High Income Economy

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. A high-income economy is defined by the World Bank as a country with a Gross National Income per capita of $12,196 USD or more in 2009. While the term "high income" is often used interchangeably with "First World" and "developed country", the technical definitions of these terms differ. The term "first world" commonly refers to those prosperous countries that aligned themselves with the U.S. and NATO during the cold war. 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". According to the United Nations, for example, some high income countries may also be developing countries. The GCC countries, for example, are classified as developing high income countries. Thus, a high income country may be classified as either developed or developing. The Holy See, which is often considered a sovereign state, is not classified by the World Bank under this definition.