We've seen the definition of poverty change as society changes. In some places, people who are considered poor in the U. S. would be considered rich. All that would probably happen is that we would keep sliding the bottom of the scale up. We might reach a point where a person is considered poor if they only have one car and one tv and one computer. Of course, poverty in some places means starvation. That's a whole different thing than what we have in the United States.
One thing that would be very different is that there would be much more use of resources. People who get out of poverty then want to have material goods. These material goods require energy and resources to make and use. Therefore, a richer world is one where more resources are used.
Poverty is a complex issue. There are different definitions of poverty. In some places in the world, poverty means starvation and lack of access to plumbing or running water. In developed countries, poverty means making very little money and living in low-rent housing. If there was no poverty in the world, everyone would have a safe roof, sanitary conditions, and enough food and clean water.
Poverty will always be ther, and it is impossible to erase because of the fact that I am explaining below:
The fact arises from the difinition of poverty:
The definition is not a perfect one, but it seems that the people who are in the bottom line of economic status are poor. Now suppose the income of every person in the world has grown up too high that 99% can buy a super computer ! But still 1% that cannot buy a super computer but anything less costly than a super computer can be bought by them, at that point of time those 1% will be called poor !
This simple example, I think is well enough to justify that poverty will always be there.
Now for the sake of argument, suppose 100% can buy anything, then who will deal with whom ! The world will be monotonous ! Rich countries always need a poor market, and in that sense they want the poverty to be there.
But 100% exactly equally wealthy is impossible as intellectually and physically every human being is different, so their efforts will not be equal and so they will never reach equal economic status, and hence by my first argument at least 1 % (it will be more) who will not be able to buy what rest will be able to.
So extinction of poverty completely is theoretically impossible.