Martin Ravallion at the World Bank estimates that meeting basic needs requires $1.08 per day per person... 

1.1 billion people live below that level in 2001 with an average income of 77¢ per day 

therefore the extremely poor had a shortfall of 31¢ per day

This equates to a shortfall of $113 per person per year, multiplied by 1.1 billion people is $124 billion.