Which of the following statements regarding the estimates of number of species found on the earth is incorrect?

Plants constitute more than 70% of all the species recorded, whereas animals constitute less than 22% of the total number of species.

The correct answer is Option (2) - Plants constitute more than 70% of all the species recorded, whereas animals constitute less than 22% of the total number of species.

According to the International Union for Conservation of Nature and Natural Resources (IUCN) (2004), the total number of plant and animal species described so far is slightly more than 1.5 million, but we have no clear idea of how many species are yet to be discovered and described.Some extreme estimates range from 20 to 50 million, but a more conservative and scientifically sound estimate made by Robert May places the global species diversity at about 7 million. More than 70 per cent of all the species recorded are animals, while plants (including algae, fungi, bryophytes, gymnosperms and angiosperms) comprise no more than 22 per cent of the total. Among animals, insects are the most species-rich taxonomic group, making up more than 70 per cent of the total. That means, out of every 10 animals on this planet, 7 are insects.