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.