World Bank high-income economy
A high-income economy is defined by the World Bank as a country with a gross national income per capita of US$14,005 or more in 2023, 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 Vatican City is a sovereign state, it is not classified by the World Bank under this definition.
List of high-income economies (as of 2024 fiscal year)
According to the World Bank the following 86 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 2024 fiscal year, high-income economies are those that had a GNI per capita of $14,005 or more in 2023.[1]
High income UN members
- File:Flag of Andorra.svg Andorra (1990–present)
- File:Flag of Antigua and Barbuda.svg Antigua and Barbuda (2002, 2005–08, 2012–present)
- File:Flag of Australia (converted).svg Australia (1987–present)
- File:Flag of Austria.svg Austria (1987–present)
- File:Flag of the Bahamas.svg The Bahamas (1987–present)
- File:Flag of Bahrain.svg Bahrain (1987–89, 2001–present)
- File:Flag of Barbados.svg Barbados (1989, 2000, 2002, 2006–present)
- File:Flag of Belgium (civil).svg Belgium (1987–present)
- File:Flag of Brunei.svg Brunei (1987, 1990–present)
- File:Flag of Bulgaria.svg Bulgaria (2023–present)
- File:Flag of Canada (Pantone).svg Canada (1987–present)
- File:Flag of Chile.svg Chile (2012–present)
- File:Flag of Croatia.svg Croatia (2008–15, 2017–present)
- File:Flag of Cyprus.svg Cyprus (1988–present)
- File:Flag of the Czech Republic.svg Czech Republic (2006–present)
- File:Flag of Denmark.svg Denmark (1987–present)
- File:Flag of Estonia.svg Estonia (2006–present)
- File:Flag of Finland.svg Finland (1987–present)
- File:Flag of France.svg France (1987–present)
- File:Flag of Germany.svg Germany (1987–present)
- File:Flag of Greece.svg Greece (1996–present)
- File:Flag of Guyana.svg Guyana (2022–present)
- File:Flag of Hungary.svg Hungary (2007–11, 2014–present)
- File:Flag of Iceland.svg Iceland (1987–present)
- File:Flag of Ireland.svg Ireland (1987–present)
- File:Flag of Israel.svg Israel (1987–present)
- File:Flag of Italy.svg Italy (1987–present)
- File:Flag of Japan.svg Japan (1987–present)
- File:Flag of Kuwait.svg Kuwait (1987–present)
- File:Flag of Latvia.svg Latvia (2009, 2012–present)
- File:Flag of Liechtenstein.svg Liechtenstein (1994–present)
- File:Flag of Lithuania.svg Lithuania (2012–present)
- File:Flag of Luxembourg.svg Luxembourg (1987–present)
- File:Flag of Malta.svg Malta (1989, 1998, 2000, 2002–present)
- File:Flag of Monaco.svg Monaco (1994–present)
- File:Flag of Nauru.svg Nauru (2015, 2019–present)
- File:Flag of the Netherlands.svg Netherlands (1987–present)
- File:Flag of New Zealand.svg New Zealand (1987–present)
- File:Flag of Norway.svg Norway (1987–present)
- File:Flag of Oman.svg Oman (2007–present)
- File:Flag of Palau.svg Palau (2016–20, 2023–present)
- File:Flag of Panama.svg Panama (2017–19, 2021–present)
- File:Flag of Poland.svg Poland (2009–present)
- File:Flag of Portugal.svg Portugal (1994–present)
- File:Flag of Qatar.svg Qatar (1987–present)
- File:Flag of Romania.svg Romania (2019, 2021–present)
- File:Flag of Russia.svg Russia (2012–14, 2023–present)
- File:Flag of Saint Kitts and Nevis.svg Saint Kitts and Nevis (2011–present)
- File:Flag of San Marino.svg San Marino (1991–93, 2000–present)
- File:Flag of Saudi Arabia.svg Saudi Arabia (1987–89, 2004–present)
- File:Flag of Seychelles.svg Seychelles (2014–present)
- File:Flag of Singapore.svg Singapore (1987–present)
- File:Flag of Slovakia.svg Slovakia (2007–present)
- File:Flag of Slovenia.svg Slovenia (1997–present)
- File:Flag of South Korea.svg South Korea (1995–97, 2001–present)
- File:Flag of Spain.svg Spain (1987–present)
- File:Flag of Sweden.svg Sweden (1987–present)
- File:Flag of Switzerland (Pantone).svg Switzerland (1987–present)
- File:Flag of Trinidad and Tobago.svg Trinidad and Tobago (2006–present)
- File:Flag of the United Arab Emirates.svg United Arab Emirates (1987–present)
- File:Flag of the United Kingdom.svg United Kingdom (1987–present)
- File:Flag of the United States.svg United States (1987–present)
- File:Flag of Uruguay.svg Uruguay (2012–present)
High income non-UN members
- File:Flag of American Samoa.svg American Samoa (1987–89, 2022–present)
- File:Flag of Aruba.svg Aruba (1987–90, 1994–present)
- File:Flag of Bermuda.svg Bermuda (1987–present)
- File:Flag of the British Virgin Islands.svg British Virgin Islands (2015–present)
- File:Flag of the Cayman Islands.svg Cayman Islands (1993–present)
- Guernsey / Jersey Channel Islands (1987–present)
- File:Flag of Curaçao.svg Curaçao (1994–present)a
- File:Flag of the Faroe Islands.svg Faroe Islands (1987–present)
- File:Flag of French Polynesia.svg French Polynesia (1990–present)
- File:Flag of Gibraltar.svg Gibraltar (2009–10, 2015–present)
- File:Flag of Greenland.svg Greenland (1987–present)
- File:Flag of Guam.svg Guam (1987–89, 1995–present)
- File:Flag of Hong Kong.svg Hong Kong (1987–present)
- File:Flag of the Isle of Man.svg Isle of Man (1987–89, 2002–present)
- File:Flag of Macau.svg Macao (1994–present)
- File:Flag of FLNKS.svg New Caledonia (1995–present)
- File:Flag of the Northern Mariana Islands.svg Northern Mariana Islands (1995–2001, 2007–present)
- File:Flag of Puerto Rico.svg Puerto Rico (1989, 2002–present)
- File:Flag of France.svg Saint Martin (2010–present)
- File:Flag of Sint Maarten.svg Sint Maarten (1994–present)a
- File:Flag of the Republic of China.svg Taiwan (1987–present)
- File:Flag of the Turks and Caicos Islands.svg Turks and Caicos Islands (2009–present)
- File:Flag of the United States Virgin Islands.svg U.S. Virgin Islands (1987–present)
Former high-income economies
The year(s) during which they held such classification is/are shown in parentheses.[3]
- File:Flag of Argentina.svg Argentina (2014, 2017)
- File:Flag of Equatorial Guinea.svg Equatorial Guinea (2007–14)
- File:Flag of Mauritius.svg Mauritius (2019)
- File:Flag of France.svg Mayotte (1990)
- File:Flag of the Netherlands Antilles (1986–2010).svg Netherlands Antilles (1994–2009)b
- File:Flag of Venezuela.svg Venezuela (2014)
a Between 1994 and 2009, as a part of the File:Flag of the Netherlands Antilles (1986–2010).svg Netherlands Antilles. b Dissolved on 10 October 2010. Succeeded by Curaçao and Sint Maarten.
Historical thresholds
The high-income threshold was originally set in 1989 at US$6,000 in 1987 prices. Thresholds for subsequent years were adjusted taking into account the average inflation in the G-5 countries (the United States, the United Kingdom, Japan, Germany, and France), and from 2001, that of Japan, the United Kingdom, the United States, and the eurozone.[4] Thus, the thresholds remain constant in real terms over time.[3] To ensure no country falls right on the threshold, country data are rounded to the nearest 10 and income thresholds are rounded to the nearest 5.[5] The following table shows the high-income threshold from 1987 onwards. Countries with a GNI per capita (calculated using the Atlas method) above this threshold are classified by the World Bank as "high-income economies."[3]
Year | GNI per capita (US$) | Date of classification |
---|---|---|
1987 | 6,000 | October 2, 1988 |
1988 | 6,000 | September 13, 1989 |
1989 | 6,000 | August 29, 1990 |
1990 | 7,620 | September 11, 1991 |
1991 | 7,910 | August 24, 1992 |
1992 | 8,355 | September 9, 1993 |
1993 | 8,625 | September 2, 1994 |
1994 | 8,955 | June 8, 1995 |
1995 | 9,385 | June 3, 1996 |
1996 | 9,645 | July 1, 1997 |
1997 | 9,655 | July 1, 1998 |
1998 | 9,360 | July 1, 1999 |
1999 | 9,265 | July 1, 2000 |
2000 | 9,265 | July 1, 2001 |
2001 | 9,205 | July 1, 2002 |
2002 | 9,075 | July 1, 2003 |
2003 | 9,385 | July 1, 2004 |
2004 | 10,065 | July 1, 2005 |
2005 | 10,725 | July 1, 2006 |
2006 | 11,115 | July 1, 2007 |
2007 | 11,455 | July 1, 2008 |
2008 | 11,905 | July 1, 2009 |
2009 | 12,195 | July 1, 2010 |
2010 | 12,275 | July 1, 2011 |
2011 | 12,475 | July 1, 2012 |
2012 | 12,615 | July 1, 2013 |
2013 | 12,745 | July 1, 2014 |
2014 | 12,735 | July 1, 2015 |
2015 | 12,475 | July 1, 2016 |
2016 | 12,236 | July 1, 2017 |
2017 | 12,056 | July 1, 2018 |
2018 | 12,376 | July 1, 2019 |
2019 | 12,536 | July 1, 2020 |
2020 | 12,696 | July 1, 2021 |
2021 | 13,205 | July 1, 2022 |
2022 | 13,845 | July 1, 2023 |
2023 | 14,005 | July 1, 2024 |
See also
- High-income OECD country
- Developed country
- Developing country
- Least developed countries
- Global North and Global South
References
- ↑ 1.0 1.1 1.2 Country and Lending Groups. World Bank. Accessed on July 1, 2023.
- ↑ "UN. (2005). UNCTAD Handbook of Statistics" (PDF). Retrieved 2007-07-09.
- ↑ 3.0 3.1 3.2 "comparison with the previous fiscal year". World Bank. Retrieved 2018-04-22.
- ↑ The Atlas Method, World Bank.
- ↑ "The Interim Measure for calculating financial contributions: review of cut-off points defining capacity-to-pay groups" (PDF). Agenda item 4. 2008-06-04.