Final answer:
Global poverty reduction has been most notable in Asia, especially South Asia, due to economic growth and industrialization. Despite this progress, many in Asia still face poverty, residing in slums and working in low-wage jobs. Global efforts like the UN Millennium Project aim to further reduce poverty through aid from industrialized countries.
Step-by-step explanation:
The global reduction in poverty has been heavily concentrated in Asia, particularly in South Asia. While African nations still contend with high poverty rates, Asia has seen significant strides in poverty alleviation. This success can be attributed to economic integration and industrialization, which have lifted billions out of poverty and improved quality of life. The global poverty rate fell from about 35% in 1990 to about 10% in 2017, with the number of people living at the global poverty rate declining from nearly 2 billion to around 689 million. However, the majority of the world's poorest people are still in Asia, often living in slums and working in low-wage jobs.
In terms of aid, to help reduce disparities in wealth and well-being, industrialized nations were urged by the UN Millennium Project to set aside 0.7% of their gross national income for developing countries. Nonetheless, global inequality persists, often concentrating wealth within certain nations and individuals. While no country has zero poverty, there has been considerable progress towards reducing poverty globally.