In this article, we will be taking a look at the 30 poorest countries in the world. To skip our detailed analysis, you can go directly to see the 5 Poorest Countries in the World.

Global Wealth and Inequality

Global wealth inequality has caused a rift for poor countries to improve their economies and enhance their wealth. Global inequality creates a lack of better business opportunities for poor economies. Countries with best distribution of wealth are some of the richest countries in the world. Poor countries have limited wealth and the distribution of wealth is uneven. As we mentioned earlier, global millionaires held almost half of net household wealth in 2022. The world’s richest 1% have captured two-thirds of all new wealth worth $42 trillion, generated since 2020. The rise in inflation and interest rates during 2022 and 2023 have led to a decrease in overall global wealth. 

The total net private wealth plunged from $443.1 trillion in 2021 to $454.4 trillion in 2022, as reported by the Global Wealth Report 2023. Whereas, the wealth per adult fell from $81,520 per adult in 2021 to $84,718 per adult in 2022. The most affected regions in the world were North America and Europe, where the total wealth dropped by $10.9 trillion in 2022. Asia Pacific suffered a wealth loss of about $2.1 trillion. 

Global Poverty

One of the main goals of the United Nations 2030 Agenda for Sustainable Development and Sustainable Development Goal (SDG) is to end extreme poverty. Multiple challenges impede global poverty reduction. As we have highlighted, widespread inequality, political instability, global conflicts, climate calamity, and other issues are barriers to the reduction of poverty. 

According to the 2023 Multidimensional Poverty Index (MPI) report, 1.1 billion out of 6.1 billion people are poor across 110 countries. These 1.1 billion are expected to live in acute multidimensional poverty. Out of these 1.1 billion people, almost 730 million people live in middle-income countries and 387 million people live in low-income countries. 

Among the 1.1 billion poor people, nearly half of them live in Sub-Saharan Africa. As per the report, Sub-Saharan Africa has a poor population of 534 million and South Asia has 389 million poor people. This indicates that nearly five out of six poor people reside in Sub-Saharan Africa or South Asia. Nepal, Afghanistan, and Tajikistan are some of the poorest countries in Asia. Burundi, Central African Republic, and Somalia are some of the poorest countries in Africa. 

Poor economies can not even provide necessities to their citizens. Among the 1.1 billion poor people, 824 to 991 million people do not have adequate sanitation, housing, or cooking fuel. Gaps in years of schooling is a major problem across different regions. Excluding Europe and Central Asia, around half of the population in all regions do not have a single member of their family who has completed six years of schooling. 

However, some countries have reduced their global MPI value. The MPI report finds that 25 countries halved their global MPI value within 15 years, based on an analysis of trends from 2000 to 2022. India has the most impressive stats with 415 million people overcoming poverty between 2005 and 2021. In China, nearly 69 million overcame poverty in just four years between 2010 and 2014. Among the most poor countries, Cambodia had a remarkable development with halving its MPI in 7.5 years between 2014 and 2022. 

Companies Supporting Poor Economies

In poor countries, a small portion of companies play a massive role in the economy. There are narrow business opportunities in poor countries due to limited industries. Some of the poor countries in Africa have rich natural resources and companies have decent opportunities to explore businesses in the natural resources sector. 

Mozambique is one of the poorest countries in Africa. Hidroeléctrica de Cahora Bassa, S.A. (BVM:HCB) is Mozambique's pre-eminent hydropower generation company and supplies electricity in the country. Hidroeléctrica de Cahora Bassa, S.A. (BVM:HCB) plays a major role in Mozambique’s economy, supporting hydropower projects in the country. On October 16, Hidroeléctrica de Cahora Bassa, S.A. (BVM:HCB) signed an agreement with the International Finance Corporation (IFC) for the development of a large-scale photovoltaic generation plant of up to 400 megawatts in Mozambique. The plant is set to contribute to the country’s renewable energy production. As per the agreement, Hidroeléctrica de Cahora Bassa, S.A. (BVM:HCB) along with International Finance Corporation (IFC) will perform a pre-feasibility study for the installation of the plant. The company’s President of the Board of Directors, Tomás Matola, said:

Myanmar Agro Exchange Public Co., Ltd. (YSX:MAEX) is Myanmar’s leading company that operates in the wholesale market and deals in agricultural commodities. On November 15, Myanmar Agro Exchange Public Co., Ltd. (YSX:MAEX) announced that it is initiating the Danyingone Wholesale Market project in Yangon. Myanmar Agro Exchange Public Co., Ltd. (YSX:MAEX) is expanding its Collector Market projects in Kalaw District and Pindaya District of Southern Shan State. The company intends to sell its agricultural products in the Danyingone Wholesale Market. The company expects the project to begin in Summer 2024. 

Cafca Limited (ZSE:CAFCA) is the only cable manufacturer in Zimbabwe. The company’s primary market is Southern and Central Africa, though Cafca Limited (ZSE:CAFCA) has made exports to countries such as Uganda and Russia. On November 15, Cafca Limited (ZSE:CAFCA) announced its full-year results for 2023. The company’s basic earnings per share from continuing operations was ZWL 1,519.62, up from ZWL 232.44 year-over-year. Cafca Limited (ZSE:CAFCA) reported revenue of ZWL 164 billion in 2023 compared to ZWL 75 billion in 2022. Cafca Limited (ZSE:CAFCA) is looking forward to improving its export footprints and utility business to attract more mining sector customers. 

Industries have always played a big role in improving economies all over the world. Now let’s have a look at the poorest countries in the world.

30 Poorest Countries in the World

Our Methodology

We have ranked the poorest countries in the world based on their GDP per capita. We have only taken countries with a minimum population of 10 million. We sourced data from the International Monetary Fund (IMF) that lists global GDP per capita by country. Data on population by country and GDP (PPP) by country was also sourced from the IMF database. As a simple definition, PPP is calculated by subtracting price differences and nominal changes in the local currency and the US Dollar.

For the countries with similar GDP per capita, we ranked them based on their GDP (PPP), and the country with a higher GDP (PPP) was ranked higher on the list. 

30 Poorest Countries In The World

30. Nigeria

GDP Per Capita: $6,150

Population: 222.18 Million

Nigeria has a population of 222.18 million and a GDP of $1.37 trillion. Nigeria with a GDP per capita of $6,150 is the least poorest country in the world on our list.

29. Cambodia

GDP Per Capita: $6,090

Population: 16.15 Million

Cambodia is a Southeast Asian nation with a GDP of $98.32 billion. The country has a population of 16.15 million and a GDP per capita of $6,090. Cambodia ranks 29th among the poorest countries in the world.

28. Tajikistan 

GDP Per Capita: $5,360

Population: 10.01 Million

Located in Central Asia, Tajikistan has a GDP of $53.68 billion. With a population of 10.01 million and a GDP per capita of $5,360, Tajikistan is one of the poorest countries in the world.

27. Myanmar

GDP Per Capita: $5,120

Population: 54.21 Million

Myanmar is a Southeast Asian country with a GDP of $277.77 billion. The country has a population of 54.21 million and a GDP per capita of $5,120. Myanmar ranks among the poorest countries in the world.

26. Nepal

GDP Per Capita: $4,930

Population: 30.56 Million

North of India, Nepal is located in South Asia. Nepal has a GDP of $150.8 billion and a GDP per capita of $4,930. The country makes it to our list of the poorest countries in the world.

25. Cameroon

GDP Per Capita: $4,660

Population: 28.61 Million

Located on the Gulf of Guinea, Cameroon is a Central African country. Cameroon has a GDP of $133.34 billion and a GDP per capita of $4,660.

24. Senegal

GDP Per Capita: $4,320

Population: 18.16 Million

Senegal is a West African country with a diversified economy. The country has a GDP of $78.55 billion and a GDP per capita of $4,320. Senegal ranks 24th on our list of the poorest countries in the world.

23. Benin

GDP Per Capita: $4,310

Population: 13.76 Million

Benin is a West African country with a GDP of $59.24 billion and a GDP per capita of $4,310. Benin ranks among the poorest countries in the world.

22. Zambia

GDP Per Capita: $4,070

Population: 20.57 Million

Zambia is located in the southern part of Africa. The country has a GDP of $83.69 billion and a GDP per capita of $4,070. Zambia is one of the poorest countries in the world.

21. Ethiopia

GDP Per Capita: $3,720

Population: 105.75 Million

Ethiopia is one of the largest economies among the poorest countries in the world. The country has a GDP of $393.3 billion and a GDP per capita of $3,720.

20. Sudan

GDP Per Capita: $3,600

Population: 47.9 Million

Sudan is a country located in North Africa. The country has a GDP of $172.65 billion and a GDP per capita of $3,600. Sudan ranks 20th among the poorest countries in the world.

19. Tanzania

GDP Per Capita: $3,600

Population: 63.34 Million

Located in East Africa, Tanzania is a large and underdeveloped economy with a GDP of $227.73 billion. With a GDP per capita of $3,600, Tanzania makes it to our list of the poorest countries in the world.

18. Papua New Guinea

GDP Per Capita: $3,400

Population: 12.28 Million

Papua New Guinea is located in the southwestern Pacific and covers the area of the eastern half of New Guinea. The country has a GDP of $41.79 billion and a GDP per capita of $3,400. Ranked 18th on our list, Papua New Guinea is one of the poorest countries in the world.

17. Guinea

GDP Per Capita: $3,240

Population: 15.04 Million

Guinea is a country in West Africa with a GDP of $48.75 billion. The country has a population of 15.04 million. With a GDP per capita of $3,240, Guinea ranks among the poorest countries in the world.

16. Uganda

GDP Per Capita: $3,220

Population: 45.05 Million

Located in East Africa, Uganda is a landlocked country. Uganda has a GDP of $145.16 billion and a GDP per capita of $3,220.

15. Haiti

GDP Per Capita: $3,190

Population: 12.23 Million

Haiti is a Caribbean country with a small and underdeveloped economy. The country has a population of 12.23 million and a GDP of $38.95 billion. With a GDP per capita of $3,190, Haiti is one of the poorest countries in the world.

14. Rwanda

GDP Per Capita: $3,140

Population: 13.5 Million

Rwanda is a small state in East Africa. The country has a GDP of $42.35 billion and a GDP per capita of $3,140. Rwanda makes it to our list of the poorest countries in the world.

13. Zimbabwe

GDP Per Capita: $2,750

Population: 16.16 Million

Zimbabwe is a country in southern Africa and has a GDP of $44.45 billion. With a GDP per capita of $2,750, Zimbabwe is ranked 13th on our list of the poorest countries in the world.

12. Burkina Faso

GDP Per Capita: $2,680

Population: 23.41 Million

Located in West Africa, Burkina Faso has a GDP of $62.79 billion. The country has a population of 23.41 million and a GDP per capita of $2,680. Burkina Faso ranks among the poorest countries in the world.

11. Mali

GDP Per Capita: $2,640

Population: 23.35 Million

Mali is also located in West Africa with almost a similar economy to Burkina Faso. The country has a GDP of $61.63 billion and a GDP per capita of $2,640. Mali is ranked 11th among the poorest countries in the world.

10. Yemen

GDP Per Capita: $2,050

Population: 34.07 Million

Yemen is one of the poorest Arab countries. Yemen has a GDP of $69.96 billion and a GDP per capita of $2,050.

9. Somalia

GDP Per Capita: $2,000

Population: 16.05 Million

Somalia is situated in East Africa. The country has a population of 16.05 million and a GDP of $32.08 billion. With a GDP per capita of $2,000, Somalia is ranked 9th among the poorest countries in the world.

8. Madagascar

GDP Per Capita: $1,910

Population: 29.77 Million

Officially the Republic of Madagascar is located on the southeastern coast of Africa. The country has a GDP of $56.75 billion and a GDP per capita of $1,910. Madagascar makes it to our list of the poorest countries in the world.

7. Chad

GDP Per Capita: $1,810

Population: 17.92 Million

Chad is a landlocked country located in Central Africa. The country has a GDP of $32.38 billion and a GDP per capita of $1,810. Chad ranks seventh among the poorest countries in the world.

6. Malawi

GDP Per Capita: $1,670

Population: 22.73 Million

Located in East Africa, Malawi has a GDP of $37.92 billion. With a population of 22.73 million and a GDP per capita of $1,670, Malawi is one of the poorest countries in the world.

Click to continue reading and see the 5 Poorest Countries in the World.

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Disclosure: None. 30 Poorest Countries in the World is originally published at Insider Monkey.