A global movement that seeks to counter excessive concentration of power and wealth in the hands of small elite, Fight Inequality Alliance, has renewed its call for global financial institutions to promote inclusion, noting that current systems largely benefit the richest 1 % while sidelining the majority poor.
Daudi Kayisi, the Alliance’s Communications and Media Officer, has made the call ahead of the group’s People’s Summit, set for November 20-22 in Johannesburg, South Africa.
The call follows reports that businessman Elon Musk now has a net worth of $ 500 billion, a milestone the Alliance says reflects “extreme inequality.”
In a statement, General Secretary for the global movement Jenny Ricks says institutions like the IMF should rethink their austerity and debt policies, to lift developing nations out of poverty.
2022 World Bank data shows that the richest 10% of the global population receives 52% of global incomes, while the poorest 50% earn just 8%.
“The summit in Johannesburg will act as a counterpoint to the G20. It will show what a world that works for the 99% look like,” reads the statement in part.
By Aston Gondwe
