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The classifications are updated each year on july 1 and are based on gni per capita in current usd using the atlas method exchange rates of the previous year i e.
Per capita income of middle class. Mics are one of the income. The classification of countries is determined by two factors. Population 52 but that is still less than it has been in nearly half a century. Middle class household income is between 46 013 and 137 406 annually using u s.
Census bureau data and the pew research center definition. And upper middle income economies those with a gni per capita between 4 046 and 12 535 middle income countries are home to 75 of the world s population and 62 of the world. These nations represent approximately one third of global gdp and over 70 of people in the world live in mics. The world s middle income countries mics are a diverse group by size population and income level.
There are a total of 105 mics. A country s gni per capita which can change with economic growth inflation exchange rates and population. The middle class constitutes a slim majority of the u s. We essentially divided per capita income not just into the poor and the non poor but in seven groups and the lowest two form the low income class the next three groups form the middle class.
There are approximately 5 billion people live within mics. As of july 2017 middle income countries mics are nations with a per capita gross national income gni between 1 005 and 12 235. Upper middle income countries have a gni per capita of 3 996 to 12 475. Lower middle income nations have a gni per capita of 1 026 to 3 995.
Reflecting rapid growth and low levels of initial income the middle class in the developing world is certainly rising dadush and shaw 2011. We base this assignment on gross national income gni per capita current us calculated using the atlas method. They are defined as lower middle income economies those with a gni per capita between 1 036 and 4 045. The narrowest classification defines middle class as individuals with an income close to or above the median income in advanced countries roughly 31 000 per capita or 85 a day at us prices.
2019 in this case.
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