For the first time ever, the number of people living in extreme poverty is set to fall to below 10% of the global population in 2015, the World Bank said.
"This is the best story in the world today -- these projections show us that we are the first generation in human history that can end extreme poverty," Jim Yong Kim, World Bank's president, said.
According to CNN report, the World Bank projects that the number of people living in poverty fell to 702 million people in 2015, or about 9.6% of the global population. That compares to 2012, when 902 million people lived below the poverty line, which was around 12.8% of the population at the time.
The organisation defines living in poverty as anything less than $1.90 a day.
Global poverty rates are improving thanks to investments in education, health, and social safety nets that help keep people from falling back into poverty, the bank said in a report.