From the extremely wealthy to more than a billion in extreme poverty


Michael Roberts Blog

After yesterday’s post on the extreme inequality of global wealth cited by a new study
(see http://thenextrecession.wordpress.com/2013/10/10/global-wealth-inequality-10-own-86-1-own-41-half-own-just-1/),
the World Bank has now released a report (World Bank state of the poor) covering the other end of spectrum – the level of extreme poverty in the world.  There are roughly 1.2 billion people completely destitute (living on less than $1.25 a day), one-third of which are 400 million children.  One of every three extremely poor people is a child under the age of 13.  This is ‘extreme poverty’, compared  with America’s own poverty line at about $60 a day for a family of four.  People in “extreme poverty” tend to lack enough food to meet basic physical and mental needs.  So there are over one billion people, one-third of them children, who are virtually starving in the 21st century.

The World Bank says that the number of people living in…

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