what would happen if we solved poverty?

I recently did a favela (slum) tour here in sunny Brasil, the guide for the tour explained that he doubted that many rich Brasilians wanted to "solve" the problems of poverty in Brasil because having so many poor people in the country allows them to have a life of luxury at relatively small cost.
I think this was a bit of harsh comment to make as there are many Brasilians working throughout this beautiful country to combat the causes of poverty.
But it did get me to thinking, what would happen to our world if all of the poor of Asia, Latin America and Africa suddenly were able to spend and consume at the levels that we in the west are used too?