The Poorest Countries in the World (2024)

FAQs

What are the top 10 poorest country in the world? ›

According to the latest data, the poorest countries in the world are Burundi, South Sudan, Malawi, Niger, Liberia, Mozambique, the Democratic Republic of the Congo, Afghanistan, Guinea-Bissau, and Yemen.

Iceland stands at the top of countries with the lowest poverty rates with a poverty rate of 4.9% in 2021.

The mantle of the poorest man on earth has been given to French citizen Jerome Kerviel. One of the biggest banks in Europe, Société Générale, once employed Kerviel. Jerome is a computer prodigy and holds a master's degree in finance. Jerome has a debt of Rs 495,068,952,000.

Europe: The Winner in GDP-Per-Capita Wealth

The continent is home to the majority of the richest countries in the world. Europe is rich, largely due to the European Union.

“By 2050, for example, more than 40 percent of the extremely poor people in the world will live in just two countries: Democratic Republic of the Congo and Nigeria. Even within these countries, poverty is concentrated in certain areas,” says the report.

Following Nigeria, the Sahel countries with highest extreme poverty in 2030 will be Sudan (8 million), Chad (7.7 million), and Mali (6.9 million). By 2030, non-fragile states will inch closer to a reality where extreme poverty is history, yet fragile states will have more people in extreme poverty than ever before.

Why are countries poor? ›

Experience shows that poor management of natural resources, substandard governance, and under-investment in education and human resources are associated with slow growth rates and low real per capita income.

Africa is considered the poorest continent on Earth. Almost every second person living in the states of sub-Saharan Africa lives below the poverty line. Particularly affected by poverty in Africa are the weakest members of society, their children and women.

Poverty in 2020 was below 2019 levels (18.7 percent and 26.2 percent under the international poverty line of $6.85 a day in 2017 PPP, respectively) largely due to the Auxilio Emergencial program that benefited over 67 million people.

Current estimates on poverty in the U.S. The official poverty rate is 11.6 percent, based on the U.S. Census Bureau's estimates for 2021. That year, an estimated 37.9 million Americans lived in poverty according to the official measure.

Related Statistics

The Current Population Survey Annual Social and Economic Supplement reports the official poverty rate in 2021 was 11.6%, not statistically different from 2020.

According to the IMF, the wealthiest nation in the world 2022 for GDP per capita was Luxembourg, with a sum of $127,673. For the sake of comparison, while the US has an overall GDP of $26.19 trillion, its GDP per capita is much lower at $75,180 than tax havens like Luxembourg, with a GDP per capita of $127,673.

The country with the highest number of billionaires is, unsurprisingly, the US. The United States of America has 735 billionaires – same as last year, according to Forbes.

The American economy is fueled by high productivity, transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states.

The world's poorest man Jerome Kerviel has handed himself in to French authorities. Jerome Kerviel, the ex-Societe Generale trader who has more debt than anyone else in the world, has turned himself in to French authorities to begin a three-year jail sentence.

Who is No 1 richest person in the world? ›

Bernard Arnault

Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $217.9 billion.

Who is the richest man in the world? As of June 1, 2023, the richest man in the world is Bernard Arnault, the CEO and chairman of LVMH of France; he's worth $215 billion. He moved into the number one spot after Elon Musk's fortune fell in late 2022 as shares of electric carmaker Tesla fell.

North America has the highest continental gdp per capita by both GDP Nominal and PPP in the world. With $46,160 in nominal terms, the per capita gdp of North America is 376% of the world GDP per capita. North America is closely followed by Oceania ($44,741).

Africa is sometimes nicknamed the "Mother Continent" as it's the oldest inhabited continent on Earth.

In the United States (in 2017), the place with the lowest median household income was Little River, California (population 117), while the place with the lowest median household income with a population of more than 1,000 was Comerío Zona Urbana in Comerío, Puerto Rico (population 4,312).

There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.

China is expected to hold on to the number one spot. In 2050, the Asian giant is forecast to have the largest economy on the planet. With an ageing population and an annual GDP growth rate averaging just 4.4%, however, China isn't projected to enjoy the exceptional economic growth it experienced during the 2000s.

Who are the 5 superpowers in the world? ›

China, France, Russia, the United Kingdom, and the United States are often referred to as great powers by academics due to "their political and economic dominance of the global arena". These five nations are the only states to have permanent seats with veto power on the UN Security Council.

Top 10 Richest Countries in the World, 2050 are China, United States, Canada, United Kingdom, Brazil, Germany, France, Mexico, United States, India.

The IMF monitors the international monetary system and global economic developments to identify risks and recommend policies for growth and financial stability. The Fund also undertakes a regular health check of the economic and financial policies of its 190 member countries.

There has been marked progress in reducing poverty over the past decades. According to the most recent estimates, in 2015, 10 per cent of the world's population lived at or below $1.90 a day. That's down from 16 per cent in 2010 and 36 per cent in 1990. This means that ending extreme poverty is within our reach.

It is possible for America to dramatically cut poverty. From 1959 to 1973, a strong economy, along with investments in family economic security, helped cut the U.S. poverty rate in half. Investments in nutrition assistance have resulted in improvements in educational attainment, food insecurity, and health outcomes.

The highest poverty rate on record was 22 percent (1950s).

Some of the many causes include income inequality, inflation, unemployment, debt traps and poor education. The vast majority of people living in poverty are less educated and end up in a state of unemployment; higher incarceration rates have also been observed.

Industrialization is considered the main way poor countries become developed. To successfully develop — or generate more wealth and output — many believe poor countries must shift employment away from agriculture and into manufacturing.

There are two broad views as to why people stay poor. One emphasizes differences in fundamentals, such as ability, talent or motivation. The other, the poverty traps view, differences in opportunities which stem from access to wealth.

Why is Africa poor if they have diamonds? ›

Moreover, poor technological infrastructure and lack of investments in training and development make Africa the home for low-skill people. Despite huge demand, the diamond mines are operated by unskilled personnel, which results in low-quality final products.

Africa is a resource-rich continent. Recent growth has been due to growth in sales, commodities, services, and manufacturing. West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.

Brazil's per capita income is more than double China's - $8,230 vs. $3,650 in 2009. Its mortality rates, education rates and urban development rates all top China's.

Colombia is classified as an upper middle-income economy and is one of Latin America's largest economies, according to the International Monetary Fund.

Richest Country in 2050 will be United Kingdom

The United Kingdom's Gross Domestic Product in 2050 is estimated to be 3.58 trillion US dollars, with a per capita income of 49,412 US dollars. The present gap between the British economic wealth and Germany's economic wealth will contract significantly.

The ten poorest states in the US in terms of poverty rate are Mississippi, Louisiana, New Mexico, West Virginia, Arkansas, Alabama, Kentucky, Oklahoma, Georgia, and South Carolina – as well as the District of Columbia.

Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%), and Minnesota (9.33%).

There is still much work to be done to propel China to the top of the world's economy, but it is certainly possible that the Chinese economy can surpass the power of the US by 2050. It may also be too early to make definitive projections of China's future.

The Golden State boasts the largest economy in the U.S., with a gross state product of about $3 trillion. And with roughly 40 million residents, it's also the most populous state in the country. The largest economic sectors in California are agriculture, media, tourism, and technology.

What race is the poorest in the United States? ›

The US Census declared that in 2014 14.8% of the general population lived in poverty: As of 2010 about half of those living in poverty are non-Hispanic white (19.6 million). Non-Hispanic white children comprised 57% of all poor rural children.

The three U.S. states with the highest GDPs were California ($3.6 Trillion), Texas ($2.356 Trillion), and New York ($2.053 Trillion). The three U.S. states with the lowest GDPs were Vermont ($40.6 Billion), Wyoming ($47.4 Billion), and Alaska ($63.6 Billion).

Born to a struggling single mother in Brooklyn, Larry Ellison was raised by his aunt and uncle in Chicago. After his aunt tragically passed away Ellison dropped out of college, moved to California and worked odd jobs to make ends meet for the next eight years.