this post was submitted on 04 Nov 2025

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More than $70tn of inherited wealth over next decade will widen inequality, economists warn (www.theguardian.com)

submitted 1 day ago by MicroWave@lemmy.world to c/news@lemmy.world

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Expert panel says report on gap in global wealth between rich and poor highlights need for intervention by G20

More than $70tn (£53tn) of inherited wealth will pass down the generations across the world over the next decade, widening inequality and highlighting the need for intervention by the G20 group of leading nations, a group of economists and campaigners have warned.

In a report ahead of the G20 meetings in Johannesburg, hosted by the South African government later this month, the expert panel said the gap in global wealth between rich and poor will widen over the next decade without a permanent monitoring group such as the UN Intergovernmental Panel on Climate Change.

The Nobel prize-winning economist Joseph Stiglitz said the report, commissioned by the South African president, Cyril Ramaphosa, found inequality growing in more than eight in 10 of the world’s countries.

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[–] crusa187@lemmy.ml 18 points 1 day ago* (last edited 1 day ago) (2 children)

This one is easy. Inheritance tax at 95%, and then add on top a wealth tax for those with net worth over $5mil of 5% yearly. Boom, Medicare funded, wealth inequality reduced, and humanity lives on.

[–] hubobes@sh.itjust.works 2 points 14 hours ago (1 children)

We are trying 50% above 50 Million in Switzerland right now. It does not have the slightest chance to become law. A huge majority of the population is against it even though it would basically affect no-one.

[–] crusa187@lemmy.ml 1 points 13 hours ago (1 children)

Glad you’re giving it a go, are there any cogent arguments being made against it or just the usual “I got mine, it’ll trickle down if you’re a good consumer” nonsense?

Hope ya’ll find a way to make it work!

[–] hubobes@sh.itjust.works 1 points 12 hours ago

Most ads I see against it claim that our taxes will increase because all the rich people will simply leave. And that it is to radical, should have gone with a far higher number than 50 Million and a lower tax rate. Pretty sure they would still say that no matter what the numbers are.

[–] anarchy79@lemmy.world 9 points 1 day ago (2 children)

Under a threshold. We were not well off. My parents left me a meager inheritance. It kept me alive. Not fair my parents should be taxed like rich people.

It's the same story as always- tax the rich more. They will be fine. Us struggling need help and leverage, that's the whole issue.

Let them have their wealth. I am happy surviving. They have money, I don't. Isn't that the point? Capitalism is a cancer, a hydra, it will always devour its host. Where there is disproportionate wealth, there must be ineuqality. But there is more equality between a peasant and another, than between them both and an oligarch.

We need a fucking peasant revolt.

[–] village604@adultswim.fan 7 points 1 day ago

The estate tax currently only applies if your estate is over $13,990,000

[–] CharlesDarwin@lemmy.world 5 points 1 day ago (1 children)

I'd be fine with Bernie's approach - let people try to survive on one dollar less than a billion as a max. Everything over that, tax at 100%.

Reevaluate that cap over time, pinned to COLA/inflation or whatever...

[–] Tinidril@midwest.social 2 points 1 day ago

Seems way too arbitrary to set it so high, then have a flat cutoff. I much prefer the idea of starting lower and adjusting the rate up on a curve.