Which countries are the poorest in the world based on GDP per capita in 2024? In this article, we have Ranked the 35 Poorest Countries by GDP Per Capita in 2024.
Global Economy and Poverty
The poorest countries in the world have been hit hard following the post COVID-19 economic crisis, leading to high inflation and interest rates. Extreme poverty increased, as measured by the international poverty line of $2.15, from 8.9% in 2019 to 9.7% in 2020. This was the first rise in global poverty in decades. According to the World Bank, global extreme poverty in 2020 was mainly driven by South Asia, where extreme poverty soared to 13% between 2019 and 2020. Whereas, poverty fell and had a higher poverty line of $3.65 in East Asia and the Pacific and Latin America and the Caribbean in 2020. In Europe, Central Asia, and advanced countries, the poverty level was low at the international poverty line of $6.85. The global poverty was still marginally high compared to pre-pandemic levels by 2022, though on a declining trend. In 2022, almost 23 million more people were living in extreme poverty compared to 2019.
At $3.65 and $6.85, Syria and Uzbekistan have a revised poverty projection, down by 0.7 and 0.6 percentage points, reflecting a reduction in global poverty counts by 52 and 44 million, respectively. The global extreme poverty has been revised slightly by 0.1 percentage points to 8.9% from 2019, taking the poor people count from 701 million to 689 million in 2024. The global poverty rate reduction occurs despite an increase in extreme poverty in Sub-Saharan Africa by 14 million.
According to the UNDP 2023 Global Multidimensional Poverty Index, 25 countries halved multidimensional poverty within the last 15 years. However, nearly 1.1 billion people remain poor among the 6.1 billion people in the world, as per the dataset. Out of those 1.1 billion people, 534 million live in Sub-Saharan Africa. A total of 566 million of the 1.1 billion people are under the age of 18 years. While, almost 485 million poor people live in extreme poverty, facing 50–100% of weighted deprivations. Some of the least developed countries in Africa are also the poorest African countries.
How Nestlé Helps in Improving Livelihoods?
Nestlé (OTC:NSRGY), a Switzerland-based multinational corporation, is a processing conglomerate entity in the food and drinks industry. Nestlé is the biggest food company in the world with a whopping market cap of around $274.53 billion, as of July 7. Nestlé (OTC:NSRGY) is one of the leading firms that is involved in contributing to the United Nations Sustainable Development Goals (SDGs) to help fight global issues including poverty, inequality, and climate change, among others. The company is focused on supporting almost 10 million young people in giving access to economic opportunities by 2030. In 2023, nearly 10,000 families were involved in Nestlé’s income accelerator program in cocoa production.
In collaboration with the World Economic Forum, Nestlé (OTC:NSRGY) initiated its Income Accelerator Programme in 2022. The program includes the International Cocoa Initiative, the Sustainable Trade Initiative, and the Rainforest Alliance. The company offers up to €500 annually to the households of the families taking part in the Income Accelerator Programme. Through good agricultural practices, Nestlé has been able to produce almost 130 kgs of cocoa from one hectare of land, a 20% increase in cocoa production. In addition, the families have used the money to cover health care and schooling costs. The Income Accelerator Programme has contributed to the improvement of school enrollment rates by 8%.
In the latest quarter ending March 31, 2024, Nestlé (OTC:NSRGY) posted total sales of around $24.7 billion, down from $26.3 billion year-over-year. The company also saw a negative Real Internal Growth (RIG) of 2%. The company expects things to get better in the second quarter and for the rest of the year. Nestlé expects an organic sales growth of almost 4% in 2024. Whereas, the underlying earnings per share in constant currency is expected to increase between 6% and 10%.
Nestlé (OTC:NSRGY) has a diversified product portfolio that allows the company to capitalize on the growth opportunities present in the developing countries, which account for almost 40% of its turnover. The company’s overall portfolio consists of Powdered and liquid beverages (26.64%), PetCare (18.9%), Nutrition and health science (15.3%), Prepared dishes and cooking aids (11.7%), Milk products and ice cream (11%), Confectionaries (8.7%), and Water (3.3%).
Nestlé’s (OTC:NSRGY) stock is trading at $106, as of July 17, and analysts’ median price target points to an upside of 11.55% from current levels. The stock is trading at 19 times its forward earnings, which is a 17.26% discount to its five-year average of 23.06.
Magdanatka/Shutterstock.com
Our Methodology
To compile our list of the 35 poorest countries by GDP per capita in 2024, we sourced data from the International Monetary Fund (IMF). IMF provides data for the GDP per capita (current prices) data for 2024. For the countries whose GDP per capita was not available on the IMF, we have sourced it from the World Bank database. Our list ranks the 35 poorest countries by GDP per capita in 2024 in ascending order of their GDP per capita.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Ranked: The 35 Poorest Countries by GDP Per Capita in 2024
35. Benin
GDP Per Capita (2024): $1,512
Benin has inequality in education and political instability further leads to widespread poverty. Benin is among the countries with the lowest GDP per capita in the world and ranks 35th among the poorest countries by GDP per capita in 2024.
34. Timor-Leste
GDP Per Capita (2024): $1,454
Timor-Leste has water issues and faces extreme climate changes. The country has a GDP of just $1.99 billion, as of 2024.
33. Zambia
GDP Per Capita (2024): $1,413
Zambia is another African country among the poorest countries by GDP per capita in 2024. Zambia is geographically isolated and faces extreme poverty. The country has a GDP of almost $29.87 billion, as of 2024.
32. Pakistan
GDP Per Capita (2023): $1,407
Pakistan is facing an economic and political crisis. The country has the fifth largest population in the world. Pakistan ranks 32nd among the poorest countries by GDP per capita in 2024.
31. Nepal
GDP Per Capita (2024): $1,397
Nepal is a small country with a population of 30.89 million and a GDP per capita of $1,397. Nepal has a total GDP of almost $44.18 billion.
30. Comoros
GDP Per Capita (2024): $1,384
Comoros ranks 30th among the poorest countries by GDP per capita in 2024. Almost 45% of Comoros’ population lives below the national poverty line. Comoros has a GDP of $1.42 billion, as of 2024.
29. Tajikistan
GDP Per Capita (2024): $1,271
The proportion of the employed population living below the $1.90 purchasing power parity a day is 1.6% in Tajikistan, as of 2023. Tajikistan has a GDP of around $12.92 billion, as of 2024.
28. Myanmar
GDP Per Capita (2024): $1,248
Myanmar is one of the poorest countries in the world and has a GDP of $68.01 billion. Myanmar has a population of 55.57 million, as of 2024.
27. Tanzania
GDP Per Capita (2024): $1,220
Around 76% of Tanzania’s population is reliant on rain-fed agriculture which increases the risk for economic shocks due to climate change. Tanzania has a GDP per capita of $1,220 and is one of the poorest countries by GDP per capita in 2024.
26. Uganda
GDP Per Capita (2024): $1,202
Uganda suffers from political instability, rampant corruption, and high levels of income inequality. With a GDP of $56.31 billion and a population of 48.62 million, Uganda ranks among the poorest countries in the world.
25. Nigeria
GDP Per Capita (2024): $1,110
Nigeria has the sixth largest population in the world and the country faces corruption, political instability, and unemployment. With a GDP per capita of $1,110, Nigeria ranks 25th among the poorest countries by GDP per capita in 2024.
24. Lesotho
GDP Per Capita (2024): $1,107
Lesotho has a GDP of $2.4 billion, as of 2024. More than 19.6% of Lesotho’s population is multidimensionally poor.
23. Guinea-Bissau
GDP Per Capita (2024): $1,087
Guinea-Bissau has one of the lowest GDP per capita and its GDP is just around $2.15 billion. Guinea-Bissau is one of the poorest countries by GDP per capita in 2024.
22. Togo
GDP Per Capita (2024): $1,058
Ranked one of the poorest countries based on GDP per capita in 2024, Togo suffers from political instability, depleted commodity prices, and unfavorable balance of payments. Togo has a GDP per capita of $1,058.
21. Chad
GDP Per Capita (2024): $1,014
Chad has a GDP of $18.7 billion, as of 2024. Chad’s economy suffers from the landlocked geographic remoteness, political turmoil, and lack of infrastructure, among many reasons.
20. Eritrea
GDP Per Capita (2023): $1,013
Eritrea has a GDP per capita of just above $1,000 and has a staggering poverty rate of 40% which is expected to fall by 13% by 2040. Eritrea ranks 20th among the poorest countries by GDP per capita in 2024.
19. The Gambia
GDP Per Capita (2024): $989
The Gambia has a GDP per capita of $989, as of 2024. The country faces various economic issues including climate change variability, encroachment by crop cultivation, and depleted access to forage resources.
18. Rwanda
GDP Per Capita (2024): $988
Rwanda falls behind the Gambia among the poorest countries in the world with a GDP per capita of $988. Rwanda has a GDP of almost $13.7 billion, as of 2024.
17. Burkina Faso
GDP Per Capita (2024): $910
Burkina Faso is a low-income Sahelian country with extremely limited natural resources. Burkina Faso has a GDP per capita of $910 and a total GDP of $21.9 billion.
16. Mali
GDP Per Capita (2024): $899
Mali is one of the poorest countries in Africa with a GDP per capita of $899. With a poverty rate of more than 20%, Mali ranks 16th among the poorest countries by GDP per capita in 2024.
15. Liberia
GDP Per Capita (2024): $855
Ranked 15th among the poorest countries by GDP per capita, Liberia has a GDP of $4.75 billion and a total population of 5.42 million.
14. Somalia
GDP Per Capita (2024): $776
Somalia is one of the poorest countries in Africa with a GDP per capita of $776. Somalia has a GDP of $12.8 billion, as of 2024.
13. Democratic Republic of the Congo
GDP Per Capita (2024): $715
Democratic Republic of the Congo has a GDP per capita of just over $700 and ranks among the poorest countries based on GDP per capita in 2024. Democratic Republic of the Congo has a total population of 102.26 million and a GDP of almost $73.76 billion.
12. Niger
GDP Per Capita (2024): $670
Niger is one of the poorest countries in Africa with a GDP per capita of $670. Niger has a poorly diversified economy, dependent on agriculture for 40% of its GDP.
11. Mozambique
GDP Per Capita (2024): $659
Another poor country in Africa, Mozambique has a GDP per capita of $659. Despite being one of the fastest-growing economies in Sub-Saharan Africa between 2000 and 2015, Mozambique faces extreme poverty and unemployment.
10. Sudan
GDP Per Capita (2024): $547
Ranked 10th among the poorest countries by GDP per capita in 2024, Sudan faces conflicts, illiteracy, diseases, droughts, and floods. These causes heavily contribute to the poverty in Sudan.
9. Madagascar
GDP Per Capita (2024): $538
Madagascar has a GDP per capita of $538 and a GDP of almost $16.47 billion.
8. Central African Republic
GDP Per Capita (2024): $537
The Central African Republic is one of the poorest countries in Africa with a GDP per capita of $537. The Central African Republic has a GDP of $2.81 billion.
7. Sierra Leone
GDP Per Capita (2024): $526
Sierra Leone has a GDP per capita of $526. More than 60% of the population in Sierra Leone faces multidimensional poverty.
6. Yemen
GDP Per Capita (2024): $486
Yemen is a war-torn country and has a GDP per capita of $486. Yemen ranks sixth among the poorest countries by GDP per capita in 2024.
5. Malawi
GDP Per Capita (2024): $480
Malawi is one of the poorest countries in Africa with a GDP per capita of $480. Malawi has a GDP of $11.24 billion, as of 2024.