Entry 1 sense Webster, 1913 Impoverishment /ĭmˌ-päv'-rĭsh-mənt/ · Im·pov·er·ish·ment · IPA /ˌɪmpˈɑvrɪʃmənt/ 01 n. The act of impoverishing, or the state of being impoverished; reduction to poverty. 1. The act of impoverishing, or the state of being impoverished; reduction to poverty.