The Wealth Inequality Initiative. The multi-stakeholder approach to tackle the global wealth divide
Like climate change, wealth inequality is one of the most significant challenges of today, yet it is less discussed. In our world, the bottom 50% own a mere 1% of global wealth. Such imbalance represents a severe threat to economic growth and social cohesion, and the COVID 19 pandemic has further magnified existing inequalities: in 2020, for the first time in 20 years, the number of people in extreme poverty rose, and the World Bank has estimated that by the end of the pandemic up to 150 million more people will be struggling for survival.
Far too often, people without wealth lack the very basics: access to quality education and housing, safety, healthcare, sanitation, infrastructure, and land – the prerequisites needed to pursue a dignified life and contribute to strengthening our communities. While structural changes belong to policy makers, we all have a role to play.
With its newly launched Wealth Inequality Initiative, the Julius Baer Foundation addresses these issues by fostering entrepreneurial partnerships between the underprivileged and the wealthy. As the corporate foundation of a private bank, the Julius Baer Foundation has access to an influential network of privileged people worldwide. The Foundation wants to harness the potential of this position, connecting the disadvantaged with wealthy entrepreneurs, families, and philanthropists. The final goals are to develop a shared vision and motivate a solutions-oriented commitment to reduce the wealth gap in concrete ways, in some of the world’s most unequal communities. Today, Foundation partners are carrying out thirteen projects in the Wealth Inequality core area. All of them tackle both the economic and social dimensions of inequality, as they generate not only income, but also relationships, networks, and opportunities.
A multi-stakeholder approach
Only a systemic approach can generate sustainable and structural change to reduce wealth inequality. For this reason, the Wealth Inequality Initiative takes a multi-stakeholder approach, bringing together the skills and resources of experts and players from different fields.
Incorporating the insights of academia, entrepreneurial approaches and technologies in the private sector, local commitments and activism of other grant foundations, perspectives from social enterprises, and the contributions of philanthropists and volunteers, the Initiative aims to:
- awaken interest in the topic
- circulate knowledge linked to the issues
- mobilise the stakeholders involved and
- drive action to shape more equal societies.
From co-funding, to research opportunities, to joining the chain of change as an entrepreneur, the options to contribute are endless.
For inspiration, best practices and examples of projects run by change-makers worldwide, explore the Wealth Inequality Initiative hub , where you will find engaging videos of projects that work, a podcast series with thought-leaders, testimonials, and research articles sharing numerous insights on the topic.
To learn more and for partnership opportunities visit wealth-inequality.net and follow the updates on Linkedin.
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