Memes

What you described is ABSOLUTE poverty(not the possibility of making that money, but actually doing so is the definition. Just the possibility would be considered a failure by chinese standards), the form of poverty(also called relative poverty) which China has fully eradicated not too long ago. China defines relative poverty much more broadly.

Cool thing is that Poverty isn’t just money:

Fundamentally, poverty is a denial of choices and opportunities, a violation of human dignity. It means lack of basic capacity to participate effectively in society. It means not having enough to feed and clothe a family, not having a school or clinic to go to, not having the land on which to grow one's food or a job to earn one's living, not having access to credit. It means insecurity, powerlessness and exclusion of individuals, households and communities. It means susceptibility to violence, and it often implies living in marginal or fragile environments, without access to clean water or sanitation.

There are plenty of other definitions, but they all revolve around these things: food, clothing, shelter, clean water and air, etc. All basic human needs.