list of high income countries

Starting in FY19, there will be surcharges in IBRD loan pricing for High income countries as described in the Development Committee Paper "Sustainable Finance for Sustainable Development(DC2018-002/P, April 21, 2018). ", OECD Better Life Index. "The Economic History of Australia from 1788: An Introduction. "Gas Explosion: What Caused the 2021 UK Energy Crisis? The OECD specifically defines these disposable income per capita figures as the gross household adjusted disposable income per capita. Gross National Income (GNI), an alternative to GDP as a way to measure and track a nation's wealth, is the total amount of money earned by a nation's people and businesses. "Poverty & Equity Brief: Mexico," Page 1. The purpose of this article is to highlight the development status of the 25 largest countries on Earth by GDP. Jobs, events, procurement, training, and more, "Sustainable Finance for Sustainable Development, classifying economies for analytical purposes, current classification by income in XLS format, historical classification by income in XLS format, Monitoring the Sustainable Development Goals. ", OECD.Stat. "Russia. Those able to do more complex tasks, or to implement more productive ways of doing tasks, can improve pay rates by streamlining efficiency. As of 2020, Germany had a life expectancy of 81 years since birth as well as an infant mortality rate of only three deaths per 1,000 live births (based on 2021 data). Sweden's life expectancy is at 82 years since birth, while infant mortality is two deaths per 1,000 live births. And, more employees going from part-time to full-time employment means more income per person. It's also the second-richest country in this grouping.. 49 Country Income group 50 Croatia High income 51 Cuba Upper middle income 52 Curacao High income 53 Cyprus High income 54 Czech Republic High income 55 Denmark High income . List of Low-Income Economies ($1,035 Or Less), List of Lower-Middle-Income Economies ($1,036 - $4,045), List of Upper-Middle-Income Economies ($4,046 - $12,535), List of High-Income Economies ($12,536 Or More). For more details, review our .chakra .wef-12jlgmc{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;font-weight:700;}.chakra .wef-12jlgmc:hover,.chakra .wef-12jlgmc[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-12jlgmc:focus,.chakra .wef-12jlgmc[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);}privacy policy. Income from black market economic activity is not included and is the subject of current economic research.[2][3]. The rankings evaluate 85 countries across 26 rankings drawn from a survey of more than 17,000 global citizens, measuring 73 dimensions that have the potential to drive trade, travel and investment and directly affect national economies. GDP per capita is calculated by dividing a country's GDP by its total population. All data is in U.S. dollars. Other countries with high disposable income per capita include Luxembourg, Australia, Germany, and Switzerland. That said, the country is reliant on exports and is currently facing other major challenges, such as an aging population and low worker productivity. Publication date: May 31, 2022 Originally published March 25, 2021. All amounts are in U.S. dollars. Kerala SSLC Supplementary Result 2023 declared, download class 10th SAY marksheet here. "Industrial nation" redirects here. Find out how good a country could be if it upgraded it's GDP data. "Table I.7. The Gross National Income (GNI) is the sum of the value added by all the goods and services produced within a determined country, including foreign investment, to which are added any product taxes (excluding subsidies), and the value earned by the nation through overseas ventures. Method of estimation: World Development Indicators database: Low income is $1 045 or less, middle income is $1 046 to $12 745, high income is $12 745 or more. The Kingdom of Norway is the westernmost country in the Scandinavian peninsula, made up mostly of mountainous terrain. Here is our analysis of the development status of the top 25 countries by GDP as of 2021, organized alphabetically. GDP per capitais a metric that breaks down a country's GDP per person and is calculated by dividing the GDP of a country by its population. Every country is obviously going to have a different population, which means that looking exclusively at GDP can distort the truth and/or be so obvious as to be meaningless. The country benefits from a diverse economy, including tourism, manufacturing, and pharmaceuticals. GDP represents the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. Germany is also a major exporter of chemicals. The High Income designation is defined as all countries with a gross national income per capita exceeding $12,055.Overall these countries account for 39% of Global GDP and 25% of global GDP growth in the past 10 years (2012-2022). "Population, Total - China, Ireland. Finally, the metric chosen to represent the standard of living is GNI (gross national income) per capita based on purchasing power parity (PPP). The country's infant mortality rate is three per 1,000 live births, one of the lowest rates in the world (based on 2021 data). Belgium lacks an abundance of natural resources, making it heavily reliant on imports of raw materials; however, given its central geographic location, highly developed transport network, and diversified industrial and commercial base, the country is well suited to act as a major exporter of manufactured goods. A Soviet satellite state until 1989, the country has nearly completed its transformation into a democratic and market-oriented economy. For 2013 where a precise Gross National Income (GNI) was not available the WDI estimation of income level was used. ", The World Bank. Turkiye is perhaps the best example of a country that straddles the line between developed and developing. "Mortality Rate, Infant (per 1,000 Live Births). Today, most groups, including Turkiye itself, agree on the country's status as a developing nation. The Kingdom of Belgium has a life satisfaction rating of 6.5. ", The World Bank. In 2019, Germany was second only to China as the world's largest surplus economy, with its exported products exceeding its imported products. Nearly all of its population lives in the south, surrounding the capital, Oslo. [14] Multinational corporations from these emerging markets present unique patterns of overseas expansion and knowledge acquisition from foreign countries. Organisation for Economic Co-operation and Development. But countries such as Luxembourg and Norway, both with comparatively small populations and GDPs (640,000 and $94 billion, and 5.4 million and $518 billion, respectively), rank second and sixth out of the top ten. Why Is Poverty Higher in the U.S. Than in Other Countries? In 2000, a total of 944,000 divorces and annulments occurred. Please help update this article to reflect recent events or newly available information. It was established in the year 1945 and provides debt financing on the basis of sovereign guarantees. List of high-income economies (as of 2023 fiscal year) 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. The term industrialized country may be somewhat ambiguous, as industrialisation is an ongoing process that is hard to define. Russia is not currently classified as a developed country, though it once reigned alongside the United States as a world superpower. One such criterion is the income per capita; countries with the high gross domestic product (GDP) per capita would thus be described as developed countries. As of 2020, the country's average life expectancy was an excellent 83 years, with an infant mortality rate of three per 1,000 live births (based on 2021 data). The U.S. has the highest disposable income per capita at $62,334.17 with a total population of 331.8 million. Definition, How It Works, HDI Index, Gross Domestic Product (GDP): Formula and How to Use It. Spain's infant mortality and life expectancy numbers are excellent; an estimated three infants died per 1,000 live births in 2021, and the average Spaniard lived to 82 years (based on 2020 data). This contributes to increasing employment and a greater number of employed people will raise the income per capita. This criterion would define developed countries as those with a very high (HDI) rating. Canada's proximity to the United States and a favorable exchange rate have also contributed to a strong manufacturing climate in the country. Disposable income is the amount of money a person has available after paying their taxes. "Poverty. "Swedish Healthcare is Largely Tax-Funded. The life expectancy aspect of the HDI is calculated at the time of birth, which is equal to zero when life expectancy is 20 and equal to one when life expectancy is 85. They do not have very high birth rates because, thanks to quality medical care and high living standards, infant mortality rates are low. "Brexit Trade Deal Gets a Final OK From E.U. The countrys GDP was the largest GDP on our list, making the U.S. the world's largest economy. Canadians enjoy universal healthcare coverage, with all residents having access to free medical care through a government-provided program. The figure is also called the balance of trade. What do different organizations and bodies say about it? A 2021 analysis proposes the term emerged to describe markets, economies, or countries that have graduated from emerging market status, but have not yet reached the level equivalent to developed countries. "How Does Excessive Debt Hurt an Economy?". A developed country, or high-income country,[3][4] is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure relative to other less industrialized nations. As of 2020, the country's average life expectancy was 77 years from birth, while its infant mortality rate was five deaths per 1,000 live births (based on 2021 data). By continuing to use our website, you agree to our, Todays Wordle: 742 Hints and Clues of 1st July with Solution for Word Puzzle Game, Elon Musk vs Mark Zuckerberg Cage Fight: Know all details here. Though it has several characteristics of a developed nation, including the largest economy in South America or Central America, Brazil is still considered a developing country due to its lower GDP per capita, higher infant mortality rate, and other factors. Where that isn't adequate, other qualifiers can include but are not limited to a country's GDP/GNI per capita, its level of industrialization, its general standard of living, and/or the amount of technological infrastructure it has. 185. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange . There are 29 OECD member countries and the European Unionin the Development Assistance Committee (DAC),[27] a group of the world's major donor countries that discuss issues surrounding development aid and poverty reduction in developing countries. Along with Sweden and Norway, it forms Scandinavia, a cultural region in Northern Europe. The United Kingdom is a developed country. At 77.2%, the services sector accounted for the largest portion of the country's GDP according to the CIA World Factbook. ", The Commonwealth Fund. Nations with developing economies cannot obtain the kind of seemingly bottomless financing that more developed nations can. PUMDET 2023 Exam Date Postponed to July 30; Check When will Admit Card Release? "GDP (Current US$) - Latin America & Caribbean. Income per capita can refer to discretionary income per capita or disposable income per capita. "Why Is Poverty Higher in the U.S. Than in Other Countries? As of 2020, the country's average life expectancy was a solid 81 years, while its infant mortality rate was quite low at four per 1,000 live births (based on 2021 data). It was established in the year 1956 and provides various forms of financing without sovereign guarantees, mainly to the private sector. ", The World Bank. World Economics revised GDP data removes serious errors in GDP measurement. That being said, countries on this list have been categorized according to the UN's standards because its classification system is the closest to our definitions of "developed" and "developing.". Create a free account and access your personalized content collection with our latest publications and analyses. The Republic of India is considered both a newly industrialized nation and one of the fastest developing countries on Earth; however, the country continues to struggle with issues like widespread poverty, poor water and sanitation, and overpopulation. This quality factors into the overall. As a rule, countries classified as high income by World Bank correspond to those deemed developed countries by the United Nations. ", The Economist. "The State of U.S. Switzerland is a country with a stable market economy, favorable taxation laws, strong financial and tourism sectors, and a skilled workforce. Even though the country opted to not join the European Union, it still maintain good trade relations with its neighbors as a member of the European Economic Area. Thailand has a free-market economy, with a relatively well-developed infrastructure. Investopedia contributors come from a range of backgrounds, and over 24 years there have been thousands of expert writers and editors who have contributed. Eswatini: 25.8% West Bank and Gaza: 24.9% Botswana: 24.7% South Africa had one of the highest unemployment rates in the world in 2021. Refined petroleum is its largest export category. Russia is borderline at best on most developed-country metrics. ", Observatory of Economic Complexity. Considering Colombia's Emerging Market Economy. 4, Oct./Dec. Brexit Trade Deal Gets a Final OK From E.U. Prior to FY19, the income category of a country was not one of the factors which influenced lending decisions. In 2023, 37 countries fit all four criteria, while an additional 16 countries fit three out of four. Better educated workers can lead the way to higher incomes. The Gini coefficient is a number between 0 and 1, where 0 corresponds with perfect equality (where everyone has the same income) and 1 corresponds with perfect inequality (where one person has all the incomeand everyone else has no income). The Kingdom of Thailand is the second-largest economy in Southeast Asia. Life expectancy in 2020 was an impressive 83 years since birth. The High Income Countries are home to over 1.1 billion people with an average life expectancy of 80 years and a current median age of 39 against a global average of 30. ", Office of the United States Trade Representative. "1 USD to CAD - Convert US Dollars to Canadian Dollars. As of 2020, China's average life expectancy was 78 years and its infant mortality rate was five per 1,000 live births (based on 2021 data). Due to definitional discrepancies, countries such as Mexico, Greece, and Turkiye are considered developed by some organizations and developing by others. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. The country has benefited from large, multinational corporations setting up shop in the country due to favorable tax treatments; however, as of 2021, the country has plans to increase taxes to align with Organization for Economic Cooperation and Development (OCED) agreements. ", 2023 Index of Economic Freedom. , For any feedback or complaint, email to: compliant_gro@jagrannewmedia.com, This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. Based on World Bank data ranging from 1992 to 2020. "United Kingdom. World Health Organization. ", United Nations Development Programme, Human Development Reports. British and Polynesian influences course through picturesque New Zealand, an island nation in the Pacific Ocean southeast of Australia. No minimum requirement exists for developed status, but most developed countries have HDIs of 0.8 or higher. "Australia - Product Exports. "National Accounts at a Glance," Select Indicator, Part V: Households, Gross household adjusted disposable income per capita, US dollars, current prices and current PPPs. The French Republic is one of the world's economic powerhouses. As of 2020, India had a life expectancy of 70 years since birth as well as an extremely high infant mortality rate of 26 deaths per 1,000 live births (based on 2021 data). Education is measured according to the mean years of schooling for residents of a country and the expected years of schooling that a child has at the average age for starting school. [18][19] The OECD's 37 members are known as the "developed countries club". It includes the nation's Gross Domestic Product (GDP) and the income it receives from the overseas sources. Recently, the country's war on Ukraine has adversely impacted its economy due to sanctions imposed by other nations. Explore Our DataBank. For more information about the World Bank country classification, please refer to the Knowledge Base and further discussion of the topic and classifying economies for analytical purposes. For the first time ever, Panama has been classified as a high-income nationa country with a gross national income per capita of $12,055 or more by the World Bank. According to the World Bank the following 80 countries and territories are classified as "high-income economies". Debt-to-GDP ratio is total gross government debt as a proportion of revised GDP. Key sectors in the U.S. include financial services,. "World Economic Situation and Prospects 2023," Page 117. Infrastructure.". The infant mortality rate is three per 1,000 live births, as of 2021. Much of Luxembourgs economic success stems from banking, by which the country has grown into a global financial center. "Flawed but Fair: Brazil's Health System Reaches Out to the Poor," Download PDF. Published July 3, 2018. Inhabitants of developing countries often do not have access to technologies that require the use of these resources. This index is useful for examining the impact of policy choices made by each nation. ", Australian Government: Department of Health. Given its relatively high GDP and small population, Ireland has the fifth-highest GDP per capita of any nation on Earth. Yet the typical Irish person ($100,172 in 2021) is nearly eight times richer than their Chinese counterpart ($12,556 in 2021), despite the fact that their country is so much smaller. "2021/22 HDR Technical Note," Pages 2-3. "GDP per Capita (Current US$) - China, Ireland. Capital city Stockholm was claimed in the 16th century, and border disputes through the Middle Ages established the modern-day nation. On July 1, every year the World Bank classifies the countries based on GNI (Gross National Income) per capita in the US Dollars. ", Xe. ][Note 2]. ", Swedish Institute. "Human Development Index (HDI)," Download Excel "latest HDI dataset.". ", The World Bank. 20 countries and territories in the Americas: eight countries and territories in Oceania: * Between 1994 and 2009, as a part of the Netherlands Antilles. Investopedia does not include all offers available in the marketplace. According to the UN, in 2023, 36 countries were considered "developed." Data unavailable for the Falkland Islands, Gibraltar, Guernsey, the Holy See ( Vatican City ), Jersey, Niue, the Pitcairn Islands, Saint Helena, Ascension and Tristan da Cunha, Tokelau, and Western Sahara. This is a list of countries or dependencies by income inequality metrics, including Gini coefficients. As of 2020, French citizens enjoyed a higher-than-average life expectancy of 82 years since birth and a low infant mortality rate of three deaths per 1,000 live births (based on 2021 data). Statistical Capacity Index numbers shown on a scale of 0-100. The high court's decision comes after a tumultuous year for federal student loan borrowers, who were told in August by President Biden that the U.S. government would cancel up to $20,000 of debt . "World Economic Situation and Prospects 2023," Page 118. The country has a strong GDP, a 99% literacy rate, and a healthcare system that's one of the best in the world. 3 Updated country income classifications are available here. ", The New York Times. Developed countries typically share several other characteristics: A nation is typically considered to still be "developing" if it does not meet the socioeconomic criteria listed above. GDP growth is heavily reliant on the services sector, particularly banking, insurance, and business services, whereas large oil and natural gas reserves are shrinking. As of 2020, the country's average life expectancy was 82 years from birth, while its infant mortality rate was a low two deaths per 1,000 live births (based on 2021 data). World Economics has combined 45 countries to represent the High Income Countries group. ", Government of Canada. 2- In order to keep some of the income classification thresholds fixed, the annual adjustment for inflation is made. "Energy Sources and Distribution. Investopedia does not include all offers available in the marketplace. Despite having the world's second-largest economy and the largest military, China is still not classified as a developed country by the criteria of most organizations. Australia's GDP made it the 13th largest economy in the world in 2021. ", The World Bank. Over the last four decades, the country has moved from a low-income to an upper-income country by making substantial progress in social and economic development. GNI per capita in dollar terms is estimated using the World Bank Atlas method,4 and ", Springer Nature. "Births, Deaths and Infant Mortality. Estimates of GNI are obtained from economists in World Bank country units who rely primarily on official data published by the countries; the size of the population is estimated by World Bank demographers from a variety of sources, including the UNs biennial World Population Prospects.
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