Imagine your daily consumption costing you less than a cup of Starbucks. About 1.3 billion people around the world live this reality. The good news is that itâs the lowest number of people ever.
The World Bank released an update to its consumption poverty estimates in developing countries, and for the first time ever, the organization found progress in all the regions they track. In terms of the number and percentage of people living on $1.25 a day (on a purchasing power parity) at 2005 prices in 130 developing countries, the world is a little richer.
The area seeing âdramatic progressâ was East Asia, reports the World Bank. Back in the 1980s, this region had the worldâs highest incidence of poverty. Nearly 80 percent of people lived on less than $1.25 each day; In 2008, the number dropped to 14 percent.
Across these poorest countries, in 1981, 70 percent of people were living on less than $2 a day; 2008 data shows that the figure has fallen to just above 40 percent. Whereas just over 50 percent of people in the poorest countries were living on less than $1.25 a day in 1981, only about 25 percent are today.
I discussed the importance of this rising consumer with CNBCâs Squawk Box Asiaâs Martin Soong and Lisa Oake this week. I stopped by their studios while I was in Singapore to discuss my thoughts on the continuing build-out of emerging markets.
Watch it now.
By clicking the link above, you will be directed to a third-party website. U.S. Global Investors does not endorse all information supplied by this website and is not responsible for its content. All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
The S&P/ASX 200 Index is a market-capitalization weighted and float-adjusted stock market index of Australian stocks listed on the Australian Securities Exchange. E-7 are the seven most populous emerging market countriesâChina, India, Indonesia, Brazil, Pakistan, Russia and Mexico.
