Jerome Kerviel is the poorest person in the world. More than 700 million people are living below the poverty line each day, but none is as poor as him.
He was born in Pont-l’Abbé, Brittany, France, on January 11, 1977.
Firstly, determining who is the poorest person in the world is difficult because there are thousands and thousands of people struggling and can’t meet up with their necessities; however, purely because of debt, Jerome Kerviel is at the number one spot of the poorest man on earth.
Jerome Kerviel has fallen out of the quest for riches because he is now a worst-case example of a wealthy guy who has become impoverished.
What happened to Jerome Kerviel is both shocking and terrifying. Many people can’t stop wondering how a wealthy tycoon could lose his riches instantly.
How did Jerome Kerviel become the world’s poorest man?
According to many people, Jerome Kerviel is suffering from the misery he inflicted on himself.
Since dabbling in fraudulent contracts, scams, and other dubious operations worth $73 billion, he is $6.3 billion in debt. As a result, Jerome Kerviel is the most bankrupt guy on earth, making him the poorest man on the planet.
He had been an ex-Societe Generale Merchant who surrendered to French police and was imprisoned for three years.
How It All Began…
In 2005, Jerome Kerviel worked for his company’s Delta One division, which comprises software investing, exchanges, ETFs, algorithmic trading, and equity derivatives.
The Finance minister of France, Christian Noyer, lauded him as a “Computer Expert.” On the other hand, his computer expertise was in wrong hands, as he conducted $73 billion in fraudulent transactions and data theft.
He was using these incredible amounts of money to participate in arbitrage trading, which is profiting from several stocks dealing at various prices when they ought to be trading at the same rate.
Unfortunately, when the scam was revealed, he had amassed large bets and liabilities, owing the company $6.3 billion, which he will never be able to repay.
How was Jerome Kerviel arrested by the police?
In 2015, it was reported that the world’s poorest man surrendered himself to French police to face a three-year prison time. The night he surrendered to the Menton authorities, Jerome Kerviel was surrounded by media and fans.
Although he confessed to conducting the unlawful trades, he claims the bank looked the other way when things went well and flipped against him.
According to an internal audit by SocGen, bank officials neglected to check up on dozens of alerts raised by Kerviel’s activity. There were a few resignations after that, but no more accusations were filed.
More importantly, his return home marks the conclusion of a narrative that began with massive illegal transactions on the brink of the financial crisis and ended with a pilgrimage and pope encounter.
Countries with the poorest people
Burundi
Burundi, an isolated and overpopulated country in East Africa, is the world’s poorest country, with over 70% of the people living in extreme poverty.
Hunger is alarmingly high, with 52 % of kids under five stunted and considerably greater levels of starvation in rural areas.
Unemployment, a fast rise in population, susceptibility to climate-related disasters, inadequate access to safe drinking water, and decreasing access to essential services like health care and education all contribute to poverty in Burundi.
The problem is made worse by a strong incidence of chronic diseases, a shortage of diversity in foods, and terrible hygiene.
Somalia
Two decades of war have left Somalia in economic hardship, with roads, business, and governance systems destroyed.
The government fell apart in 1991, throwing the country in disarray. Even though a new government has been established, strife in Southern Somalia persists, putting the country in poverty, starvation, and periodic bloodshed.
Somalia is among the world’s poorest nations, ranking among the five poorest among 200 countries worldwide.
The present poverty level is 73 %. In Somalia, 70% of the citizenry is below 30, and the average lifespan is as short as 55 years. Joblessness is common, with 67 percent of young people unemployed.
Due to the difficulties created by Somalia’s humanitarian crisis and the high level of instability, another contributing factor to extreme poverty in the country, growth is slow.
And hundreds of thousands of refugees live in the country, and many live in deplorable conditions. Food prices increased by 300 %, making it more difficult for most people to purchase food.
The Central African Republic
The Central African Republic is still among the world’s poorest countries, with severe human development issues.
It is close to the bottom of the Human Capital Index, which could have dire effects on the next generations.
Even though more than 71 percent of the citizens are poor, there have been breakthroughs in the provision of critical public infrastructure in the country’s southwestern part, according to the latest figures.
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South Sudan
South Sudan is vast, mostly rural, and underpopulated. People in rural areas make up 83 % of the population.
Poverty is widespread, with about 80% of the population classified as low-income and living on less than $1 a day. Moreover, a third of the population has insecure food availability.
Democratic Republic of Congo
The Democratic Republic of Congo boasts the world’s third-largest poor people. Poverty is severe and ubiquitous in the DRC and growing due to COVID-19’s effects.
In 2018, 73 percent of the Congolese population, or 60 million people, were expected to live below $1.90 a day (the international poverty rate).
As a result, DRC is home to one out of every six persons living below the poverty line in Africa.
Chad
Chad is one of those countries that has been hardest hit by environmental issues because of its geography. Chadians primarily depend on agriculture and fishing, with 40% of the population living at or below the poverty line.
Niger
Niger ranks among the most impoverished nations in the world, with a population of over 10 million living in severe poverty. However, the rate of educational advancement has significantly increased over the last few decades. Only 11% of kids were enrolled in school in 1973. The percentage increased to 66% in 2017.
Mali
Mali is a landlocked nation with nearly half the widely scattered populace living in abject poverty. Malians work primarily in agriculture and makeup about 60% of the population. The Niger River is the center of economic activity, and 65 percent of the country’s land is either desert or semidesert.