Penury

Extreme poverty, absolute poverty, destitution, or penury, was originally defined by the United Nations in 1995 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." In 2008, "extreme poverty" widely refers to earning below the international poverty line of $1.25/day (in 2005 prices), set by the World Bank. This measure is the equivalent to earning $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 – 96% – reside in South Asia, Sub-Saharan Africa, The West Indies, East Asia and the Pacific; nearly half live in India and China alone.

The reduction of extreme poverty and hunger was the first Millennium Development Goal (MDG1), as set by 189 United Nations Member States in 2000. Specifically, MDG1 set a target of reducing the extreme poverty rate in half by 2015, a goal that was met 5 years ahead of schedule. This goal was created to end poverty in all its forms everywhere, and the international community, including the UN, the World Bank and the United States, has set a target of ending extreme poverty by 2030.

Extreme poverty is defined by the International Community as earning less than a $1.25 a day, as measured in 2005 international prices. Originally, the international poverty line was set at earning a $1 a day when the Millennium Development Goals were first published. However, in 2008, the World Bank pushed the line to $1.25 to recognize higher price levels in several developing countries than previously estimated.

As of September 2010 (the most recent, reliable date), according to the UN, roughly 1.2 billion people remain in extreme poverty based on this metric. Despite the significant number of individuals still earning below the international poverty line, this figure represents significant progress for the international community, as this number is 700 million fewer than the number living in extreme poverty in 1990 – 1.9 billion. As highlighted in the next section, though there are many criticisms of a purely income-based approach to measuring extreme poverty, the $1.25/day line remains the most widely used metric as it is easily accessible to the public at large and "draws attention to those in the direst need."

...
Wikipedia