Who is the poorest man in the world? Top 10 poorest people

Who is the poorest man in the world? Top 10 poorest people

The United Nations defines extreme or abject poverty as a condition characterized by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education, and information. While poverty mostly has to do with income, it is sometimes brought about by the lack of access to services. Shockingly, half of the world's poorest people live in just 5 countries.

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top 10 poorest men in the world
A map of the world. Photo: pixabay.com, @Yuri_B
Source: UGC

Poverty exists in virtually every country in the world today. Still, it is a more pressing issue in some countries than in others. A nation's poverty rate is usually defined as the number of people (usually expressed as a percentage) in each demographic group whose income falls below the world-defined poverty line.

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The poorest people in the world today

Here is a look at the world's poorest citizens.

10. Burundians - (64.90% of the population)

With a poverty rate of about 64.9%, Burundi is among the top ten countries in the world when it comes to poverty. In addition to the widespread poverty, the East African country also has one of the world's lowest Human Development Indexes (HDI).

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The country has been at the centre of numerous civil conflicts, the most recent being after a controversial presidential election. Since 2015, more than 410,000 Burundians have fled the country and settled in neighbouring nations.

9. São Toméans - (66.70% of the population)

who is the poorest man in Africa
The flag of Sao Tome and Principe. Photo: pixabay.com, @jorono
Source: UGC

Sao Tome and Principe is the second smallest economy in Africa. About a third of the island country's residents currently live below the poverty line. The main reason behind this state is the immense lack of productive assets, poor infrastructure, and a gaping lack of social capital. Most of the country's citizens depend on subsistence farming for their survival.

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8. Eritreans - (69.00% of the population)

Eritrea has experienced a wide range of issues, including recurrent war, drought and famine, and other adverse climate conditions. Currently, about 69% of Eritreans live below the poverty line, with some families relying on government remittances for their survival.

Much of the population works in agriculture, though the sector only contributes a mere 13% of the country's GDP. With much of the country being dry and unproductive, the situation is barely adequate, even in good weather conditions.

7. Bissau-Guineans - (69.30% of the population)

Guinea Bissau has some of the poorest people in the world. More than 75% of the citizens live in rural areas and rely on subsistence agriculture for survival. The main reason behind the widespread poverty is the incessant civil conflicts that have rocked the West African country for decades now. The volatile political environment has resulted in an immense lack of development, leading to high poverty rates.

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6. Madagascans - (70.70% of the population)

the poorest man in Africa
A rural road in Madagascar. Photo: pexels.com, @Beau Botschuijver
Source: UGC

Madagascar is an island nation off the east coast of Mozambique in the Indian ocean. More than 70% of Madagascans live below the poverty line. Numerous factors have contributed to this dire situation, the most common being the island's isolated location, environmental challenges and disasters, and the lack of helpful commercial activities.

Many Madagascans rely on fishing and subsistence farming, which have become quite tricky given the rising water levels in the Indian ocean.

5. Central Africans - (71.00% of the population)

The Central African Republic has been among the hardest hit by civil conflicts in the last few decades. Since the country attained independence from France in 1960, it has undergone incessant conflicts pitting people against each other on the bases of religious, social, and political ideologies. The most recent political upheaval happened in 2013 and left more than half of the country's population needing humanitarian assistance.

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4. Congolese (DRC) - (73.00 % of the population)

The Democratic Republic of Congo has enviable natural resources, including oil reserves, rivers, and forests, assorted mineral deposits, and fertile farmlands. One would think that, given these resources, the country's citizens are quite well off. Unfortunately, it's quite the opposite.

More than 70% of DRC's citizens live below the world poverty line. Some of the primary reasons behind the widespread poverty include a dire lack of infrastructure, a long history of conflict, and population displacement.

3. Guatemalans - (75.00% of the population)

Guatemala is a Central American country that borders Honduras, El Salvador, Brazil, and Mexico. The country's economy is marred by extreme socioeconomic and geographic inequalities, resulting in widespread poverty.

Most Guatemalans live in rural areas, with about three-quarters of the entire population living below the poverty line.

2. Equatorial Guineans - (76.80% of the population)

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Equatorial Guinea has the highest per capita income in Sub-Saharan Africa. Ironically, it is also one of the countries with the highest poverty rates in the world. About 15 years ago, the country was the third-largest oil producer in Sub-Saharan Africa, with more than 376,000 per day.

However, rampant corruption and embezzlement have left the public coffers dry. Today, more than 76% of Equatorial Guineans live in abject poverty. A web of political repression and unchecked corruption keeps blocking the country and its citizens from their rich potential.

1. South Sudanese - (82.30% of the population)

top 10 poorest men in the world
A map and flag colours of South Sudan. Photo: pixabay.com, @GDJ
Source: UGC

South Sudan has the largest percentage of people living below the poverty line. The most recent statistics show that a whopping 82.3 % of South Sudanese are poor. The country has encountered numerous crises since its independence from Sudan.

By 2017, conflicts had led to the displacements of more than 4 million people from their homes. These political instabilities have contributed heavily to the country's dire financial situation, despite its massive oil reserves.

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Who is the poorest person in the world?

Jerome Kerviel is widely regarded as the poorest man in the world, with a net worth of -$7.2 billion. How did Jerome earn this unenviable title? Well, in 2008, he was convicted of the unauthorized use of computers, forgery, and breach of trust.

At the time, he was working at Société Générale, in a position that was him accumulate more than $70 billion in stock index futures positions. He would then make a few intentional losing trades to mask his schemes. After his conviction, he owed Société Générale $7.2 billion, making his current net worth about -$7 billion.

Who is the poorest man in Africa?

While not much is known about the poorest individuals in Africa, it is quite possible that the top 10 poorest men in the world come from the poorest countries listed above.

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Who is the poorest man in the world?

Jerome Kerviel is widely regarded as the poorest man in the world, with a net worth of -$7.2 billion.

The world's poorest people continue to live in conditions that see them struggling to meet their basic needs. Most of these people have found themselves in these undesirable situations largely as a result of their governments' or countries' political, economic, and social decisions.

READ ALSO: What are the 10 economic problems that Nigeria is facing?

Legit.ng recently explored the main economic problems plaguing Nigeria. Like other middle-income countries with emerging markets, the country has witnessed gradual expansion in communication, technology, finance, manufacturing, and service sectors.

However, problems such as poor health facilities, high levels of crime, unemployment, and corruption continue to be pressing issues in the country's economy.

Source: Legit.ng

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