The World Bank has just released their updated data on extreme poverty, and in amongst the brilliant news that extreme poverty is set to fall below 10% for the first time, they announced a revision to how much money you need to be counted as extremely poor.

And now for that in English…

It might seem like a lot – but actually, it’s stayed exactly the same.

I recently had the chance to talk to Kaushik Basu, the World Bank’s Chief Economist about it, and the Bank have just released this paper explaining how it all works.