The number of people living in extreme poverty may have sharply declined in the last 30 years but there are still 400 million children in the world living in abysmal conditions.
The World Bank report also found that there are less 721 million people in extreme poverty, based on data collected in 2010, living under $1.25 a day compared to figures in 1981. In low-income countries though, a lot of children still live in extreme poverty.
According to World Bank Group President Jim Yong, the world has seen millions of people getting out of poverty in the last three decades but the staggering number of children living in poverty means the world still has more work to do.
World Bank chief economist and senior vice-president Kaushik Basu said the number of children found poorer than adults was alarming.
It was noted that the Governors of the World Bank Group endorsed two worldwide goals. One global goal is to put an end to extreme poverty by 2030 and another goal is to work for the growth of income of people belonging to the bottom 40 per cent of developing countries.
The report also found that global poverty reduction has moved faster than expected. The Millennium Development Goal of reducing the number of people living in extreme poverty to half was reached five years ahead of the target year.
While the World Bank report showed the sharp decline of the extremely poor people in middle income countries like India and China, low-income nations showed slower progress in reducing poverty.
The 35 low-income countries in the world, 26 of which are in Africa, have added 100 million more people living in extreme poverty today than more than 30 years ago.
The World Bank also revealed that most of the world's poorest or 78 per cent of them lived in rural areas. They also have limited access to basic services like water. In 2010, the World Bank found that only 26 per cent of the most poor had access to clean water.
Mr Kim said the world can end poverty by working together with renewed urgency. He said it is up to adults to do something for the children and bring them hope and good education.
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