In this article, we take a look at 10 countries with the lowest poverty rate in the world.
10. Slovakia
Poverty Rate (2021): 0.1%
Global Average Poverty Rate (2021): 9.5%
GDP per capita Growth Rate (2023): 15.08%
Slovakia, officially known as the Slovak Republic, is one of the countries with the lowest poverty rates in the world. In 2021, only 0.1% of the country’s population lived on less than $2.15 a day, ranking this country tenth on our list.
9. Poland
Poverty Rate (2021): 0.1%
Global Average Poverty Rate (2021): 9.5%
GDP per capita Growth Rate (2023): 22.08%
Not only is Poland one of the countries with the lowest poverty in the world, but it also has the highest GDP per capita growth on this list, amounting to 22% in 2023. This is why the country ranks ninth on our ranking.
8. United Arab Emirates
Poverty Rate (2018): 0%
Global Average Poverty Rate (2018): 8.8%
GDP per capita Growth Rate (2023): -1.55%
The UAE has an absolute poverty rate of 0%, which means that in 2018, none of the country’s population lived on less than $2.15 a day. The UAE is also one of the world’s wealthiest countries by GDP per capita.
7. Iceland
Poverty Rate (2017): 0%
Global Average Poverty Rate (2017): 9.6%
GDP per capita Growth Rate (2023): 5.69%
Two factors have helped Iceland keep poverty at low levels even during times of crisis. These include wage bargaining and strong trade unions. This is why Iceland is one of the countries with the lowest poverty rates in the world.
6. Finland
Poverty Rate (2021): 0%
Global Average Poverty Rate (2021): 9.5%
GDP per capita Growth Rate (2023): 6.81%
In 2008, Finland adopted the Housing First Policy to reduce homelessness. From 2008 to 2020, homelessness in the country decreased 47%. Moreover, from 2008 to 2017, the number of homeless people inhabiting boarding houses or hostels decreased by 76%. Both of these figures have been reported by Housing First Europe. This has been one of the central policies tackling poverty in the country.
5. Belgium
Poverty Rate (2021): 0%
Global Average Poverty Rate (2021): 9.5%
GDP per capita Growth Rate (2023): 7.65%
With a 0% poverty rate according to the $2.15 poverty line, Belgium is one of the countries with the lowest poverty rates in the world. It also has a GDP per capita growth rate of 7.65%, which is why it ranks fifth on our list.
4. Germany
Poverty Rate (2019): 0%
Global Average Poverty Rate (2019): 8.9%
GDP per capita Growth Rate (2023): 8.34%
Germany has taken several measures to aid poverty alleviation, such as increasing allowances for housing and children and helping the long-term unemployed in returning to the labor market. These practices allow the country to keep poverty at a minimal level.
3. Switzerland
Poverty Rate (2020): 0%
Global Average Poverty Rate (2020): 9.7%
GDP per capita Growth Rate (2023): 9.83%
On June 30, 2022, UNDP reported that Switzerland had pledged $155 million to the agency, meant to tackle issues of poverty around the globe. Thus, Switzerland is one of the countries committed to reducing poverty not just internally but also around the globe.
2. Cyprus
Poverty Rate (2021): 0%
Global Average Poverty Rate (2021): 9.5%
GDP per capita Growth Rate (2023): 10.58%
Even though the COVID-19 pandemic increased poverty within Cyprus, the country has managed to keep absolute poverty below the first international poverty line of $2.15, which is why it is one of the countries with the lowest poverty in the world.
1. Slovenia
Poverty Rate (2021): 0%
Global Average Poverty Rate (2021): 9.5%
GDP per capita Growth Rate (2023): 13.40%
By adopting practices such as the free provision of kindergarten education, Slovenia has become one of the countries with the lowest poverty rates in the world. This is why it ranks first on our list.
