Nigeria, one of Africa's two wealthiest economies, has overtaken India as home to the world's greatest concentration of extreme poverty, amid warnings that the continent will host nine out of 10 of the world's poorest people within 12 years.
India has the largest single concentration of poor people in the world. India is a developing country with a population of over 1.3 billion. Despite being one of the fastest-growing economies in the world, India still faces issues of poverty, unemployment, and inequality. 1.
According to the latest available data from the Organisation for Economic Co-operation and Development (OECD), Iceland, the Czech Republic and Denmark stand as the countries with the lowest poverty rates in the world. Two out of three countries on this list are Nordic.
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.
the rate of poverty varies between 9% and 26% across Eu member states. rates are lowest in the Czech republic, slovakia, the netherlands, Denmark and sweden, and above average in Bulgaria, romania, the Baltic states, and the southern countries: Greece, italy, portugal and spain.
Extreme poverty is largely concentrated in sub-Saharan Africa. 24% of the world's population, which equates to 1.9 billion people, live in fragile contexts, characterized by impoverished conditions and dire circumstances. By 2030, more than half of the world's poor will live in fragile contexts.
The majority of the poorest now live in Sub-Saharan Africa, where weaker economic growth and high population growth in many countries has led to a rising number of people living in extreme poverty.
The ten poorest countries in Europe, based on GNI per capita, are Ukraine, Moldova, Albania, Republic of Macedonia, Bosnia and Herzegovina, Belarus, Serbia, Montenegro, Bulgaria, and Russia. Among the poorest countries in Europe, Ukraine ranks as the poorest with a GNI per capita of $3,540.
Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
In terms of GDP, Portugal ranks #47 in the world and falls way behind major economies such as the USA and the UK. Nevertheless, the European Commission's projects place Portugal as the European country with the highest growth in 2022.
Womankind, female new-borns and old people are said to be the poorest of the poor. Within a poor family, such individuals suffer more than the others. As per the fact, they are systematically denied equal access to the resources available to the family.
Rich people are happier than poorer people on average, and richer countries are happier than poorer countries. And yet growing national wealth is not always accompanied by growing national happiness. This is the famous Easterlin Paradox, named after economist Richard Easterlin, who first observed a puzzling phenomenon.
And these conditions are exemplified by what the UN has identified as the poorest city in the world, Monrovia, the capital of Liberia.
In 2018, Comerío Municipality, Puerto Rico had a median household income of $12,812 — the lowest of any county or county-equivalent in the United States.
In 2020, there were 8.9 million poor French people. The increase of poverty rate in Western countries is a rampant issue since 2000. Since that year, France has seen its poverty rate slowly but steadily growing. One of the main aspect of poverty in France is its impact on the youngest and on the oldest generations.
Luxembourg, the richest country in Europe
Luxembourg has a per capita GDP of $128,820 (IMF, 2023), making it the wealthiest country in Europe. The country is famous for its strong financial sector. Many international banks and investment firms are based in the capital of Luxembourg.
Germany's economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s.
The country is considered by many to be a successful post-communist state. It is classified as a high-income economy by the World Bank, ranking 22nd worldwide in terms of GDP (PPP), 23rd in terms of GDP (nominal), and 23rd in the 2018 Economic Complexity Index.
The economy of Spain is a highly developed social market economy. It is the world's fifteenth-largest by nominal GDP and the sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization.
The United Nations Social Policy and Development Division identifies “inequalities in income distribution and access to productive resources, basic social services, opportunities” and more as a cause for poverty. Groups like women, religious minorities, and racial minorities are the most vulnerable.