Can we ask the rich to help those who are suffering in poverty?  Let’s discuss Poverty and Inequality in the world and how we can eliminate it.

According to the OECD, Organisation for Economic Co-operation and Development in 2012 the top 0.6% of the world population, or the 42 million richest people in the world held 39.3% of world wealth. The next 4.4% (311 million people) held 32.3% of world wealth.  The remaining 28.4% of wealth is detained by the bottom 95% of people.

Poverty Measurement

Country-wide poverty is measured by the per day earnings of the total people in a particular region. The first step is to calculate the ratio of people whose earnings is less than a predetermined threshold, such as $10. Every country uses the same baselines, which allows for a differing viewpoint on cross-national comparisons. The most popular baseline figure, calculated in 2011 PPP international dollars (INT), is $1.90 per day, a hypothetical quantity. Currency unit that facilitates easier country-to-country comparisons. The poorest people are those who earn less than this amount, referred to as “severe poverty.”poor people.

Factors of Poverty

Some Big factors of poverty include ignorance, apathy, disease, dishonesty, and dependency. These, in turn, cause secondary factors such as a lack of businesses, poor infrastructure, poor leadership, bad governance, under-employment, lack of skills, lack of capital, and others.

Poorest countries in the world

According to a World Bank report, the countries with it’s highest poverty rates in the world are-

South Sudan – 82.30%, Equatorial Guinea – 76.80%, Madagascar – 70.70%, Guinea-Bissau – 69.30%, Eritrea – 69.00%, Sao Tome and Principe – 66.70%, Burundi – 64.90%, Democratic Republic of the Congo – 63.90%, Central African Republic – 62.00%, Guatemala – 59.30%

Greater China had the most millionaires in the world in 2021, according to the Hurun Global Rich List 2021. In detail, Greater China with a billionaire population of 1,058 people topped the list. In contrast, there were 696 billionaires living in the US. On Contrast, We can also see that India is the country with the largest number of people living in extreme poverty (218 million people), Nigeria with 86 million, and the Congo (DRC) with 55 million people, respectively.

If this difference continues there will be major disruptions whether political, social, ecological, military, or in terms of health.

Break the cycle of poverty

To break the cycle of poverty, the world needs to Minimize inequalities, Reduce subsidies for the rich, regulate progressive taxation, Fix minimum wages, Social security, Steeply graded income tax, High tax on luxuries, and Higher tax exemption on philanthropy. These are the factors that can fix the poverty

The Most Generous Donor Countries

Luxembourg

Luxembourg comes on number 1 in the list of most generous donor countries with 1.05% of its Gross National Income going to foreign aid.  Nine developing countries across Africa get help aid from The Grand Duchy of Luxembourg, the United States, and Asia, and is a members of the International Aid Transparency Initiative. this global campaign aid money reaches its intended recipients.

Norway 

Norway: Most generous donor country Norway spends on average NOK 39 billion ($4.3 billion) on foreign aid per year. It is the second largest donor on the list with a decent proportion to the size of its economy.

Sweden

Sweden is actually the third most generous donor based on the proportion of its foreign aid donations to the size of its economy. Since 1975, Sweden has consistently surpassed the 0.7% target set by the United Nations. In addition, Their long-term commitment to donating at least 1% remains since 2008. The Swedish government ensured its COVID-19 response would not affect its development funding during the pandemic in 2020.

Denmark

According to the Danish Ministry of Foreign Affairs, Denmark donated 0.71% of its Gross National Income to foreign aid – $2.55 billion – in 2020. Denmark’s foreign aid per capita is much higher than USA’s $95 per capita.

According to the World Bank, the 2030 Agenda recognizes that ending poverty in all its forms everywhere is the greatest global challenge facing the world today and an indispensable requirement for sustainable development. Globally more than 689 million people live in poverty, caused mainly by wage inequality, inflation, and poor education. Sometimes I personally feel it is not in people’s hands to make someone rich or poor but it is definitely in our hands to help others and show togetherness when we are privileged and blessed, Help others, and be an inspiration.