There are about 700 million people living in poor conditions in this world!

We are having advancements in science and technology and the world is developing ahead with great pace. Highways, bridges, elevated roads, dams, tunnels etc are being constructed for reducing the travelling time to quickest possible. More and more aeroplanes are put in service and air traffic is increasing. The shipping industry is also developing in all the fronts including petroleum and LNG transport.
So there is all round progress but still there are a large number of people whi are poor and struggling for their bread and butter. As per world Bank 2021 estimates about 700 million people (about 10% of the world population) on this earth are still living below a monthly earning of approximately Rupees 5000 (about $60 only).
In spite of so much apparent progress in the world why there is such a large number of poor people living in miserable conditions? What are your views on this?