Global poverty crisis deepens as 700 million live on less than $2.15 a day

Nearly 700 million people worldwide are living in extreme poverty, surviving on under $2.15 per day, according to the World Bank’s latest estimates released ahead of the International Day for the Eradication of Poverty.

The United Nations marks 17 October as the International Day for the Eradication of Poverty, first established by a General Assembly resolution in 1992. The day aims to highlight the urgent need to address poverty and strengthen international cooperation. This year’s theme focuses on ending social and institutional mistreatment by ensuring respect and effective support for families.

After decades of decline between 1990 and 2019, global poverty rates began rising again due to the COVID-19 pandemic and ensuing economic crises. The UN reports that since 2019, almost no progress has been made toward eradicating poverty, with nearly half of the world’s population now living below welfare levels that would be considered poverty in upper-middle-income nations.

The World Bank’s 2024 Global Poverty Report shows that 8.5% of the global population—about 700 million people—live in extreme poverty, while roughly 3.5 billion survive on less than $6.85 per day. Despite challenges, East Asia, the Pacific, and South Asia have achieved the greatest progress in reducing poverty over the past 25 years. However, projections indicate that by 2030, 7.3% of the world’s population will still live in extreme poverty.

Data from the International Monetary Fund’s 2025 World Economic Outlook, cited by Visual Capitalist, show that the world’s poorest countries are concentrated in Sub-Saharan Africa. South Sudan ranks as the poorest nation with a per capita GDP of $251, followed by Yemen ($417), Burundi ($490), and the Central African Republic ($532). Others in the bottom ten include Malawi, Madagascar, Sudan, Mozambique, the Democratic Republic of Congo, and Niger.

Under its 2030 Sustainable Development Goals, the UN stresses that eradicating all forms of poverty is essential to achieving sustainable development. It calls on developing countries to adopt targeted policies and ensure equal access to economic resources, essential services, and rights through effective national and regional frameworks.

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