Antigua and Barbuda has been officially classified as a high-income economy by the World Bank, placing the twin-island nation among a select group of countries recognized for having relatively high levels of national income.
The designation appears in the World Bank’s latest Country Income Classification, released on July 1, and is based on each country’s Gross National Income (GNI) per capita for 2024, calculated using the World Bank’s Atlas Method.
To qualify as a high-income economy for the current classification, a country must record a GNI per capita above US$14,375. Antigua and Barbuda comfortably exceeded that threshold, with its GNI per capita estimated at approximately US$21,380, according to World Bank data.
The achievement places Antigua and Barbuda among just 87 high-income economies worldwide, joining Caribbean neighbours including Barbados, St. Kitts and Nevis, Trinidad and Tobago, The Bahamas, and several overseas territories.
The World Bank updates its income classifications annually on July 1, dividing economies into four categories—low, lower-middle, upper-middle and high income.
The rankings are used primarily for analytical and statistical purposes and are based solely on GNI per capita, rather than broader measures of development or income distribution.
Gross National Income measures the total income earned by a country’s residents and businesses, including income received from abroad, and divides that figure by the population to determine average income per person.
The World Bank uses its Atlas Method to smooth exchange-rate fluctuations and improve comparisons between countries.
The latest classification reflects Antigua and Barbuda’s continued economic recovery and expansion following the COVID-19 pandemic, driven by a strong rebound in tourism, construction, investment and related economic activity.
While the high-income designation is widely viewed as an important international benchmark and recognition of economic progress, economists note that it does not necessarily mean all citizens enjoy a high standard of living or that income is evenly distributed.
The classification measures average national income and does not account for inequality, cost of living or poverty levels within a country.
Nevertheless, the World Bank’s recognition marks another significant milestone for Antigua and Barbuda, highlighting the country’s economic resilience and positioning it among the world’s highest-income economies according to the institution’s latest global assessment.
The higher our status is the less loans we qualify for at a low interest rate. So while this is good it’s still bad.