Entrepreneurial Capitalism Helps Lift People From Extreme Poverty – FEE.org

The World’s Poorest People Are Getting Richer Faster than Anyone Else

The new age of globalization, which started around 1980, saw the developing world enter the global economy and resulted in the largest escape from poverty ever recorded.

The speed of poverty alleviation in the last 25 years has been historically unprecedented. Not only is the proportion of people in poverty at a record low, but, in spite of adding 2 billion to the planet’s population, the overall number of people living in extreme poverty has fallen too.

In 1820 94% of the world’s population lived in extreme poverty.
– 1990 – 34.8%
– 2015 – 9.6%
Extreme poverty defined as living on less than $1.90 per day.

If it takes you five minutes to read this, another 480 people will have escaped the shackles of extreme of poverty by the time you finish. – Alexander Hammond

The Oxford University scholar Max Roser’s website, Our World in Data, used World Bank databases to estimate that in 2013, there were 746 million people living in extreme poverty.

Of these people, slightly more than 380 million resided in Africa, with Nigeria being home to largest number (86 million).

Meanwhile, 327 million of those in extreme poverty lived in Asia, with India having the largest proportion by far (218 million). China had 25 million.

The remaining 35 million lived in South America (19 million), North America (13 million), Oceania (2.5 million) and Europe (0.7 million.)

Put differently, of those who live in extreme poverty, over 40 percent resided in just two nations: India and Nigeria.

Read More: https://fee.org/articles/the-worlds-poorest-people-are-getting-richer-faster-than-anyone-else/

IMAGE: OurWorldData.org

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