KUALA LUMPUR : Sarawak has achieved high income status according to the new World Bank country classifications by income level for 2022-2023, by having a gross national income (GNI) per capita of more than US$13,205.
According to World Bank Lead Economist Malaysia Apurva Sanghi on twitter, the latest high income data released by the World Bank on July 1, 2023 revealed that Sarawak has achieved high income state status.
The World Bank assigns the world's economies to four income groups—low, lower-middle, upper-middle, and high income. The classifications are updated each year on July 1 and are based on the GNI per capita, measured in USD, of the previous year, 2021.
Its latest income classifications have low income at under US$1,085, lower middle income at between US$1,089 and US$4,255, upper middle income at between US$4,256 and US$13,205, while high income is more than US$13,205.
According to a chart shared by Apurva in a tweet (picture), Sarawak joins the ranks of Penang and federal territories, Labuan and Kuala Lumpur.
Malaysia has been in the upper middle income level since the late 80s.
The classification tables include World Bank member countries, along with all other economies with populations greater than 30,000.