 richest people in the United States have seen their collective fortune grow by nearly $700 billion since President Donald Trump secured a second term in the White House and rushed to deliver more wealth to the top in the form of tax cuts.
The billionaire wealth surge that has accompanied Trump's return to power is part of a decades-long, policy-driven trend of upward redistribution that has enriched the very few and devastated the working class, Oxfam America details in Unequal: The Rise of a New American Oligarchy and the Agenda We Need.
Between 1989 and 2022, the report shows, the least rich US household in the top 1% gained 987 times more wealth than the richest household in the bottom 20%.
As of last year, more than 40% of the US population was considered poor or low-income, Oxfam observed. In 2025, the share of total US assets owned by the wealthiest 0.1% reached its highest level on record: 12.6%.
The Trump administration—in partnership with Republicans in Congress—has added rocket fuel to the nation's out-of-control inequality, moving "with staggering speed and scale to carry out a relentless attack on working-class families" while using "the power of the office to enrich the wealthy and well-connected," Oxfam's new report states.
"The data confirms what people across our nation already know instinctively: The new American oligarchy is here," said Abby Maxman, president and CEO of Oxfam America. "Billionaires and mega-corporations are booming while working families struggle to afford housing, healthcare, and groceries."
"Now, the Trump administration and Republicans in Congress risk turbocharging that inequality as they wage a relentless attack on working people and bargain with livelihoods during the government shutdown," Maxman added. "But what they're doing isn't new. It's doubling down on decades of regressive policy choices. What's different is how much undemocratic power they've now amassed."
"Today, we are seeing the dark extremes of choosing inequality for 50 years."
Oxfam released its report as the Trump administration continued to illegally withhold federal nutrition assistance from tens of millions of low-income US households just months after enacting a budget law that's expected to deliver hundreds of billions of dollars in tax breaks to ultra-rich Americans and large corporations.
Given the severity of US inequality and ongoing Trump-GOP efforts to make it worse, Oxfam stressed that a bold agenda "that focuses on rebalancing power" will be necessary to reverse course.
Such an agenda would include—but not be limited to—a wealth tax on multimillionaires and billionaires, a higher corporate tax rate, a permanently expanded child tax credit, strong antitrust policy that breaks up corporate monopolies, a federal job guarantee, universal childcare, and a substantially higher minimum wage.
"Today, we are seeing the dark extremes of choosing inequality for 50 years," Elizabeth Wilkins, president and CEO of the Roosevelt Institute, wrote in her foreword to the report. "The policy priorities in this report—rebalancing power, unrigging the tax code, reimagining the social safety net, and supporting workers' rights—are all essential to creating that more inclusive and cohesive society. Together, they speak to our deepest needs as human beings: to live with security and agency, to live free from exploitation."
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