October 17th is International Day for the Eradication of Poverty. How’s that working out? According to data from the World Bank: not so good overall, but there has been some progress.
Almost half the world — over three billion people — live on less than $2.50 a day.
That’s $912 annually. Eighty percent of the world lives on less than $10 a day. That’s $3,650 annual income. Global median income is just $1,225 a year (median meaning half of the world makes less and half make more). Puts things in perspective a little.
Are you in the top 1%? The answer might surprise you!
Nearly half of the world’s richest one percent of people live in the U.S., according to a top economist. All you need to earn is about $34,000 per person and you are a “one percenter.” Of course that’s different than the $500,000.00 annual income you’d need to be in the U.S. top 1%.
From the chart below, you can see even the lowest 2% of income earners in the United States are in the top 60% of world income earnings.
There is some good news, even if relatively negligible to the overall situation. What they call “extreme poverty,” or $1.25 a day, has been cut in half. Poverty headcount ratio at $1.25 a day (PPP) (% of population) 43.1% 1990 to 20.6% 2010.