A high-income economy is defined by the World Bank as a nation with a gross national income per capita of US$12,696 or more in 2020, calculated using the Atlas method.[1] While the term "high-income" is often used interchangeably with "First World" and "developed country," the technical definitions of these terms differ. The term "first world" commonly refers to countries that aligned themselves with the U.S. and NATO during the Cold War. Several institutions, such as the Central Intelligence Agency (CIA) or International Monetary Fund (IMF), take factors other than high per capita income into account when classifying countries as "developed" or "advanced economies." According to the United Nations, for example, some high-income countries may also be developing countries. The GCC countries, for example, are classified as developing high-income countries. Thus, a high-income country may be classified as either developed or developing.[2] Although the Vatican City is a sovereign state, it is not classified by the World Bank under this definition. A map of World Bank high-income economies in 2019; high-income economies are indicated in blue, while former high-income economies are shown in teal. List of high-income economies (as of 2023 fiscal year)[edit]According to the World Bank the following 82 countries (including territories) are classified as "high-income economies."[1] In brackets are the year(s) during which they held such classification; classifying began in 1987. As of the 2023 fiscal year, high-income economies are those that had a GNI per capita of $13,205 or more in 2021.[1] High income UN members[edit]
High income non-UN members[edit]Former high-income economies[edit]The year(s) during which they held such classification is/are shown in parenthesis.[3] a Between 1994 and 2009, as a part of the Netherlands Antilles. b Dissolved on 10 October 2010. Succeeded by Curaçao and Sint Maarten. Historical thresholds[edit]The high-income threshold was originally set in 1989 at US$6,000 in 1987 prices. Thresholds for subsequent years were adjusted taking into account the average inflation in the G-5 countries (the United States, the United Kingdom, Japan, Germany, and France), and from 2001, that of Japan, the United Kingdom, the United States, and the eurozone.[4] Thus, the thresholds remain constant in real terms over time.[3] To ensure no country falls right on the threshold, country data are rounded to the nearest 10 and income thresholds are rounded to the nearest 5.[5] The following table shows the high-income threshold from 1987 onwards. Countries with a GNI per capita (calculated using the Atlas method) above this threshold are classified by the World Bank as "high-income economies."[3]
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Which number does the World Bank used to determine the status in classification of each nation?The World Bank assigns the world's economies to four income groups—low, lower-middle, upper-middle, and high-income countries. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (i.e. 2020 in this case).
What is the standard measure of income levels used by the World Bank?When it comes to income , the World Bank divides the world's economies into four income groups: high, upper-middle, lower-middle, and low. The income classification is based on a measure of national income per person, or GNI per capita, calculated using the Atlas method.
What are the World Bank income groups?The World Bank classifies economies for analytical purposes into four income groups: low, lower-middle, upper-middle, and high income.
What is the per capita income of low income countries according to World Bank? For the current 2023 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,085 or less in 2021; lower middle-income economies are those with a GNI per capita between $1,086 and $4,255; upper middle-income economies are those with a GNI per ...
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