Russia has achieved a record low poverty rate in its history, according to President Vladimir Putin’s announcement at the St. Petersburg International Economic Forum (SPIEF-2025). The poverty rate has significantly decreased from 29% in 2000 to 7.2% by the end of 2024.

Putin stated that in 2000, 42.3 million people were living in poverty. By the end of 2024, this number had fallen to 10.5 million people with incomes below the subsistence level.

Putin emphasized the need to further reduce the poverty level to 5%.

The President also discussed the transition to an economy of “high wages,” stressing that this should be based on increased labor productivity rather than a labor shortage that forces businesses to raise wages to attract workers.

The XXVIII St. Petersburg International Economic Forum is taking place from June 18–21, 2025, under the theme “Common values ​​are the basis of growth in a multipolar world.” The forum has attracted 20,000 representatives from 140 countries and territories. The plenary session with President Putin is the central event of the forum.