This question will use The Economist's Democracy Index, resolving YES if half or more of the world's population live in countries that are classified as either flawed democracies (score between 6-7.99) or full democracies (score of 8+) for any report for the 2020s (the last one for the 2020s is likely to be published in early 2030).
In the 2023 report, 45.4% of the world's population live under democracies "of some sort," a small increase from the 2022 report where the number was 45.3%.
The world has come close to half of the world population or more living in democracies, with a figure of 49.4% as recently as 2020, 49.3% in 2017 and 2016, and 49.5% in 2010.
Here are the percentages published by The Economist in Democracy Index reports since 2010:
2023: 45.4% (+0.1)
2022: 45.3% (-0.4)
2021: 45.7% (-3.7)
2020: 49.4% (+1)
2019: 48.4% (+0.7)
2018: 47.7% (-1.6)
2017: 49.3% (no change)
2016: 49.3% (+0.9)
2015: 48.4% (+0.4)
2014: 48.0% (+1)
2013: 47.0% (-1.5)
2012: 48.5% (+0.1)
2011: 48.4% (-1.1)
2010: 49.5%