FfD4

30 June 2025

For images from FIA global actions click here

Seville, Spain, [30 June 2025] – This week, thousands of people across the Global South in 84 cities took to the streets demanding an end to the era of Billionaires and dismantling the system built to serve the 1%. They specifically called for cancelling debt, taxing the super rich, and overhauling of global financial systems that continue to perpetuate poverty and inequality, especially in the Global South.

In Seville, where the United Nations’ Fourth International Conference on Financing for Development (FfD4) is taking place, members of the Fight Inequality Alliance marched against the greed of billionaires and a system that concentrates wealth in the hands of a few while billions struggle to survive. People from Mexico to Burkina Faso to Indonesia sent a unified message to world leaders gathered in Seville: the current financial system is betraying billions, and urgent action is needed to build a new global economy that is fair and just for everyone.

“People are rising because the current system is not serving them, but is forcing them to choose between survival and dignity,” said Jenny Ricks, General Secretary at Fight Inequality Alliance. “While world leaders gather at conferences with comfortable air conditioning and declarations, people in countries like Sri Lanka, Pakistan, and Zambia are forced to live under crushing debt and despair. Their patience is running out because their lives are at stake.”

A recent Oxfam analysis shows over 3.7 billion people live in poverty, while the richest 1 percent have gained at least $33.9 trillion in wealth since 2015, enough to end annual poverty 22 times over. Billionaires alone have gained $6.5 trillion in real terms—more than the $4 trillion estimated annual cost of achieving the Sustainable Development Goals (SDGs).

The Alliance contends that a so-called “movement for a new global economy” is starting to emerge in response to the inability of the current multilateral system and governments to end this era of billionaire greed. This is evidenced by the growing street protests across the world, where people on the frontlines of inequality are leading the articulation of the blueprint for a new economy that must replace the current system. Their concerns are backed by a growing constellation of actors, from heterodox economists, to former heads of state to the Vatican, and even millionaires themselves. Public support across G20 countries remains high for action on taxing the richest, according to multiple polls.

Around 60% of low-income countries are in or near debt distress, while middle-income countries face their highest debt burdens in 30 years. Private creditors now hold most of this debt, profiting from crises while giving little back to development.

"In Zambia, the burden of debt payments directly translates into dire realities: hospitals are left without essential medicines, and schools are starved of teachers. The escalating cost of living means many more families cannot even afford three meals a day. We urgently need comprehensive debt cancellation and full transparency regarding our country's financial obligations and their terms. Right now, ordinary citizens are paying a devastating price for deals they never consented to." said Mputa Ngalande, National Coordinator for Fight Inequality Alliance Zambia.

The leaders took some steps forward on fair taxation. However, they failed to deliver any progress on debt relief. A people’s alternative to the current system is the ultimate solution.
Fight Inequality Alliance calls on people across the world to join the movement to dismantle the current system and calls for urgent debt cancellation, fair taxes on the richest people and corporations, and global financial rules that put people and the planet first.

People are building the blueprint for a new economy and are done with waiting. Leaders must know it is too risky to continue to be so out of step with the daily realities of the people they claim to represent. As a next step, we will ensure the G20 in South Africa will make progress on taxing the super rich and cancelling debt.

For media enquiries and interviews please write to: Vijai Kao, Communications and Media Lead, Fight Inequality Alliance, vijai.kao@fightinequality.org

For images from FIA global actions click here

About Fight Inequality Alliance

The Fight Inequality Alliance (FIA) is a growing global movement of people, organisations, and social movements on the frontlines of inequality united in the struggle to address inequality in all its forms. Together, we fight for a world where power and wealth are redistributed to create a just, equal, and sustainable society. To learn more, visit www.fightinequality.org.