More than 500 economists and inequality experts, including Thomas Piketty, professor at the Paris School of Economics and author of “Capital in the Twenty-First Century,” have urged the establishment of a permanent body dedicated to tackling inequality ahead of the G20 Summit, calling for action to address what they describe as a “global inequality emergency.”

Their appeal aims to lend support to the “G20 Special Committee on Inequality,” led by Nobel Prize–winning economist Joseph Stiglitz of Columbia University, which has recommended the creation of such an organization.

In an open letter sent to world leaders on November 14 (local time), the group of more than 500 experts from over 70 countries called on governments to “support the establishment of an ‘International Panel on Inequality (IPI)’ to respond to the global inequality emergency, as recommended by the G20 Special Committee on Inequality chaired by Professor Stiglitz.”

The letter was signed by experts across disciplines, including economists, political scientists, sociologists, anthropologists, and philosophers. From Korea, participants included Koo In-hwoi, professor of social welfare at Seoul National University.

“We share the Special Committee’s view that the world is facing an inequality emergency,” the signatories wrote. “We are deeply concerned that the extreme concentration of wealth is fueling undemocratic concentrations of power, eroding social trust, and intensifying political polarization.”

The letter stressed that “inequality is not inevitable, but it is the result of policy choices,” adding, “We know there are clear and evidence-based measures that can reduce inequality and build more equitable societies and economies.”

The G20 Special Committee on Inequality submitted its “Global Inequality Report” to South African President Cyril Ramaphosa on November 4, at the request of South Africa, this year’s G20 chair.

According to the report, the richest 1 percent of the global population captured 41 percent of all new wealth created between 2000 and 2024, while the bottom 50 percent received just 1 percent.

It also found that countries with high levels of inequality are seven times more likely to experience democratic backsliding than more equal societies. The committee argued that a new IPI is essential to deliver data-driven analysis.

The proposed IPI is modeled after the Intergovernmental Panel on Climate Change (IPCC), which assesses the causes and impacts of climate change and develops global policy responses. IPCC assessment reports involve experts from 195 member states.

“IPI will be able to learn a great deal from the remarkable work the IPCC has done in the climate field,” Stiglitz said.

Oxfam International said, “We believe that many G20 governments that recognize the severity of the inequality crisis will support the creation of a new International Panel on Inequality and will help South Africa turn this into reality.”

This year’s G20 Summit, held under the theme “Solidarity, Equality and Sustainability,” will take place in Johannesburg, South Africa, on November 22 and 23.