Extreme poverty, deep poverty, abject poverty, absolute poverty, destitution, or penury, is the most severe type of poverty, defined by the United Nations (UN) as "a condition characterized by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education and information. It depends not only on income but also on access to services" (UN 1995 report of the World Summit for Social Development). Historically, other definitions have been proposed within the United Nations. In 2018, extreme poverty mainly refers to an income below the international poverty line of $1.90 per day (in 2011 prices, $2.29 in 2021 dollars), set by the World Bank. In October 2017, the World Bank updated the international poverty line, a global absolute minimum, to $1.90 a day. This is the equivalent of $1.00 a day in 1996 US prices, hence the widely used expression "living on less than a dollar a day". The vast majority of those in extreme poverty reside in South Asia and Sub-Saharan Africa. As of 2018, it is estimated that the country with the most people living in extreme poverty is Nigeria, at 86 million.In the past, the vast majority of the world population lived in conditions of extreme poverty. The percentage of the global population living in absolute poverty fell from over 80% in 1800 to under 20% by 2015. According to UN estimates, in 2015 roughly 734 million people or 10% remained under those conditions.
This prompted the organization of a 2nd UN LDC conference almost a decade later. The second UN LDC Conference was held between 3 and 14 September 1990, once again in Paris, the second UN LDC Conference was convened to measure the progress made by the LDCs towards fulfilling their development goals during the 1980s. Recognizing the problems that plagued the LDCs over the past decade, the conference formulated a new set of national and international policies to accelerate the growth rates of the poorest nations. These new principles were embodied in the "Paris Declaration and Programme of Action for the Least Developed Countries for the 1990s".The fourth UN LDC Conference was the most recent conference. It was held in May 2011 in Istanbul, recognized that the nature of development had fundamentally changed since the 1st conference held almost 30 years earlier. In the 21st century, the capital flow into emerging economies has increasingly become dominated by foreign direct investment and remittances, as opposed to bilateral and multilateral assistance. Moreover, since the 1980s, significant structural changes have taken place on the international stage. With the creation of the G-20 conference of the largest economic powers, including many nations in the Global South, formerly undeveloped nations are now able to have a much larger say in international relations. Furthermore, the conference recognized that in the midst of a deep global recession, coupled with multiple crises (energy, climate, food, etc. ), the international community would have fewer resources to aid the LDCs.