The World Bank has said that for the first time, less than 10 percent of the world's population will be living in extreme poverty by the end of this year.
According to the World Bank's forecast, about 702 million people, or 9.6 percent of the world population, will live below the poverty line this year, mostly in sub-Saharan Africa and Asia.
In 2012, the figure was 12.8 percent.
But the World Bank's report on October 4 said there is still "great concern for millions in Africa."
"We are the first generation in human history that can end extreme poverty," said World Bank President Jim Yong Kim.
The bank said it was using a new income figure of $1.90 per day to define extreme poverty, up from $1.25.
The report comes after world leaders last month pledged to end extreme poverty within 15 years.