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Arguably the single most influential factor in determining the quality of life in a given country is its economic health. The World Bank, a global organization dedicated to ending extreme poverty all over the world, divides countries into four categories, known as World Bank Country and Lending Groups, based upon their Gross National Income (GNI) per capita. For the 2023 financial year, the WBC Lending Group boundaries are as follows:
- Low-income economies — GNI per capita of up to $1,085 in 2021 (in USD)
- Lower-middle-income economies — GNI per capita of $1,086 to $4,255
- Upper-middle-income economies — GNI per capita of $4,256 to $13,205
- High-income economies — GNI per capita of $13,206 or more
For the 2023 financial year, the World Bank placed 81 countries in the high-income category. Many countries, such as the United States, have consistently ranked as high income since the 1980s, but others have moved in or out. For instance, the 2023 group sees the addition of Panama and Romania, but the loss of Palau, which was reclassified as an upper-middle-income country. Some former high-income countries, such as Russia and Venezuela, slipped to a lower bracket in past years and have yet to regain the high-income classification.
Every High-Income Country and Territory in the World (World Bank 2023):
| Andorra | Gibraltar | Panama |
| Antigua and Barbuda | Greece | Poland |
| Aruba | Greenland | Portugal |
| Australia | Guam | Puerto Rico |
| Austria | Hong Kong | Qatar |
| Bahamas | Hungary | Romania |
| Bahrain | Iceland | Saint Kitts and Nevis |
| Barbados | Ireland | Saint Martin |
| Belgium | Isle of Man | San Marino |
| Bermuda | Israel | Saudi Arabia |
| British Virgin Islands | Italy | Seychelles |
| Brunei | Japan | Singapore |
| Canada | Kuwait | Sint Maarten |
| Cayman Islands | Latvia | Slovakia |
| Channel Islands | Liechtenstein | Slovenia |
| Chile | Lithuania | South Korea |
| Croatia | Luxembourg | Spain |
| Curacao | Macau | Sweden |
| Cyprus | Malta | Switzerland |
| Czech Republic | Monaco | Taiwan |
| Denmark | Nauru | Trinidad and Tobago |
| Estonia | Netherlands | Turks and Caicos Islands |
| Faroe Islands | New Caledonia | United Arab Emirates |
| Finland | New Zealand | United Kingdom |
| France | Northern Mariana Islands | United States |
| French Polynesia | Norway | United States Virgin Islands |
| Germany | Oman | Uruguay |
GNI per capita explained
GNI per capita is essentially a measure of a nation's total income divided by the number of people in that country. A country's overall gross national income (GNI) is very similar to gross national product (GNP), an older metric GNI has largely replaced. GNI is calculated by starting with a country's gross domestic product (GDP), then adding money its citizens and businesses have brought in from other countries and subtracting money taken out of the economy by businesses and investors based in other countries. Once a country's GNI has been calculated, it is divided by that country's population to determine its GNI per capita. GNI offers little insight into a country's income inequality but is nonetheless considered one of the most important at-a-glance assessments of a country's economic health.
The relationship between income and development
While World Bank classifies countries by income, the United Nations groups countries by their level of overall development. There is, however, a high degree of correlation between the two systems, as development often runs parallel to income. As a rule, countries classified as high income by World Bank correspond to those deemed developed countries by the United Nations. Upper-middle- and lower-middle-income countries roughly correspond to the United Nations' developing countries, and World Bank's low-income countries list includes many of what the United Nations would consider the least-developed or (less commonly) underdeveloped countries.
Note: Values display 2021 data with the following exceptions: Sint Maarten displays 2018 data; Andorra and Kuwait display 2019 data; and Aruba, Bahrain, Brunei, Cayman Islands, Curacao, Luxembourg, Macau, Oman, Puerto Rico, Saudi Arabia, and United Arab Emirates display 2020 data.
Country | GNI per capita (Atlas method, current US$) | GNI per capita (PPP, INT$) |
|---|---|---|
| Bermuda | $116,540 | $87,340 |
| Switzerland | $90,360 | $75,860 |
| Norway | $84,090 | $82,840 |
| Luxembourg | $81,110 | $83,230 |
| Ireland | $74,520 | $79,450 |
| United States | $70,430 | $70,480 |
| Denmark | $68,110 | $66,720 |
| Iceland | $64,410 | $55,920 |
| Singapore | $64,010 | $102,450 |
| Cayman Islands | $63,370 | $53,770 |
| Sweden | $58,890 | $61,090 |
| Qatar | $57,120 | $92,080 |
| Australia | $56,760 | $55,290 |
| Netherlands | $56,370 | $63,360 |
| Hong Kong | $54,450 | $70,700 |
| Finland | $53,660 | $55,940 |
| Austria | $52,210 | $58,370 |
| Germany | $51,040 | $59,680 |
| Belgium | $50,510 | $59,460 |
| Israel | $49,560 | $44,060 |
| Canada | $48,310 | $51,690 |
| Macau | $46,730 | $72,260 |
| United Kingdom | $45,380 | $49,420 |
| New Zealand | $45,340 | $45,440 |
| France | $43,880 | $51,850 |
| Japan | $42,620 | $44,570 |
| United Arab Emirates | $39,410 | $66,680 |
| Kuwait | $36,200 | $59,040 |
| Italy | $35,710 | $46,490 |
| South Korea | $34,980 | $47,490 |
| Brunei | $31,510 | $67,580 |
| Malta | $30,560 | $44,550 |
| Spain | $29,740 | $40,980 |
| Slovenia | $28,240 | $43,060 |
| Cyprus | $28,130 | $39,410 |
| Sint Maarten | $27,510 | $35,180 |
| Bahamas | $27,220 | $31,870 |
| Estonia | $25,970 | $41,570 |
| Czech Republic | $24,070 | $42,560 |
| Portugal | $23,730 | $35,470 |
| Turks and Caicos Islands | $23,600 | $22,660 |
| Aruba | $23,070 | $30,330 |
| Saudi Arabia | $22,270 | $47,700 |
| Lithuania | $21,610 | $41,250 |
| Puerto Rico | $21,160 | $23,360 |
| Slovakia | $20,250 | $32,450 |
| Greece | $20,140 | $31,410 |
| Bahrain | $19,930 | $40,730 |
| Nauru | $19,470 | $25,110 |
| Latvia | $19,370 | $33,790 |
| Saint Kitts and Nevis | $18,560 | $25,900 |
| Hungary | $17,740 | $35,640 |
| Croatia | $17,150 | $33,900 |
| Barbados | $16,720 | $14,530 |
| Poland | $16,670 | $35,830 |
| Curacao | $16,560 | $21,480 |
| Uruguay | $15,800 | $22,540 |
| Trinidad and Tobago | $15,070 | $25,670 |
| Oman | $15,030 | $28,850 |
| Chile | $15,000 | $27,410 |
| Antigua and Barbuda | $14,900 | $19,610 |
| Romania | $14,170 | $34,820 |
| Panama | $14,010 | $29,900 |
| Seychelles | $13,260 | $28,050 |
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Which countries are considered high-income?
High-income countries are those that have a gross national income per capita of $13,206 in 2023. Globally, 81 countries qualify for this category.
Frequently Asked Questions
Sources
As a seasoned expert in global economics and development, I bring a wealth of knowledge to the table. My understanding spans various facets of economic indicators, including the intricacies of gross national income (GNI) per capita, its implications on a country's quality of life, and the classifications by renowned organizations such as the World Bank.
Let's delve into the concepts embedded in the provided article:
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World Bank Country and Lending Groups: The World Bank classifies countries into four groups based on their GNI per capita. These groups are:
- Low-income economies
- Lower-middle-income economies
- Upper-middle-income economies
- High-income economies
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GNI per capita Categories: For the 2023 financial year, the World Bank has set specific GNI per capita boundaries for each category:
- Low-income: Up to $1,085
- Lower-middle-income: $1,086 to $4,255
- Upper-middle-income: $4,256 to $13,205
- High-income: $13,206 or more
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Changes in High-Income Classification: The article notes changes in the high-income category, with examples such as Panama and Romania joining in 2023, and Palau moving to the upper-middle-income category.
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List of High-Income Countries and Territories (World Bank 2023): The provided list outlines countries and territories classified as high-income by the World Bank for the year 2023. This list includes familiar names like the United States, Japan, Germany, and others.
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GNI per capita Explained: GNI per capita is a crucial metric calculated by dividing a country's gross national income by its population. It reflects the average income per person in a given country. GNI is derived from the gross domestic product (GDP), considering income earned from abroad and subtracting income sent abroad.
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Relationship Between Income and Development: The article highlights the correlation between a country's income classification by the World Bank and its level of development according to the United Nations. Generally, high-income countries align with developed countries, while lower-income categories correspond to developing or less-developed nations.
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High-Income Countries (Specifics): A detailed table provides GNI per capita data for high-income countries, showcasing figures for Bermuda, Switzerland, Norway, Luxembourg, and others. The table also includes alternative metrics like GNI per capita based on purchasing power parity (PPP, INT$).
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FAQs and Sources: The article concludes with frequently asked questions and cites the World Bank as the primary source for country classifications.
In essence, the article navigates the landscape of global economic classifications, shedding light on how GNI per capita serves as a pivotal measure in understanding a country's economic health and its place in the global economic hierarchy.
