The World Bank Group’s mission is carved in stone at our Washington headquarters: “Our Dream is a World Free of Poverty.” This mission underpins all of our analytical, operational, and convening work in more than 145 client countries, and is bolstered by our goals of ending extreme poverty within a generation and promoting shared prosperity in a sustainable manner across the globe.
There has been marked progress on reducing poverty over the past decades. The world attained the first Millennium Development Goal target—to cut the 1990 poverty rate in half by 2015—five years ahead of schedule, in 2010. Despite the progress made in reducing poverty, the number of people living in extreme poverty globally remains unacceptably high. And given global growth forecasts poverty reduction may not be fast enough to reach the target of ending extreme poverty by 2030.
- According to the most recent estimates, in 2013, 10.7 percent of the world’s population lived on less than US$1.90 a day, compared to 12.4 percent in 2012. That’s down from 35 percent in 1990.
- This means that, in 2013, 767 million people lived on less than $1.90 a day, down from 881 million in 2012 and 1.85 billion in 1990.
While poverty rates have declined in all regions, progress has been uneven:
- The reduction in extreme poverty between 2012 and 2013 was mainly driven by East Asia and Pacific (71 million fewer poor) –notably China and Indonesia—and South Asia (37 million fewer poor) –notably India.
- Half of the extreme poor live in Sub-Saharan Africa. The number of poor in the region fell only by 4 million with 389 million people living on less than US$1.90 a day in 2013, more than all the other regions combined.
- A vast majority of the global poor live in rural areas and are poorly educated, mostly employed in the agricultural sector, and over half are under 18 years of age.
The work to end extreme poverty is far from over, and a number of challenges remain. It is becoming even more difficult to reach those remaining in extreme poverty, who often live in fragile contexts and remote areas. Access to good schools, healthcare, electricity, safe water and other critical services remains elusive for many people, often determined by socioeconomic status, gender, ethnicity, and geography. Moreover, for those who have been able to move out of poverty, progress is often temporary: economic shocks, food insecurity and climate change threaten to rob them of their hard-won gains and force them back into poverty. It will be critical to find ways to tackle these issues as we make progress toward 2030.
Last Updated: Oct 02, 2016