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The World Bank is forecasting that, for the first time ever, the number of people living in extreme poverty will fall under 10% of the world's population, to around 702 million people.

Today’s World Wealth Report from Capgemini shows that times have never been better for the world’s wealthiest - since 2009 more than 4.5 million new millionaires have been created, rising to a total of 15.4 million millionaires across the world last year. Yet while the wealthy prosper, 702 million people living in extreme poverty are being left behind.

This year’s G20 Summit will raise the stakes for the group to prove itself against growing doubts about its effectiveness – not least for people living in poverty, says Oxfam.

Oxfam, together with civil society organizations, welcomes the World Bank’s International Finance Corporation (IFC) announcement that it will not resume its investments in K-12 private schools, following the release of an independent evaluation by the World Bank Independent Evaluation Group (IEG) on the IFC’s investments in this area.  

Ministers must deliver on their climate finance promises and support a second wave of attack on corporate tax cheats if their Lima meeting is to succeed, said Oxfam today. 

In a puzzling move, inequality was not on the agenda at the International Monetary Fund’s Press Briefing in the Peruvian capital today, while World Bank President Jim Kim said TPP could boost growth.

Oxfam commended the World Bank for connecting the need to tackle climate change with the urgent fight to end poverty. In a new report, the Bank warned that more than 100 million additional people could be pushed into poverty by crop failures, floods, hunger, and other shocks caused by climate change. 

Oxfam spokesperson Caroline Pearce said: On economic growth:

Oxfam's response to today’s announcement that Christine Lagarde is stepping down as Managing Director (MD) of the International Monetary Fund (IMF), effective on September 12, 2019.

In “Powering the Transition,” Oxfam details how together, the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank are investing almost $5 billion in fossil fuels in the 10 Asian countries that belong to the Climate Vulnerable Forum.