AbstractPrecipitation extremes are among the most serious consequences of climate change around the world. The observed and projected frequency and intensity of extreme precipitation in some regions will greatly influence the social economy. The frequency of extreme precipitation and the population and economic exposure were quantified for a base period (1986–2005) and future periods (2016–2035 and 2046–2065) based on bias corrected projections of daily precipitation from five global climatic models forced with three representative concentration pathways (RCPs) and projections of population and gross domestic product (GDP) in the shared socioeconomic pathways (SSPs). The RCP8.5‐SSP3 scenario produces the highest global population exposure for 2046–2065, with nearly 30% of the global population (2.97 × 109 persons) exposed to precipitation extremes >10 days/a. The RCP2.6‐SSP1 scenario produces the highest global GDP exposure for 2046–2065, with a 5.56‐fold increase relative to the base period, of up to (2.29 ± 0.20) × 1015 purchasing power parity $‐days. Socioeconomic effects are the primary contributor to the exposure changes at the global and continental scales. Population and GDP effects account for 64–77% and 78–91% of the total exposure change, respectively. The inequality of exposure indicates that more attention should be given to Asia and Africa due to their rapid increases in population and GDP. However, due to their dense populations and high GDPs, European countries, that is, Luxembourg, Belgium, and the Netherlands, should also commit to effective adaptation measures.