Humanity can raise living standards, reduce inequality and keep global heating within a 2C rise, according to a sweeping vision for planetary survival.

The report by the World Inequality Lab (WIL) aims to be the most comprehensive attempt yet to navigate the polycrisis that is pushing the world toward climate breakdown, political extremism and ever greater economic and social tension.

A drone view shows the stark inequality between neighbourhoods in Santa Fe, Mexico City Photograph: Raquel Cunha/Reuters It offers a set of bold policy proposals, including hefty wealth taxes on billionaires, sharp reductions in working hours, a change in diets and a shift of investment from materially intense sectors, such as industry and mining, to education and health.