Take GDP per capita: as of a few years ago, Brazil has been richer than Mexico. Similarly, Mexico beats Brazil on the first measure, but falls behind on the second.Jul 21, 2011
Norway Human Development Index (HDI)
|2019 data (2020 report) rankings||Change in rank from previous year|
The main criterion used by the World Bank in classifying different countries is the per capita income or average income of a person in a country. Limitations of this criterion: It does not tell us about how this average income is distributed among the people in the individual countries.
India with a GDP of $2.7T ranked the 7th largest economy in the world, while Saudi Arabia ranked 18th with $786.5B. Gross Domestic Product & Income.
|GDP per capita||$2k||$23k|
|GDP per capita growth||5.71%||0.61%|
Countries with less than $1,035 GNI per capita are classified as low-income countries, those with between $1,036 and $4,085 as lower middle income countries, those with between $4,086 and $12,615 as upper middle income countries, and those with incomes of more than $12,615 as high-income countries.
Income groups Economies are currently divided into four income groupings: low, lower-middle, upper-middle, and high. Income is measured using gross national income (GNI) per capita, in U.S. dollars, converted from local currency using the World Bank Atlas method.
Low income - 31 Countries. Lower middle income - 51 Countries. Upper middle income - 53 Countries. High income: nonOECD - 48 Countries. Country Income Groups (World Bank Classification)
|São Tomé and Principe||Lower middle income|
|Saudi Arabia||High income: nonOECD|
|Senegal||Lower middle income|
|Serbia||Upper middle income|