World Bank reveals 700 million people live on less than $2.15 a day 

Additionally, about 3.5 billion people, more than 40% of the world’s population, survive on less than $6.85 a day, a threshold more applicable to middle-income countries, which account for three-quarters of the global population.

This data is highlighted in the World Bank’s 2024 Year in Review report, published on its website.

“Today, about 700 million people—or 8.5 percent of the global population—live in extreme poverty on less than $2.15 a day. Around 3.5 billion people live on less than $6.85 a day, the poverty line more relevant for middle-income countries, which are home to three-quarters of the world’s population,” the report read in part.

The World Bank stressed that without significant intervention; it could take decades to eradicate extreme poverty, and over a century to eliminate poverty as it is defined for nearly half of the world’s population.

Poverty, the report noted, extends beyond a lack of income. It also encompasses insufficient access to education, healthcare, electricity, and essential services such as safe drinking water and sanitation.

As of 2024, more than one-third of people in countries eligible for support from the World Bank’s International Development Association (IDA), and more than half of those in Sub-Saharan Africa, are experiencing multidimensional poverty.

The World Bank’s 2024 Year in Review report also highlighted the severe debt challenges facing the poorest economies, which had been exacerbated by the COVID-19 pandemic. The pandemic had sharply increased the debt burdens of developing countries, and the subsequent rise in global interest rates made it even harder for many of these nations to recover.

Additionally, while global commodity prices were expected to drop by 10% between 2024 and 2026, high food prices in developing countries were unlikely to see significant relief, with food inflation still double that of advanced economies.