A new global report from the World Inequality Lab (WIL) presents an ambitious vision for raising living standards, reducing inequality, and keeping global heating within 2°C. The plan aims to navigate the polycrisis of climate breakdown, political extremism, and economic tensions.
The report proposes bold policies including hefty wealth taxes on billionaires, sharp reductions in working hours, dietary changes, and shifting investment from material-intensive sectors like industry and mining to education and health. If implemented, it claims incomes of 89% of the world’s population would double by 2100.
Thomas Piketty, a co-director of the WIL, stated that the alternative—far-right techno-extractivism and nationalism—will not deliver and will lead to disastrous outcomes. The report seeks to overcome shortcomings of mainstream approaches by incorporating inequality studies, climate science, and political coalition-building.
At its core is the concept of sufficiency: enjoying a prosperous life without excessive consumption. Steps include halving average working time to 1,000 hours a year, reducing red meat consumption, and doubling education and healthcare spending. Piketty noted that investment in education and health has a much lower material footprint than manufacturing.
Tackling inequality is central. Under the plan, average per capita gross national income would reach €5,000 a month by 2100, with the mega-rich heavily taxed. Billionaires' share of global wealth would fall from 6% to 0.05%, while the bottom 50% would see their share rise from 2% to 30%. The report also aims to cut emissions to near zero by redirecting capital from the wealthiest.
