❝ The global population living in extreme poverty has fallen below 750 million for the first time since the World Bank began collecting global statistics in 1990, a decline of more than 1 billion people in the past 25 years.
In a report released Wednesday, the World Bank said the extreme poverty rate had dropped to 10% as of 2015, the latest comprehensive data, and they estimate that the decline has continued over the past three years.
The World Bank defines “extreme poverty” as living on less than $1.90 a day, or about $694 a year. The sum, which is based off measures of poverty determined by many low-income countries, is the amount it takes to afford minimal basic needs.
In 1990, more than 1.9 billion people lived below the extreme poverty threshold, a rate of 36%.
The total number of people living in extreme poverty was 736 million in 2015....
In 1990, nearly 1 billion of those living in extreme poverty were in East Asia, but decades of rapid economic development in China and other East Asian economies has brought that figure down to 47 million, a decline to a 2% poverty rate from 62%.
South Asia, with most of its population in India, Pakistan and Bangladesh, has seen the number living in extreme poverty fall to 216 million from more than 500 million, to 12% from 47%.
Sub-Saharan Africa has made less progress. Its poverty rate has fallen to 41% from 54% since 1990, but population growth has been so rapid that the number of people in extreme poverty has climbed above 400 million, from 278 million in 1990. ❞
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