Developed Countries
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Developed Countries

  Developed countries
  Developing countries
  Least developed countries
  Data unavailable

Classifications by the IMF[1] and the UN.[2]

A developed country, industrialized country (or post-industrial country), more developed country (MDC), or more economically developed country (MEDC), is a sovereign state that has a developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[3] Which criteria are to be used and which countries can be classified as being developed are subjects of debate.

Developed countries have generally more advanced post-industrial economies, meaning the service sector provides more wealth than the industrial sector. 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. As of 2015, advanced economies comprise 60.8% of global GDP based on nominal values and 42.9% of global GDP based on purchasing-power parity (PPP) according to the International Monetary Fund.[4]

Similar terms

Terms linked to the concept developed country include "advanced country", "industrialized country", "'more developed country" (MDC), "more economically developed country" (MEDC), "Global North country", "first world country", and "post-industrial country". The term industrialized country may be somewhat ambiguous, as industrialisation is an ongoing process that is hard to define. The first industrialized country was the United Kingdom, followed by Belgium. Later it spread further to Germany, United States, France and other Western European countries. According to some economists such as Jeffrey Sachs, however, the current divide between the developed and developing world is largely a phenomenon of the 20th century.[5]

Mathis Wackernagel calls the binary labeling of countries as "neither descriptive nor explanatory. It is merely a thoughtless and destructive endorsement of GDP fetish. In reality, there are not two types of countries, but over 200 different countries, all faced with the same laws of nature, yet each with unique features."[6]

Definition and criteria

Countries by 2018 GDP (nominal) per capita[7]

Economic criteria have tended to dominate discussions. One such criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialisation; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed. More recently another measure, the Human Development Index (HDI), which combines an economic measure, national income, with other measures, indices for life expectancy and education has become prominent. This criterion would define developed countries as those with a very high (HDI) rating. The index, however, does not take into account several factors, such as the net wealth per capita or the relative quality of goods in a country. This situation tends to lower the ranking for some of the most advanced countries, such as the G7 members and others.[8][9]

According to the United Nations Statistics Division:

There is no established convention for the designation of "developed" and "developing" countries or areas in the United Nations system.[10]

And it notes that:

The designations "developed" and "developing" are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process.[11]

Human Development Index (HDI)

Countries ranked in the "Very High" category of the Human Development Index (based on 2019 data, published in 2020).

The UN HDI is a statistical measure that gauges a country's level of human development. While there is a strong correlation between having a high HDI score and being a prosperous economy, the UN points out that the HDI accounts for more than income or productivity. 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."

Since 1990, Norway (2001-2006, 2009-2018), Japan (1990-1991 and 1993), Canada (1992 and 1994-2000) and Iceland (2007-2008) have had the highest HDI score.

Many countries listed by IMF as "advanced", possess an HDI over 0.800, the threshold for "very high" human development. Many countries[Note 1] possessing an HDI of 0.800 and over are conversely listed by IMF as "advanced". Thus, many "advanced economies" are characterized by an HDI score of 0.800 or higher.[12]

The 2019 Human Development Report by the United Nations Development Programme was released on 9 December 2019, and calculates HDI values based on estimates for 2018. Below is the list of the "very high human development" countries:[13]

  • Increase = increase.
  • Steady = steady.
  • Decrease = decrease.
  • The number in parentheses represents the number of ranks the country has climbed (up or down) relative to the ranking in the year of 2017.

As a non-UN member, the government of Taiwan calculates its own HDI, which had a value of 0.911 in 2018,[14][need quotation to verify] ranked 21 globally. Additionally, while the HDI for the Chinese special administrative region of Hong Kong is calculated by the UN, it is not for Macau. The Macanese government calculated the territory's HDI to be 0.868 in 2011. These values place both Taiwan and Macau well within the list of countries with "Very high human development".[15] Furthermore, in 2009 a United Nations project calculated the HDI for all of its members, as well as Taiwan, Macau, and many dependent territories. The HDI values for the countries of San Marino and Monaco, which have not been included in official annual HDI reports, were found to be at 0.961 and 0.956 respectively. This places both countries firmly within the category of countries with "Very high human development" as well. The dependent territories with HDI values equivalent to "Very high human development" were: Jersey, Cayman Islands, Bermuda, Guernsey, Gibraltar, Norfolk Island, Faroe Islands, Isle of Man, British Virgin Islands, Falkland Islands, Aruba, Puerto Rico, Martinique, Greenland, and Guam.[16] Of note, the HDI values in the 2009 report were calculated using the old HDI formula, while HDI values after the year 2010 are calculated with a different formula.

High-income economies

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.). The latter is not included here because its association of developed countries with countries with both high incomes and developed markets is not deemed as directly relevant.[why?][Note 2]

However, many other institutions have created more general lists referred to when discussing developed countries. For example, the International Monetary Fund (IMF) identifies 39 "advanced economies".[12][18] The OECD's 37 members are known as the "developed countries club".[19][20][21] The World Bank identifies 81 "high income countries".[22] 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.

World Bank high-income economies

World Bank high-income economies in 2019

According to the World Bank the following 82 countries (including territories) are classified as "high-income economies". As of the 2021 fiscal year, high-income economies are those that had a GNI per capita of $12,536 or more in 2019.[22]

37 countries and territories in Europe:

21 countries and territories in the Americas:

16 countries and territories in Asia:

7 countries and territories in Oceania:

2 countries in Africa:

7 former high-income economies:

*Between 1994 and 2009, as a part of the  Netherlands Antilles.

#Dissolved on 10 October 2010, succeeded by Curaçao and Sint Maarten.

High-income OECD members

According to the World Bank, the following 34 members are classified as "OECD High-Income":[23][24]

26 countries in Europe:

3 countries in the Americas:

3 countries in Asia:

2 countries in Oceania:

Development Assistance Committee members

Member nations of the Development Assistance Committee

There are 29 OECD member countries and the European Union--in the Development Assistance Committee (DAC),[25] a group of the world's major donor countries that discuss issues surrounding development aid and poverty reduction in developing countries.[26] The following OECD member countries are DAC members:

23 countries in Europe:

2 countries in the Americas:

2 countries in Asia:

2 countries in Oceania:

IMF advanced economies

  Countries described as Advanced Economies by the IMF

According to the International Monetary Fund, the following 39 (+8) economies are classified as "advanced economies":[12]

27 countries and 3 territories in Europe:

7 countries and territories in Asia:

2 countries and 2 territories in the Americas:

2 countries in Oceania:

d The CIA has modified an older version of the IMF's list of 38 Advanced Economies, noting that the IMF's Advanced Economies list "would presumably also cover the following nine smaller countries of Andorra, Bermuda, Faroe Islands, Guernsey, Holy See, Jersey, Liechtenstein, Monaco, and San Marino[...]". San Marino was later included in the IMF's list.[17]

Paris Club members

Permanent members of the Paris Club

There are 22 permanent members in the Paris Club (French: Club de Paris), a group of officials from major creditor countries whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.

15 countries in Europe:

3 countries in the Americas:

3 countries in Asia:

1 country in Oceania:

Comparative table (2020)

Comparative table of countries with a "very high" human development (0.800 or higher), according to UNDP; OECD members; "advanced" economies, according to the IMF; "high income" economies, according to the World Bank; and income per capita (purchasing power parity) higher than $22,000, according to the IMF.

Developed Countries
Countries HDI[13] OECD[27] IMF[28] WB[29] Per capita PPP[30]
2018
 Lithuania Yes since 2005 Yes since 2018 Yes since 2015 Yes since 2012 Yes since 2011
2016
 Latvia Yes since 2005 Yes since 2016 Yes since 2014 Yes since 2012 Yes since 2013
2011
 Estonia Yes since 2003 Yes since 2010 Yes since 2011 Yes since 2006 Yes since 2011
2010
 Israel Yes since 1991 Yes since 2010 Yes since 1997[31] Yes since 1987 Yes since 2004
 Slovenia Yes since 1998 Yes since 2010 Yes since 2007 Yes since 1997 Yes since 2004
2009
 Czech Republic Yes since 2001 Yes since 1995 Yes since 2009 Yes since 2006 Yes since 2005
 Slovakia Yes since 2006 Yes since 2000 Yes since 2009 Yes since 2007 Yes since 2007
2005
 Portugal Yes since 2005 Yes since 1961 Yes since 1989[32] Yes since 1994 Yes since 2004
 South Korea Yes since 1999 Yes since 1996 Yes since 1997[31] Yes since 2001 Yes since 2005
2002
 Greece Yes since 2001 Yes since 1961 Yes since 1989[32] Yes since 1996 Yes since 2002
2001
 New Zealand Yes before 1990 Yes since 1973 Yes since 1945 Yes since 1987 Yes since 2001
1999
 Spain Yes since 1995 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1999
1997
 Finland Yes since 1994 Yes since 1969 Yes since 1945 Yes since 1987 Yes since 1997
 Ireland Yes since 1996 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1997
1996
 Iceland Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1996
 United Kingdom Yes since 1992 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1996
1995
 Italy Yes since 1995 Yes since 1962 Yes since 1945 Yes since 1987 Yes since 1994
 Sweden Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1995
1994
 Australia Yes before 1990 Yes since 1971 Yes since 1945 Yes since 1987 Yes since 1994
 Belgium Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1994
 Canada Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1994
 France Yes since 1993 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1994
1993
 Japan Yes before 1990 Yes since 1964 Yes since 1945 Yes since 1987 Yes since 1993
1992
 Austria Yes since 1992 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1992
 Luxembourg Yes since 1992 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1985
1991
 Denmark Yes since 1991 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1991
 Germany Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1991
 Netherlands Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1991
1989
 United States Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1989
1987
 Norway Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1985
  Switzerland Yes before 1990 Yes since 1961 Yes since 1945 Yes since 1987 Yes since 1985
Countries to be considered developed (1 pending recognition)
Countries HDI[13] OECD[27] IMF[28] WB[29] Per capita PPP[30]
 Singapore[Note 4] Yes since 1999 No Yes since 1997[31] Yes since 1987 Yes since 1990
 Chile Yes since 2007 Yes since 2010 No Yes since 2012 Yes since 2013
 Poland Yes since 2003 Yes since 1996 No Yes since 2009 Yes since 2011
 Malta Yes since 2003 No Yes since 2008 Yes since 2002 Yes since 2003
 Cyprus Yes since 2001 No Yes since 2001 Yes since 1988 Yes since 1999
 Hungary Yes since 2005 Yes since 1996 No Yes since 2014 Yes since 2010
In process (2 pending recognitions)
Countries HDI[13] OECD[27] IMF[28] WB[29] per capita PPP[30]
 Panama Yes since 2019 No No Yes since 2017 Yes since 2014
 Mauritius Yes since 2019 No No Yes since 2019 Yes since 2018
 Romania Yes since 2013 No No Yes since 2019 Yes since 2016
 Uruguay Yes since 2014 No No Yes since 2012 Yes since 2019
 Croatia Yes since 2007 No No Yes since 2017 Yes since 2015
 Bahamas Yes since 2016 No No Yes since 1987 Yes since 1997
 Turkey Yes since 2018 Yes since 1961 No No Yes since 2014
 Kuwait Yes since 2014 No No Yes since 1987 Yes before 1980
 Bahrain Yes since 2012 No No Yes since 2001 Yes since 1983
 Oman Yes since 2012 No No Yes since 2007 Yes since 1991
 San Marino No data No Yes since 2012 Yes since 2000 Yes before 1980
 Saudi Arabia Yes since 2010 No No Yes since 2004 Yes before 1980
 United Arab Emirates Yes since 2004 No No Yes since 1987 Yes before 1980
 Brunei Yes since 1999 No No Yes since 1990 Yes before 1980
 Qatar Yes since 1996 No No Yes since 1987 Yes before 1980
Other recognitions
Countries HDI[13] OECD[27] IMF[28] WB[29] per capita PPP[30]
 Andorra Yes No No Yes No data
 Antigua and Barbuda No No No Yes Yes since 2014
 Argentina Yes since 2006 No No No Yes since 2017
 Barbados Yes since 2017 No No Yes No
 Belarus Yes No No No No
 Bulgaria Yes No No No Yes since 2018
 Colombia No Yes since 2020 No No No
 Costa Rica Yes since 2019 No No No No
 Georgia Yes since 2019 No No No No
 Kazakhstan Yes No No No Yes since 2012
 Liechtenstein Yes No No Yes No data
 Malaysia Yes No No No Yes since 2012
 Mexico No Yes since 1994 No No No
 Monaco No data No No Yes No data
 Montenegro Yes No No No No
 Palau Yes No No Yes No
 Russia Yes No No No Yes since 2010
 Saint Kitts and Nevis No No No Yes Yes since 2013
 Serbia Yes since 2019 No No No No
 Seychelles Yes since 2015 No No Yes since 2014 Yes since 2012
 Trinidad and Tobago No No No Yes Yes since 2005

Rankings

The list below features some outstanding countries selected from the comparative table above with average data of quality (best place in rankings) and quantity (considered in how many of the 32 rankings) with an evaluation greater than 60%.

Outstanding countries
Rank Country INDEX QUALITY QUANTITY Quality of living [33] Cost of living [34] HDI [35] per capita PPP [36] Democracy Peace [37] Prosperity [38] Corruption [39] Economic Freedom Heritage [40] Human Freedom Fraser [41] Politic/Social Freedom House [42] Competitiveness Doing Business [43] Gay friendly [44] Environmental Performance [45] Happiness [46] Social Progress [47] Global Talent [48] PISA science [1] PISA read PISA maths Mobile internet speed [49] Fixed internet speed Fragile state [50] Growth promise [51] E-gov [52] English skills [53] Cities in motion [54] Press freedom [55] Health [56] Rule of law [57] Labor rights [58]
2019 2020 2020 2018 2020 2020 2020 2020 2020 2020 2020 2019 2019 2020 2020 2020 2020 2020 2018 2018 2018 2020 2020 2020 2019 2020 2020 2020 2020 2018 2020 2020
AVG

(quality;

quantity)

>60%

1-

((AVG

ranks-1)/

(100-1))

#ranks/

32ranks

top 100 low top 100 > very high >22000 full < 1.8 2nd green on map > score 70 > mostly free > score 7.5 free > score 60 > score 60 > score 7 > score 60 > score 6.4 < tier 2 < 2nd quartile > score 400 > score 400 > score 400 > 30mb > 50mb > very stable > score 6 > very high > high > relative high < score 20 > score 60 > score 70 < rating 2
1  Denmark 95,4% 0,94 0,97 8 - 10 21 6 5 1 1 8 4 8 10 4 10 1 2 2 5 25 19 13 12 6 4 4 1 2 6 3 17 1 9
2  Sweden 94,1% 0,91 0,97 23 - 7 17 3 15 4 4 22 9 3 8 10 1 8 7 5 4 20 11 17 22 14 7 8 6 4 14 4 8 4 9
3  Netherlands 93,5% 0,90 0,97 11 - 8 14 11 21 6 8 14 14 4 4 42 5 11 6 10 6 16 27 9 6 26 12 2 10 1 8 5 3 5 9
4  New Zealand 93,1% 0,89 0,97 3 - 14 34 4 2 7 1 3 1 11 19 1 10 19 8 4 16 13 11 28 16 22 6 9 8 1 23 9 16 7 34
5  Canada 92,7% 0,85 1,00 3 99 16 24 8 6 14 12 9 6 7 14 23 1 20 11 7 13 9 6 12 9 17 8 10 28 1 30 16 14 9 34
6  Norway 92,3% 0,91 0,94 25 - 1 7 1 17 2 7 28 15 2 17 9 - 9 5 1 9 28 20 19 7 18 2 7 13 5 12 1 2 2 9
7   Switzerland 92,3% 0,91 0,94 2 - 2 10 10 10 3 4 5 2 12 5 36 15 3 3 6 1 24 28 11 11 4 3 1 16 18 11 8 7 - 34
8  Finland 92,0% 0,90 0,94 31 - 11 27 5 14 5 3 20 11 1 11 20 - 7 1 3 7 7 6 16 26 35 1 6 4 3 22 2 6 3 9
9  Germany 91,8% 0,87 0,97 3 - 6 19 13 16 8 9 27 9 19 7 22 10 10 17 11 11 16 21 20 31 28 13 11 25 8 7 11 18 6 9
10  Austria 90,4% 0,84 0,97 1 - 18 22 16 4 10 12 29 15 27 21 27 4 6 9 15 17 28 28 22 25 51 15 19 15 6 18 18 13 8 9
11  Australia 88,9% 0,87 0,91 11 - 8 20 9 13 16 12 4 5 9 16 14 - 13 12 8 10 16 17 30 5 60 10 15 5 1 17 26 5 11 -
12  Ireland 87,2% 0,84 0,91 33 - 2 5 6 12 12 18 6 7 10 24 24 - 16 16 12 15 23 8 20 67 41 11 12 27 1 33 13 11 - 9
13  United Kingdom 85,3% 0,83 0,88 41 - 13 29 14 42 13 12 7 17 22 9 8 5 4 13 20 12 15 15 17 42 47 29 13 - 1 1 - 23 13 -
14  Belgium 84,9% 0,79 0,91 28 - 14 25 - 17 23 17 - 25 14 22 46 15 15 20 16 18 20 23 15 21 39 18 16 41 9 41 12 15 14 34
15  Singapore 84,2% 0,90 0,78 25 - 11 4 - 7 15 4 1 28 - 1 2 - - - 29 3 2 2 2 14 1 17 3 11 10 9 - 22 12 34
16  Iceland 84,1% 0,87 0,81 - - 4 15 2 1 11 11 13 20 21 26 26 10 17 4 9 14 35 36 26 - - 5 14 12 - 5 15 1 - 9
17  Luxembourg 82,4% 0,83 0,81 18 - 23 3 12 - 9 9 19 11 5 18 72 - 2 10 14 8 34 38 34 15 19 9 5 33 11 - 17 4 - -
18  Estonia 81,9% 0,73 0,91 86 82 29 44 - 30 21 18 10 8 24 31 18 - 34 - 24 24 5 5 8 32 50 31 18 3 26 55 14 31 10 34
19  Japan 81,4% 0,82 0,81 49 - 19 31 - 9 19 20 30 11 13 6 29 - 12 - 13 19 6 15 6 51 23 21 17 14 - 4 - 12 15 34
20  Portugal 81,4% 0,72 0,91 37 80 38 46 22 3 27 - - 26 15 34 39 10 27 - 21 28 27 25 29 38 25 14 27 35 7 52 10 32 23 34
21  France 79,6% 0,78 0,81 39 - 26 28 20 - 22 - - 33 41 15 32 - 5 23 18 21 25 23 26 30 8 19 21 19 28 3 - 20 20 34
22  United States 78,6% 0,79 0,78 34 89 17 12 - - 18 - 17 17 52 2 6 - 24 18 28 2 19 13 38 27 11 30 20 - 1 2 - 29 21 -
23  Spain 76,9% 0,73 0,81 43 73 25 33 17 38 24 - - 29 34 23 30 5 14 28 19 32 30 - 35 40 13 - 31 17 - 25 - 19 19 34
24  Czech Republic 75,9% 0,71 0,81 69 70 27 40 - 8 29 - 23 24 38 32 41 - 20 19 25 25 22 26 22 - - 24 28 39 19 39 - 28 18 34
25  South Korea 73,4% 0,78 0,69 77 - 23 32 - - 28 - 25 26 61 13 5 - 28 - 17 27 8 9 7 1 12 20 23 - - 19 - 25 17 -
26  Lithuania 72,4% 0,67 0,78 81 71 34 43 - 36 34 - 16 21 40 39 11 - 29 - 32 35 31 33 35 28 27 25 30 20 24 - - 45 - 34
27  Uruguay 72,3% 0,60 0,84 78 72 55 65 15 35 39 21 - 38 6 54 - 5 - 26 38 51 53 49 59 60 62 22 42 26 - - 19 68 22 9
28  Slovenia 69,5% 0,70 0,69 74 88 22 38 - 11 26 - - 33 18 35 37 - 18 - 22 31 14 22 13 35 45 16 29 23 - - - 21 - -
29  Latvia 69,1% 0,63 0,75 90 - 37 50 - 34 32 - 32 22 45 41 19 - 40 - 35 33 29 30 24 61 31 - 34 49 29 - 22 43 - 34
30  Italy 68,0% 0,64 0,72 41 92 29 31 - 31 31 - - 31 49 30 58 - 20 - 23 36 39 33 32 48 49 - 39 37 - 42 - 9 - 9
31  Poland 67,6% 0,63 0,72 82 47 35 44 - 29 36 - - 45 59 37 40 - 41 - 31 44 12 10 10 54 33 - 35 24 16 54 - 39 - -
32  Malta 67,4% 0,66 0,69 - 100 28 28 - - 25 - - 23 42 38 88 1 23 22 30 23 43 45 39 39 30 23 24 22 - - - 27 - -
33  United Arab Emirates 65,1% 0,71 0,59 74 - 31 9 - 41 42 21 18 - - 25 16 - - 21 - 22 49 47 51 2 29 27 22 21 - - - - - -
34  Slovakia 65,0% 0,61 0,69 80 - 39 - - 25 35 - - 36 51 42 45 - 26 - 36 39 41 42 33 49 44 28 - 48 22 62 - 36 - 9
35  Israel 63,7% 0,68 0,59 - - 19 36 - - 30 - 26 - 76 20 35 - 33 14 33 20 42 38 42 - 32 - 25 30 - - - 35 - 34
36  Cyprus 63,5% 0,61 0,66 86 95 33 37 - - 33 - 37 33 20 44 54 - 35 - 26 30 47 51 45 20 - - 26 18 - - 27 26 - -
37  Chile 61,6% 0,58 0,66 93 67 43 62 21 45 37 - 15 30 44 33 59 - - - 34 34 45 44 60 - 21 - 32 34 - - - 49 - -
38  Hungary 61,1% 0,60 0,63 76 59 40 46 - 24 46 - - 49 - 47 52 - 37 - - 52 32 33 35 37 9 - 38 52 14 - - 40 - -

See also

Notes

  1. ^ Namely sovereign states, i.e., excluding Macau: In 2003, the government of Macau calculated its HDI as being 0.909 (the UN does not calculate Macau's HDI); In January 2007, the People's Daily Archived 7 December 2008 at the Wayback Machine reported (from China Modernization Report 2007): "In 2004... Macau... had reached the level of developed countries". The UNCTAD Archived 10 July 2007 at the Wayback Machine organisation (of the UN), as well as the CIA Archived 9 April 2008 at the Wayback Machine, classify Macau as a "developing" territory. The World Bank Archived 28 August 2019 at the Wayback Machine classifies Macau as a high income economy (along with developed economies as well as with few developing economies).
  2. ^ The Developed Countries Glossary Archived 20 December 2014 at the Wayback Machine entry reads: "The following countries are classified by FTSE as developed countries: Australia, Austria, Belgium/Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong (China), Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, United Kingdom and the United States."
  3. ^ Geographically a part of Asia, geopolitically a part of Europe.
  4. ^ Singapore is not a member of the OECD, and has reportedly turned down offers into joining it, meaning that such recognition will remain pending in the near future. However, the country is still considered by other insitutions such as the World Bank and the United Nations as developed, and membership to the OECD is not necessarily a criteria for developed status, as well as a country being a part of the OECD does not also mean that a country is developed (e.g. Colombia and Mexico). Singapore has a high-income economy, with the second-highest GDP per capita (PPP) in the world, as well as the highest Human Development Index rankings in the Asia-Pacific. In 2020, the country had also ranked first on the Human Capital Index.

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