Extreme poverty—defined as living on less than $1.25 a day—has declined by half since 1990, and could theoretically be eliminated across the globe in the next few decades. But there are three countries—Colombia, Georgia, and Swaziland—where a single resident billionaire could eliminate extreme poverty altogether, for at least 15 years. In six other nations, that goal could be achieved by having all the countries billionaires pool their resources.
That’s the finding in an intriguing article by Laurence Chandy, Lorenz Noe, and Christine Zhang. They note that several countries are home to billionaires with enough wealth to lift the poor above the poverty line:
Let’s assume that the richest billionaire in each country agrees to give away half of his or her current wealth among his or her fellow citizens, disbursed evenly over the next 15 years, roughly in accordance with the Giving Pledge promoted by Bill Gates. That money would be used exclusively to finance transfers to poor people based on their current distance from the poverty line. Transfers would be sustained at the same level for the full 15-year period with the aim of providing a modicum of income security that might allow beneficiaries to sustainably escape from poverty by 2030.
They provide this chart that shows which countries and which resident billionaire could close the poverty gap.