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

submitted 9 hours 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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[–] OctopusNemeses@lemmy.world 4 points 4 hours ago (1 children)

Inheritance taxes are pretty high where I am. I won't get much of what my parents have earned.

With all the free time in retirement my father has actually tried looking for more optimal ways to structure their wealth. There is none for average normies like us without getting butt fucked by the tax man. This kind of thing no doubt gatekept to millionaires and above. Those who can afford to hire people to do accounting tricks. And to buy politicians to make favorable legislation.

I'm pretty sure a big reason for the massive right wing shift over the past decade is in no small part due to this generational wealth transfer. The rich are fighting economic war that the rest of us don't even know about.

People are distracted by the current bullshit of politics. Nobody ever talks about this generational wealth transfer. It's the big one.

In the US they've already given what is it like trillions in tax breaks to the rich. The poor are funding it basically.

Everyone thinks things are bad already. I think this is only the beginning.

[–] anarchy79@lemmy.world 2 points 3 hours ago

That is why preovressive tax brackets must be a thing, and those brackets very carefully determined.