World Bank and IMF added Russia to the list of rich countries

File Photo of Cash, Coins, Line Graph

(Business New Europe – bne.eu – July 5, 2013) World Bank and IMF upgraded Russia’s position in national income rating. World Bank has ranked the country 72nd in its gross national income (GNI) per capita rating. Now Russia classifies as a country with a high income level, as follows from the organization’s statement.

“The major change for 2013 classification (FY14) is Russian Federation moving to high income,” the bank said.

People from countries with a high income earn $12,616 or more a year, while people in countries with an upper-middle income earn $4,086 to $12, 615 a year, according to the World Bank.

Russia’s position in the income rating has been also reclassified as a high-income economy by the International Monetary Fund on the basis of a gross national income of $12,700 per capita.

For the past ten years, Russia was a country with an upper-middle income by both organizations.