Multilateralism in Crisis, the 1% Cash In: Fight Inequality Alliance Slams IMF and World Bank Heist
8 October 2025
Johannesburg, South Africa | 8 October 2025 - As finance ministers, bankers, and corporate elites gather in Washington DC for the IMF and World Bank Annual Meetings, people worldwide are challenging a system that enriches the 1% while the 99% struggle.
On 1 October, Elon Musk became the first person to reach a fortune of $500 billion – a stark symbol of extreme inequality. While billionaires accumulate wealth, IMF austerity and debt policies continue to push millions into poverty. For Fight Inequality Alliance, Musk’s milestone exposes a global heist: a system built for the 1% at the expense of everyone else.
“The system is rigged. It’s a heist of epic proportions. The World Bank and IMF are a scam, exploiting the 99% for the benefit of the 1%. People everywhere are drawing a red line and fighting for economies and democracies that put people and planet before greed,” said Jenny Ricks, General Secretary of Fight Inequality Alliance.
"Life in Zambia shows the cruelty of IMF austerity. Subsidy cuts have pushed food, fuel, and transport beyond the reach of ordinary people, while drought drives hunger and despair. This is not reform, it is punishment of the 99% for the profit of the 1%,” said Mputa Ngalande, National Coordinator of Fight Inequality Alliance Zambia, “We refuse to be sacrificed, and we will demand justice at the People’s Summit in Johannesburg."
The Fight Inequality Alliance is mobilising around the world to challenge the dominance of financial institutions that prioritise profit over people. The People’s Summit, planned for 20-22 November in Johannesburg, South Africa, will act as a counterpoint to the G20, gathering grassroots movements, workers, feminists, youth, climate activists, and communities to design real solutions for fair, democratic, and sustainable economies.
“Tomorrow cannot be written by bankers and billionaires,” said Jenny Ricks. “Instead we need a future shaped by people and communities demanding equality, democracy, and justice. The People’s Summit in Johannesburg will show what a world that works for the 99% looks like - and why we are fighting so hard for it.”
Notes to editors:
- IMF and World Bank Annual Meetings: 13-18 October, 2025, Washington DC.
Jenny Ricks will be in Washington DC 13-18 October and available for interviews. - We the 99 A People’s Summit for Economic Justice: November 20–22, 2025, Constitution Hill, Johannesburg, South Africa.
https://wetheninetynine.com - Forbes reported in 1 October 2025 that Elon Musk had become the first person to reach $500 billion net worth - https://www.forbes.com/sites/mattdurot/2025/10/01/elon-musk-just-became…
Fight Inequality Alliance is a global movement of citizens, activists, and organisations uniting to build a fairer, more equal world.
For media inquiries and interviews please write to :
Daud Kayisi, Communications & Media Officer, daud.kayisi@fightinequality.org