In 2023, Russia was upgraded by the World Bank from an “upper-middle-income” to a “high-income” country with a per-capita gross national income (GNI) of $14,250. The international financial institution attributed Russia’s ascension to high-income status to growth in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%), which resulted in increases in both real (3.6%) and nominal (11.2%) GDP.
Bulgaria and Palau also joined the ranks of “high-income economies” with per-capita GNI of $14,460 and $14,250 respectively. In nominal terms, Russia ranks 72nd in per-capita GNI and 53rd in purchasing power parity. Despite facing a full-scale Russian invasion since 2022, Ukraine saw an improvement in its economic status, moving up from a “lower-middle-income” to an “upper-middle-income” status after economic growth resumed in 2023, according to the World Bank.
The classification of world economies into four groups based on per capita GNI measures in U.S dollars is done by the World Bank every year. For the 2024-
