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In the News

Extreme poverty set for first rise since 1998, World Bank warns

Graham Watson

8th October 2020

The latest research from the World Bank finds that absolute poverty is set to rise for the first time in over 20 years, with the coronavirus pandemic pushing another 115 million people back into a situation where they are living on less than $1.90 per day (PPP) and there are even suggestions that this number could rise in 2021 too.

Data from the World Bank shown in the table below finds that around a quarter of the world’s population (24.1%; 1,811 million people) live on less than $3.20/day, while almost half (43.6%; 3,271 million people) live on less than $5.50/day.

And the flip side of that coin? Swiss bank UBS reports that contrary to the view that "We're All in This Together", the world's wealthiest individuals have seen their fortunes rise by 27% over the period of the crisis with tech bosses earning most. And from a UK perspective, it also seems that our billionaires are the least philanthropic too.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to Tutor2U, reads voraciously and is interested in all aspects of Teaching and Learning.

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