The number of middle-income countries is 107 (60 UMICs and 47 LMICs) and has not changed much as countries have transitioned both in and out of this group. To help shed light how different groups of countries are doing, the World Bank categorizes countries based on various characteristics, such as geography, lending eligibility, fragility, and average level of income. 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". High income: OECD - 32 Countries; For the current 2016 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,045 or less in 2014; middle-income economies are those with a GNI per capita of more than $1,045 but less than $12,736; high-income economies are those with a GNI per capita of $12,736 or more. https://www.linkedin.com/in/nada-hamadeh-2645492/, In each country, factors such as economic growth, inflation, exchange rates, and population growth influence GNI per capita. Given its location, Belgium’s economic strong suit is exporting, notably vehicles and medicine., The Netherlands had $35,914 in disposable income per capita and a GDP of $991 billion in 2018. Its population was 17.2 million that year and much of its recent success has come about due to natural gas discoveries. The World Bank classifies the world's economies into four income groups — high, upper-middle, lower-middle, and low. Accessed Aug. 16, 2020. Much of Luxembourg’s economic success stems from banking, where the country has grown into a global financial center. Government policies are generally an easier way to boost income per capita, as governments can enact various policies. Instead, higher wages or reducing taxes are key to boosting disposable income. Succeeded by Curaçao and Sint Maarten. Ways to increase a country's income per capita can include lowering its population while keeping the income the same. "Population, total - Luxembourg." Published November 1, 2020 November 1, 2020. "Germany - Product Exports." Accessed Aug. 16, 2020. "Gross Output by Industry, Billions of Dollars, Seasonally Adjusted at Annual Rates." "Population, total - Norway." a Between 1994 and 2009, as a part of the Netherlands Antilles. Thanks you very much for valuable information. Land mit hohem Einkommen (Hochlohnland) bezeichnet diejenigen Länder, deren Bruttonationaleinkommen pro Kopf über 12.745 USD liegt. We also reference original research from other reputable publishers where appropriate. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange … In the 1990s, more than 6 in 10 people of the world's population lived in low-income countries, while today it is just about 1 in 10. Switzerland had $41,561 in disposable income per capita in 2018. Its GDP was $590.5 billion and population 8.5 million. The country has a stable market economy, favorable taxation laws, strong financial and tourism sectors, and a skilled workforce. The World Bank Group works in every major area of development. The country and lending groups page provides a complete list of economies classified by income, region, and lending status and links to previous years’ classifications. Some of these countries, such as the United States, have held this classification consistently since the 1980s. The small country of Luxembourg, with an estimated population of about 608,000 people in 2018, had $47,138 in disposable income per capita that year, putting it second in the world. The European country nestled between Germany, France and Belgium had $71 billion in GDP. For context, the U.S. dwarfs Luxembourg in GDP at about 300 times its size.