The World Bank’s latest Poverty, Prosperity, and Planet report projects that by 2030, approximately 622 million people—about 7.3% of the global population—will continue to live in extreme poverty, highlighting stalled progress in poverty reduction efforts. The report, released on Tuesday, states that the global goal of eradicating extreme poverty—defined as living on less than $2.15 per person per day—by 2030 remains out of reach. The World Bank suggests it could take over 30 years to eliminate poverty at this threshold, which is most relevant for low-income countries.
As of 2024, around 700 million people, or 8.5% of the global population, are living in extreme poverty, with progress hindered by slow economic growth, the lingering effects of COVID-19, and increased global instability. Poverty levels in low-income countries have risen above pre-pandemic levels.
Beyond extreme poverty, the World Bank also highlights that approximately 3.5 billion people—44% of the global population—live on less than $6.85 per day, a standard more applicable to upper middle-income countries. Despite population growth, the number of people living below this threshold has remained relatively unchanged since the 1990s.
The report estimates that, based on current trends, 69 million people will escape extreme poverty between 2024 and 2030, compared to 150 million who did so between 2013 and 2019. Additionally, 3.4 billion people, nearly 40% of the global population, are expected to live on less than $6.85 per day by 2030.
The report emphasizes Africa’s disproportionate share of global poverty. By 2024, Africa, home to 16% of the world’s population, accounts for 67% of those living in extreme poverty. Sub-Saharan Africa alone is home to two-thirds of the world’s extreme poor, a figure that rises to three-quarters when including countries affected by conflict.
Around 72% of the world’s extreme poor live in countries eligible for assistance from the International Development Association (IDA). The report also highlights the concentration of high income and consumption inequality in regions such as Sub-Saharan Africa, Latin America, and the Caribbean, where about one-fifth of the world’s population resides.
Despite the challenging outlook, the World Bank outlines steps to address poverty. It urges low-income countries to focus on economic growth and reducing multidimensional poverty. For middle-income countries, the emphasis should be on fostering income growth that mitigates vulnerability while reducing the carbon intensity of their economies. The report stresses the urgency for upper-middle- and high-income countries—responsible for the majority of global greenhouse gas emissions—to transition to low-carbon economies while managing the associated costs.
The World Bank notes that closing the prosperity gap for a typical upper-middle-income country could take up to 100 years at current growth rates, but this timeline could be shortened with faster, more inclusive economic growth and a reduction in income inequality.