In the News
Extreme poverty set for first rise since 1998, World Bank warns
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.
*JUST OUT*
— World Bank Poverty (@WBG_Poverty) October 7, 2020
Global extreme poverty is expected to rise for the first time since 1998. The @WorldBank predicts that between 88 and 115 million people might be pushed into extreme poverty in 2020 due to the #COVID19 pandemic. Read more: https://t.co/YN3pTX4D8b pic.twitter.com/mYrcNptAjH
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.
Billionaire wealth increased to $10.2 trillion at the end of July, up from a previous peak of $8.9 trillion in 2017, according to a report from Swiss bank UBS and PwC. The total number of billionaires has increased by 31 to nearly 2,200 since 2017. https://t.co/7hcBibcmFQ
— CNN (@CNN) October 8, 2020
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