• South Africa made equality a top priority for its G20 presidency and commissioned a global report on wealth and income inequality.

• The report shows the richest 10% hold 74% of the world's wealth and calls for a new global panel to tackle inequality.

South Africa's year as G20 president is ending with a bold message to the world's richest nations - tackle inequality or face the consequences.

When South Africa took over the G20 presidency nearly a year ago, it made equality one of its three main goals, along with solidarity and sustainability.

President Cyril Ramaphosa appointed a special committee of independent experts to study global inequality. The group was led by Nobel Prize-winning economist Joseph Stiglitz, who handed over the final report last week.

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The findings are alarming. The richest 10% of people earn more than half of all global income and control 74% of all wealth. At the same time, one in four people face serious food shortages.

The report warns that inequality fuels conflict, weakens democracy and slows global growth. It says the crisis is not inevitable but the result of political choices, and urges governments to act.

Among its key proposals is a permanent international panel on inequality, similar to the Intergovernmental Panel on Climate Change, to help countries measure and fight inequality.

South Africa already uses tools like progressive taxes, a minimum wage and free healthcare to reduce inequality. It now wants the G20 to back major reforms to the global financial system.