list of high income countries

", Statistisches Bundesamt (The Federal Statistical Office). Much of the economic growth is driven by the energy industry, and renewable energy has accounted for about 30% of gross domestic consumption. [23] Other standards, such as the 30-50 Club (GDP per capita over $30,000 and population over 50 million) have been developed to categorize highly developed and influential countries. In this year's list, India continues to be classified as the lower-middle-income country. This contributes to increasing employment and a greater number of employed people will raise the income per capita. Nevertheless, the United Nations Conference on Trade and Development considers that this categorization can continue to be applied: The developed economies broadly comprise Northern America and Europe, Israel, Japan and the Republic of Korea, as well as Australia and New Zealand. United Nations. "Energy Efficiency Trends and Policies in Austria," Page 6. Different definitions of developed countries are provided by the International Monetary Fund and the World Bank; moreover, HDI ranking is used to reflect the composite index of life expectancy, education, and income per capita. ", World Economic Forum. Due to the nature of disposable income, changing spending habits does not impact it. We also reference original research from other reputable publishers where appropriate. "Literacy Rate, Adult Total (% of People Ages 15 and Above) - Spain. 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. "2021/22 HDR Technical Note," Pages 2-3. The Borgen Project. The countries with the highest GDP per capita are often those with an unusual concentration of wealth. Countries are classified each year on July 1, based on the estimate of their GNI per capita for the previous calendar year. "National Accounts at a Glance," Select Indicator, Part I: Gross Domestic Product (GDP), current PPPs, billions US dollars. Italy is ranked eighth in the world for overall GDP. "People, Places, and Cultures: Chapter 7.1 The Industrial Revolution. Disposable income is income available for spending and saving after taxes have been paid. The United States tops the list for 2021. ", The World Bank. "France.". Capital city Stockholm was claimed in the 16th century, and border disputes through the Middle Ages established the modern-day nation. Another economic criterion is industrialisation; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. US economy holding up while China's economic malaise deepens, and other economy stories to read this week, Reskilling Revolution: Preparing 1 billion people for tomorrows economy, 3 horizons of growth in a challenging world, Closing gender gaps in the private sector benefits over 728,000 women, Low-income countries can become more resilient. 2030 is only 8 years away, by making very modest assumptions about economic growth it is possible to project forward economic data to 2030. According to the CIA World Factbook, 7.9% of China's overall GDP was derived from agriculture. Those able to do more complex tasks, or to implement more productive ways of doing tasks, can improve pay rates by streamlining efficiency. The United Kingdom is a developed country. Create a free account and access your personalized content collection with our latest publications and analyses. 2- The International Finance Corporation (IFC). The views expressed in this article are those of the author alone and not the World Economic Forum. The Institut National dEtudes Dmographiques (INED). "International Health Care System Profiles: Switzerland. Observatory of Economic Complexity. Here are some related ways that a country might increase it. Math Riddles For School: Only a Bright Student Can Solve This Number Series Riddle in 25 Seconds! ", The CIA World Factbook. Download all data featured on World Economics in a simple and consiatant format. [1] The OECD high-income economies are: Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, U. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. ", "National Statistics, Republic of China (Taiwan) - Statistical Tables", List of countries, United Nations Statistics Division, https://en.wikipedia.org/w/index.php?title=Developed_country&oldid=1161468832, This page was last edited on 22 June 2023, at 22:37. Income per capita increases with a greater aggregate number of hours worked. And Why It Matters for Energy and Climate," Click Read Full Report. Further, the country is rich in natural resources and the government controls many key areas of the natural resources economy, such as the petroleum sector. Austrian Energy Agency. For the magazine, see, HDI not available before 2018 in latest report. Comparisons of national wealth are frequently made on the basis of nominal GDP and savings (not just income), which do not reflect differences in the cost of living in different countries ( see List of countries by GDP (nominal) per capita ); hence, using a PPP basis is arguably more useful when comparing generalized differences in living standa. The archipelago is heavily dependent on imports of natural resources, and it is the world's largest net buyer of food products, the largest importer of liquefied natural gas (LNG), and the third-largest coal importer. ", The Borgen Project. "GDP (Current US$) - China, Ireland. "Indonesia. From next month, the prize fund rate will increase to 4% from 3.70% - its highest level since 2007. ", The New York Times. Canadas expansive wilderness to the north plays a large role in Canadian identity, as does the countrys reputation of welcoming immigrants. Sweden is one of the most highly developed post-industrial societies in the world. "Switzerland - Product Exports. The World Bank categorises the World's economies into four income groups-- low, lower-middle, upper-middle and high-income countries. Another commonly used measure of a developed country is the threshold of GDP (PPP) per capita of at least USD$22,000. Recently, the country's war on Ukraine has adversely impacted its economy due to sanctions imposed by other nations. "Labor Force Participation Rate, Female (% of Female Population Ages 15+) (Modeled ILO Estimate). As is evidenced by our list, high GNIs are characteristically accompanied by well-developed economies and high quality of life. The World Bank Group was established on July 4, 1944, and is headquartered in Washington D.C., US. The country is rich with natural resources, which is reflected in one of the primary engines of its economymining. Geography defines the history and culture of Nordic Finland, one of the most northern-reaching countries in the world. ", Council on Foreign Relations. ", The Commonwealth Fund. . Total Carbon and Methane data expressed in MTCo2e (, 1 Ivory Square, Plantation Wharf, London, SW11 3UE. They are defined as lower middle-income economies - those with a GNI per capita between $1,036 and $4,045; and upper middle-income economies - those with a GNI per capita between $4,046 and $12,535 ().Middle income countries are home to 75% of the world's population and 62% of the world . This situation tends to lower the ranking of some of the most advanced countries, such as the G7 members and others.[7][8]. What is the Uniform Civil Code? 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. Brexit Trade Deal Gets a Final OK From E.U. It was established in the year 1965 and works with the government to reduce investment risks. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, World Bank: COVID-19 recession is expected to be twice as bad as the 2009 financial crisis. 160 * Winter 2000", Minutes of Forum #26:Global Strategy Series 2 Japan as It Should Be (Outline) | Economic and Social Research Institute, Cabinet Office, Government of Japan, https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups, https://datatopics.worldbank.org/world-development-indicators/the-world-by-income-and-region.html, "Doing Business 2019 Fact Sheet: OECD High-Income", "Doing Business 2019 Regional Profile: OECD High Income", Peer reviews of DAC members Organisation for Economic Co-operation and Development, "World Economic and Financial Surveys World Economic Outlook DatabaseAll countries/Advanced economies (40 countries)", "World Economic Outlook Database Changes to the Database", "World Bank Country and Lending Groups World Bank Data Help Desk", "World Economic Outlook Database, October 2019", "International Monetary Fund Annual Report 1997", "What is the human development index (HDI)? 1997, pp. The CIA World Factbook. ", Carnegie Endowment for International Peace. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Knowing a country's GNI per capita is a good first step toward understanding the country's economic strengths and needs, as well as the general standard of living enjoyed by the average citizen. Income per capita can refer to discretionary income per capita or disposable income per capita. "Brazil's Water and Sanitation Crisis.". A sense of pride has surged among the Maori, the countrys first settlers who now account for about 14 percent, as homeland grievances become more openly addressed. The World Bank Group works in every major area of development. Investopedia does not include all offers available in the marketplace. GDP growth (annual %) Inflation, consumer prices (annual %) Personal remittances, received (% of GDP) Statistical performance indicators (SPI): Overall score (scale 0-100) Foreign direct investment, net inflows (% of GDP) Graph, map and compare more than 1,000 time series indicators from the World Development Indicators. Unlike GDP per capita or per capita income, the HDI takes into account how income is turned "into education and health opportunities and therefore into higher levels of human development.". Disposable income refers to the income an individual has left from gross income after subtracting payments for income taxes. 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. The Land Down Under has widespread industrialization and provides quality healthcare for the majority of its citizens. "Mortality Rate, Infant (per 1,000 Live Births). The World Bank classifies economies for analytical purposes into four income groups: low, lower-middle, upper-middle, and high income. The World Bank classifies economies for analytical purposes into four income groups: low, lower-middle, upper-middle, and high income. All developing countries were located in either Africa, Asia, or Latin America and the Caribbean. Countries may be classified as either developed or developing based on the gross domestic product (GDP) or gross national income (GNI) per capita, the level of industrialization, the general standard of living, and the amount of technological infrastructure, among several other potential factors. ", Observatory of Economic Complexity. Other countries. "Human Development Index (HDI).". Lowering population while keeping the income the same will increase per capita disposable income. "World Bank Country and Lending Groups. Investing in technology can help make processes more efficient and boost income potential. Federal Reserve Bank of St. Louis. "Unemployment, Total (% of Total Labor Force) (National Estimate). As of 2023[update], advanced economies comprise 57.3% of global GDP based on nominal values and 41.1% of global GDP based on purchasing-power parity (PPP) according to the IMF. 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. Basically, to get a figure for per capita income, one can total the amount of a country's income and divide it by the figure for its population. Development status determines which countries have a right to receive development aid under the rules of a multilateral or bilateral agency, such as the World Trade Organization (WTO). 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. "Crossing Streets: Social Divides and Urbanization in Brazil. "Frequently Asked Questions: World Economic Outlook (WEO)," Select "How Does the WEO Categorize Advanced Versus Emerging Market and Developing Economies? 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. This can be attributed to the country's highly skilled labor force, which helps compensate for its smaller population. Best Countries is a rankings, news and analysis project created to capture how countries are perceived on a global scale. "Food Intake and Meal Patterns of Adolescents, So Paulo, Brazil. "The 2016 Edition of World Development Indicators Is Out: Three Features You Won't Want to Miss. On July 1, every year the World Bank classifies the countries based on GNI (Gross National Income) per capita in the US Dollars. Along with Sweden and Norway, it forms Scandinavia, a cultural region in Northern Europe. ", The Borgen Project. The countrys GDP was the largest GDP on our list, making the U.S. the world's largest economy. The country also has 17 properties recognized on the UNESCO World Heritage List, only one of which isn't a cultural site. World Economics revised GDP data removes serious errors in GDP measurement. The country's GDP was the largest GDP on our list, making the U.S. the world's largest economy. Given its location, Belgiums economic strong suit is exporting, notably vehicles and medicine. ", Millennium Alliance for Humanity and Biosphere. 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. Nearly 74% of Italy's workers are employed in the services sector, while just over 2% work in agriculture, which is a strong indicator that this nation is developed. The calculation of a nation's GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. $12,276 as high-income countries. GDP Per Capita: $57,768. These include white papers, government data, original reporting, and interviews with industry experts. In particular, Italy is known for producing high-quality luxury products, such as fashion accessories, expensive cars, and food products. Like many developed nations, Poland offers both free healthcare and higher education for its citizens. A Soviet satellite state until 1989, the country has nearly completed its transformation into a democratic and market-oriented economy. Here's how: IMF, Social protection and decent work for adults: key to ending child labour, is affecting economies, industries and global issues, with our crowdsourced digital platform to deliver impact at scale. As of 2020, Australia has a high average life expectancy of 83 years, much of which can be attributed to its excellent healthcare system. The country benefits from a diverse economy, including tourism, manufacturing, and pharmaceuticals. According to the World Bank the following 80 countries and territories are classified as "high-income economies". The first industrialized country was the United Kingdom, followed by Belgium. 46-47. Poverty is widespread (at 13% of the population; the majority of whom are children) and life satisfaction is low (with Russian citizens on average giving ita 2.1 out of 10). Although Sweden has the highest income tax rate in the world, the country is also known for having a high quality of life and a low unemployment rate of roughly 8.7% in 2021. 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. ", Economic History Association. 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). They have higher levels of debt. U.S. GDP is just a bit under 300 times the size of Luxembourg's. Key sectors in the U.S. include financial services, professional and business services, manufacturing and health care. .chakra .wef-facbof{display:inline;}@media screen and (min-width:56.5rem){.chakra .wef-facbof{display:block;}}You can unsubscribe at any time using the link in our emails. Prior to FY19, the income category of a country was not one of the factors which influenced lending decisions. ", Observatory of Economic Complexity. ", SOS Children's Village. As of 2020, the Netherlands had a life expectancy of 81 years since birth as well as an infant mortality rate of four deaths per 1,000 live births (as of 2021 data). 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). ", The World Bank. Additionally, according to a 2020 Amnesty International report, the government has been heavily criticized for numerous human rights abuses, with nearly all known Saudi Arabian human rights defenders within the country having been detained or imprisoned. Situated along the fringes of Western Europe, the Netherlands is a coastal lowland freckled with windmills characteristic of its development around the water. Top 25 Developed and Developing Countries, Countries With the Highest Government Spending to GDP Ratio, 10 Countries With the Highest Savings Rates. As the 9th-largest world economy on the basis of GDP, Canada has a diverse economic base. ", Observatory of Economic Complexity. The World Bank groups economies into one of four categories: low income, lower-middle income, upper-middle income, high income. The following 2021 disposable income per capita figures are the latest available from the Organisation for Economic Co-Operation and Development (OECD). [20][21][22] The World Bank identifies 81 "high income countries". Definition, How It Works, HDI Index, Gross Domestic Product (GDP): Formula and How to Use It. As a result, there are several nations that exhibit characteristics of more than one category. Investopedia contributors come from a range of backgrounds, and over 24 years there have been thousands of expert writers and editors who have contributed. A developed economy is one with sustained economic growth, security, high per capita income, and advanced technological infrastructure. The United States is a developed country. ", The Heritage Foundation. "Russia. ", The World Bank. Refined petroleum is its largest export category. David Malpass is the current and the 13th President of the World Bank Group. Australia's GDP made it the 13th largest economy in the world in 2021. "About Renewable Energy. The following countries ranked from 1 to 66 in the year 2021 are considered to be of "very high human development":[15], Some institutions have produced lists of developed countries: the UN (list shown above), the CIA,[17] and some providers of stock market indices (the FTSE Group, MSCI, S&P, Dow Jones, STOXX, etc.). "These Are the Top 10 Manufacturing Countries in the World.". "Military and Security Service Personnel Strengths.". List of countries by income equality This article needs to be updated. "How Does Excessive Debt Hurt an Economy?". 185. ", Government of Canada. GDP per capita, a tally of all the goods and services produced in a country in one year (as expressed in U.S. dollars) per person, is a useful metric for distinguishing developed countries from developing ones. Timothy Li is a consultant, accountant, and finance manager with an MBA from USC and over 15 years of corporate finance experience. Since returning to a democratic system in 1975, Spain has become the eurozone's fourth-largest economy, with a diverse assortment of industries including manufacturing, financial services, pharmaceuticals, textiles and apparel, footwear, chemicals, and tourism. "Countries & Regions. Disposable income differs from purchasing power parity (PPP), which is another measure of a countrys wealth. 25 Highest Income Earning Countries In The World Norway's rich natural resources and fiscal responsibility allows it to have an incredibly high level of Gross National Income per capita. Norway makes its way with a natural resource-driven economy focused on oil, fisheries, and metals. "United Kingdom. A weekly update of the most important issues driving the global agenda. "Poland - Healthcare. ", The World Bank. ", The Commonwealth Fund. Your mind is sharper than a supercomputer if you can find the mistake in the picture in 4 seconds! 4, Oct./Dec. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. "The Economic History of Australia from 1788: An Introduction. Russia is not currently classified as a developed country, though it once reigned alongside the United States as a world superpower. As a rule, countries classified as high income by World Bank correspond to those deemed developed countries by the United Nations. The present-day commercial banking industry had its beginning in Italy, and today the nation's largest financial services company, Intesa Sanpaolo is regularly ranked on the Fortune 500 list. The GNI per capita is the dollar value of a country's final income in a year, divided by its population. Of course, a nation as large as China, with a total population of 1.4 billion people as of 2021, would have a larger GDP than a much smaller country like Ireland, which has a total population of five million. "Births, Deaths and Infant Mortality. In its latest classification, the World Bank has classified India as a lower-middle-income country. "GDP (Current US$) - Latin America & Caribbean. PUMDET 2023 Exam Date Postponed to July 30; Check When will Admit Card Release? Even though the French government has partially or fully privatized many prominent companies, it still has a strong presence in its power, public transport, and defense sectors. Roussakis, Emmanuel N. "Global Banking: Origins and Evolution." "The fund's development.". We face big challenges to help the world's poorest people and ensure that everyone sees benefits from economic growth. When it comes to income , the World Bank divides the world's economies into four income groups: high, upper-middle, lower-middle, and low. Organisation for Economic Co-operation and Development. ", Water.org. "Japan - Market Overview.". It was established in the year 1956 and provides various forms of financing without sovereign guarantees, mainly to the private sector. Better educated workers can lead the way to higher incomes. 32, no. ", Confronting Poverty. As is typical of a non-developed country, the exportation of natural resources fuels much of Russia's economy. By. ", The World Bank. Guam (US) Monaco Northern Mariana Islands (US) Saint Martin (France) San Marino Taiwan U.S. Virgin Islands (US) Upper-middle-income group American Samoa (US) Venezuela It's home to major car brands such as Volkswagen, Daimler, and BMW. 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). 37, no. "Ireland Joins OECD International Tax Agreement. ", International Trade Administration. A unique aspect of Indonesia's quality of life is that the country lies within the Pacific Ring of Fire, which is responsible for 90% of earthquakes and has 75% of the world's active volcanoes. The Netherlands is one of the richest countries in the world, with an economy driven by high technology and services. Columbia, SIPA Center on Global Energy Policy. Norway's sovereign wealth fund was worth $1.26 billion in 2022 and is funded largely by the country's oil industry. ][Note 2]. Gross domestic product (GDP) amounts for 2022 also come from the OECD. The country has a strong GDP and offers its citizens widespread access to quality healthcare and higher education. 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). List of Countries Classified by Income level 2020-21 List of Low-Income Economies ($1,035 Or Less) Afghanistan Guinea-Bissau Sierra Leone Burkina Faso Haiti Somalia Burundi Korea, Dem.. Data with an astrix (*) represents an average for all countries. ", 2023 Index of Economic Freedom. "France. "Poverty. The French healthcare system combines universal access to care with a substantial amount of freedom for patients, with surveys showing that citizens are overall satisfied with their country's system. India hosts a diverse economy, ranging from traditional farming to contemporary agriculture, and handicrafts to a wide range of industrial products. ", Government of Canada. British and Polynesian influences course through picturesque New Zealand, an island nation in the Pacific Ocean southeast of Australia. "2023 Index of Economic Freedom. Driven by its highly skilled labor force, Germany is Europe's strongest economy, and it is the fourth-largest economy in the world. The United States tops the list for 2021. Today, 70 percent of Kiwis, a common term for the people of New Zealand after a native flightless bird, are of European descent. 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). Yet it ranked as the 17th largest world economy per GDP in 2021. Standard of living refers to the quantity and quality of material goods and services available to a given population. [1] Above 50% Between 45% and 50% Between 40% and 45% The world's Middle Income Countries (MICs), which are defined as having a per capita gross national income of $1,086 to $13,205 (2022) are a diverse group by size, population, and income level. The Kingdom of Sweden, flanked by Norway to the west and the Baltic Sea to the east, expands across much of the Scandinavian Peninsula and is one of the largest countries in the European Union by land mass. However, despite its wealth and high HDI score, the U.S. has also been heavily criticized for traits more commonly seen in developing nations, such as it being the only developed country without universal healthcare, having a poverty rate higher than any other industrialized nation, and its infrastructure being in severe need of repair and overhaul. The Kingdom of Norway is the westernmost country in the Scandinavian peninsula, made up mostly of mountainous terrain. Of this total, 15 countries are considered "developed," nine are considered "developing," and one is considered "in transition.". Source: Eurostat, Gini coefficient of equivalised disposable income - EU-SILC survey [10]. "Press Exports in May 2022: -0.5% on April 2022. The Kingdom of Belgium is a small, highly developed and urbanized country in Western Europe bordered by the Netherlands, Germany, Luxembourg, France and the North Sea. Over the years, the countrys shift toward privatization, i.e., less regulation, has improved its economy. As of 2021, the United States was the wealthiest country on Earth in terms of total GDP, which is 24% of the world's entire wealth. Click here to access the complete list of countries by region. ", Observatory of Economic Complexity. J Ambul Care Manage, vol. "1 USD to CAD - Convert US Dollars to Canadian Dollars. , For any feedback or complaint, email to: [email protected], This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. These are the top countries viewed as having income equality by global survey respondents. Industry makes up 39%, with the remainder being agriculture. This nation demonstrates relative strength across all the metrics and combines a robust economy with a high standard of living for the majority of its residents. "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 World Bank in Thailand. Nearly all of its population lives in the south, surrounding the capital, Oslo. They are contrasted with developing countries, which are in the process of industrialisation or are pre-industrial and almost entirely agrarian, some of which might fall into the category of Least Developed Countries. Italy's manufacturing industry is very well developed, and it is ranked seventh on Earth according to the World Economic Forum. GDP data includes estimates for the Informal Economy, and updated Base Years, to improve the often imperfect quality of High Income Countries data. ", OECD.Stat. [28] The following OECD member countries are DAC members: According to the International Monetary Fund, 41 countries and territories are officially listed as "advanced economies",[1][29] with the addition of 7 microstates and dependencies modified by the CIA which were omitted from the IMF version:[17].
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