World Bank Upgrades Russia to ‘High-Income’ Country

The World Bank has upgraded Russia from an “upper-middle-income” to a “high-income” country with per-capita gross national income (GNI) totaling $14,250 in 2023.

“Economic activity in Russia was influenced by a large increase in military-related activity in 2023,” the international financial institution said Monday. 

Russia’s move up the ranks was also boosted by growth in trade (+6.8%), the financial sector (+8.7%), and construction (+6.6%), according to the U.S.-based institution. 

“These factors led to increases in both real (3.6%) and nominal (10.9%) GDP, and Russia’s Atlas GNI per capita grew by 11.2%,” it said.

World economies are divided into four groups based on per-capita GNI measures in U.S. dollars. The World Bank’s 2024-25 classification for “high-income” countries increased the threshold to $14,005 or more. 

Bulgaria and Palau joined Russia in becoming “high-income economies” with $14,460 and $14,250 per-capita GNI, respectively.

In nominal terms, Russia ranks 72nd in per-capita GNI and 53rd in purchasing power parity.

Ukraine, which has been fighting off a full-scale Russian invasion since 2022, moved up from a “lower-middle-income” to an “upper-middle-income” status after economic growth resumed in 2023, the World Bank said.