Extreme poverty will this year fall to less than 10 percent of the global population for the first time, although there is still “great concern” for millions in Africa, a World Bank report said Sunday.

“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,” said Jim Yong Kim, president of the World Bank, which holds its annual meetings October 9-11 in Lima, along with the IMF.

According to World Bank projections, about 702 million people, or 9.6 percent of the world population, will live below the poverty line this year, mostly in Sub-Saharan Africa and Asia.

In 2012, that number stood at 902 million, or about 13 percent of the world population.

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