Developed market

Short description: Country that is most developed in terms of its economy and capital markets

For broader coverage of this topic, see Developed country.

Developed markets

Developed markets in only one major index

Advanced economies

Unclassified by MSCI, FTSE Russell, S&P or the IMF

A developed market refers to the financial markets of countries exhibiting advanced economic structures, including high per-capita income, sustained growth, industrialized sectors, and sophisticated infrastructure that supports efficient capital allocation.[1] These markets feature mature equity and debt exchanges with high market liquidity, transparency, and investor protections enforced through stringent regulations, distinguishing them from emerging markets where such attributes are less established.[2] Classification as developed typically hinges on empirical criteria like gross national income thresholds, market size, trading volume, and accessibility for foreign investors, as assessed annually by index providers such as MSCI.[2]

Prominent examples include the United States, Japan, the United Kingdom, Germany, and Canada, which collectively dominate global indices like the MSCI World Index, representing over 80% of its weight due to their large-cap dominance and economic scale.[3] These markets have historically delivered stable returns through diversified sectors such as technology, finance, and consumer goods, underpinned by rule-of-law institutions that minimize expropriation risks and facilitate long-term investment. However, challenges persist, including demographic aging in many such economies leading to slower growth potential, elevated public debt burdens, and vulnerability to monetary policy distortions that can inflate asset bubbles without corresponding productivity gains.[4]

In investment contexts, developed markets serve as benchmarks for portfolio diversification, offering lower volatility compared to emerging counterparts but often lower prospective returns amid saturation and innovation bottlenecks.[5] Their evolution reflects causal pathways from post-World War II industrialization and trade liberalization, fostering capital accumulation that enabled technological leadership, though recent stagnation in total factor productivity highlights limits to further convergence without structural reforms.[6]

## Contents

* 1 Definition and Characteristics
* 1.1 Core Criteria for Classification
* 1.2 Economic and Financial Indicators
* 1.3 Institutional and Regulatory Features
* 2 Major Classification Frameworks
* 2.1 MSCI Market Classification
* 2.2 FTSE Russell Equity Country Classification
* 2.3 S&P Dow Jones Indices Classification
* 2.4 IMF and Multilateral Classifications
* 3 Table
* 4 See also
* 5 References

## Definition and Characteristics

### Core Criteria for Classification

Classification as a developed market hinges on demonstrable economic maturity, robust financial market infrastructure, and institutional stability, as assessed by major index providers such as MSCI, FTSE Russell, and S&P Dow Jones Indices.[7][8] A foundational economic criterion is high gross national income (GNI) per capita, typically exceeding the World Bank's high-income threshold of $13,935.[9] This threshold reflects sustained productivity and living standards, with developed markets required to maintain levels well above emerging economy benchmarks to ensure long-term viability rather than transient booms.[10]

Financial market depth and market liquidity form another core pillar, evaluated through metrics like total stock market capitalization as a percentage of gross domestic product (GDP), trading volume relative to market size, and the breadth of listed securities accessible to institutional investors.[2] MSCI, for instance, incorporates size and liquidity requirements to confirm that a market supports efficient global portfolio allocation, excluding those with insufficient free-float-adjusted capitalization or turnover that could distort index tracking.[11] FTSE Russell similarly weighs market infrastructure, including settlement efficiency and dealing costs, alongside quantitative tests for liquidity to differentiate developed from advanced emerging markets.[12] S&P Dow Jones emphasizes macroeconomic stability, such as low inflation and fiscal prudence, integrated with liquidity conditions to ensure markets can absorb large foreign inflows without volatility spikes.

Institutional and accessibility factors underscore the causal link between governance quality and market reliability, prioritizing rule of law, regulatory transparency, and foreign investor protections.[13] MSCI's framework assesses market accessibility via qualitative reviews of barriers like capital controls, taxation, and information disclosure, informed by investor surveys to capture real-world frictions.[2] FTSE Russell incorporates creditworthiness often requiring investment-grade sovereign ratings from agencies like Moody's Ratings or S&P Global Ratings and regulatory environments conducive to timely trade execution and custody.[14] Political stability and policy predictability are qualitative overlays across frameworks, as evidenced by S&P's reliance on global investor feedback to validate conditions like enforceable contracts and minimal expropriation risk, which empirically correlate with lower equity risk premia in developed markets. These criteria are reviewed annually, with reclassifications rare and requiring multi-year evidence of sustainability to avoid rewarding superficial reforms over structural depth.[15]

### Economic and Financial Indicators

Developed markets exhibit advanced economic development, primarily measured by high gross national income (GNI) or gross domestic product (GDP) per capita. Classification frameworks such as MSCI's require GNI per capita to sustain at least 25% above the World Bank's high-income threshold $14,005 in 2023 for three consecutive years as a baseline for developed status evaluation, though established developed markets far exceed this, with averages well into five figures. The International Monetary Fund's (IMF) advanced economies, aligning closely with developed market designations, recorded an average GDP per capita of $61,970 in 2025 projections.[2] These levels reflect sustained productivity, technological adoption, and diversified economies, contrasting with emerging markets where per capita income often lags below $10,000.

Financial indicators underscore the depth and efficiency of capital markets in developed economies. Equity markets typically feature large total market capitalization, often surpassing 100% of GDP, alongside a broad base of listed companies frequently hundreds or thousands per exchange to ensure diversification and scale. FTSE Russell and MSCI both prioritize size metrics, such as minimum investable market capitalization thresholds (e.g., exceeding $1 billion for constituent securities in MSCI reviews), to confirm sufficient breadth for institutional investment.[16][17]

Liquidity remains a hallmark, evaluated through metrics like the annualized traded value ratio (ATVR), where developed markets must achieve at least 20% under MSCI criteria to demonstrate ease of entry and exit without significant price disruption. This encompasses tightness (narrow bid-ask spreads), depth (capacity to absorb large orders), breadth (diverse participant base), immediacy (rapid execution), and resiliency (quick price recovery post-trade). Such characteristics enable high turnover ratios, often above 50% annually, supported by electronic trading platforms, robust clearing systems, and minimal foreign ownership restrictions typically under 10% limits in practice. Debt markets parallel this maturity, with developed sovereign yields reflecting low default risk and active secondary market trading.[2][18]

### Institutional and Regulatory Features

Developed markets are characterized by mature institutional frameworks that emphasize the rule of law, secure property rights, and effective governance mechanisms, which underpin economic predictability and investor protection. These institutions typically include independent judiciaries capable of enforcing contracts and resolving disputes impartially, reducing risks of expropriation or arbitrary interference. According to the World Bank's Worldwide Governance Indicators, developed market economies consistently rank in the upper percentiles for rule of law often exceeding the 90th percentile reflecting high confidence in societal rules, including those governing property and commercial transactions.[19] Such frameworks contrast with those in emerging markets, where weaker enforcement correlates with higher volatility and lower investment inflows.

Regulatory environments in developed markets prioritize transparency, stability, and adherence to international standards, with independent bodies overseeing financial sectors to mitigate systemic risks. Central banks, such as the U.S. Federal Reserve and the European Central Bank (ECB), operate with statutory independence and explicit mandates for price stability, often targeting inflation around 2%, which supports long-term monetary credibility. Financial regulations align with global benchmarks like the Basel III accords for banking capital adequacy implemented fully in jurisdictions like the European Union (EU) and Japan by 2019 and IOSCO's 38 principles for securities regulation, ensuring fair markets, investor safeguards, and efficient infrastructure.[20] These measures, assessed through frameworks like MSCI's market accessibility criteria, confirm developed markets' minimal qualitative barriers, including robust corporate governance and timely financial disclosures.[2]

Corruption levels remain low, bolstering institutional integrity; Transparency International's 2023 Corruption Perceptions Index shows developed markets averaging scores above 80 out of 100, with leaders like Denmark at 90, compared to global averages below 50.[21] This is reinforced by comprehensive anti-corruption laws and oversight, such as the U.S. Foreign Corrupt Practices Act (1977) and equivalent EU directives, which promote ethical business practices and deter bribery. Overall, these features enable efficient capital allocation, with developed markets exhibiting lower default rates and higher credit ratings from agencies like Moody's and S&P, reflecting credible enforcement.[22]

## Major Classification Frameworks

### MSCI Market Classification

World map showing the MSCI 2025 country classification for Developed Markets and Emerging Markets.[23]

The MSCI Market Classification Framework categorizes global equity markets into developed, emerging, frontier, or standalone based on three pillars: economic development, size and market liquidity, and market accessibility.[24] Developed markets must satisfy stringent thresholds across all pillars to ensure high investability for international investors, reflecting mature economic structures, deep capital markets, and minimal barriers to foreign participation.[25] This classification underpins MSCI's flagship indices, such as the MSCI World Index, which tracks large- and mid-cap securities from these markets.[26]

Economic development for developed status requires a country's gross national income (GNI) per capita to exceed the World Bank high-income threshold by at least 25% for three consecutive years, using World Bank Atlas methodology data.[27] Size and liquidity criteria demand a minimum of five eligible companies with full market capitalization of at least the equivalent of USD 2.5 billion (adjusted periodically), float-adjusted market cap of USD 1.25 billion, and annual traded value ratio (ATVR) of 20% or higher, ensuring sufficient market depth.[28] Market accessibility evaluates four sub-factors foreign ownership limits, capital inflow/outflow ease, operational market efficiency, and institutional framework stability each rated "very high" for developed markets, based on quantitative metrics like settlement cycles (T+2 or shorter) and qualitative assessments of regulatory transparency.[29][30]

MSCI conducts an annual Market Classification Review in June, incorporating a prior Market Accessibility Review, with results announced to align index composition while minimizing market disruptions; off-cycle reviews occur for material events.[31] As of the 2025 review announced on June 24, 2025, no reclassifications affected developed markets, maintaining the existing 23 countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.[32][33] These markets collectively represent approximately 85% of each country's free-float adjusted market capitalization in the MSCI World Index.[34] Reclassifications to developed status are rare, requiring sustained fulfillment of all criteria without lapses in accessibility or liquidity.[35][36]

### FTSE Russell Equity Country Classification

World map showing the FTSE Russell 2025 country classification for Developed Markets and Emerging Markets.[37]

The FTSE Russell Equity Country Classification framework categorizes global equity markets into four tiers Developed, Advanced Emerging, Secondary Emerging, and Frontier using a transparent, evidence-based process that evaluates market accessibility, infrastructure, and economic maturity to guide index inclusion and investor allocation. Developed markets occupy the top tier, signifying economies with fully operational financial systems, unrestricted foreign investor participation, and high standards of liquidity and transparency that minimize risks associated with trading and custody.[38]

Central to the classification is the FTSE Quality of Markets matrix, which applies 22 specific criteria across four pillars: market infrastructure (including real-time pricing dissemination and trading hours overlapping with major centers), regulatory and tax environment (encompassing audited financial statements under international standards and equitable taxation for foreign investors), dealing landscape (covering transaction costs below 50 basis points and omnibus account availability), and custody and settlement (requiring delivery-versus-payment settlement within standard cycles without pre-funding). For Developed status, markets must achieve a "pass" on all criteria with no outright failures though isolated "restricted" ratings may be permissible if non-systemic and demonstrate sustained compliance over multiple review periods. Complementary quantitative thresholds include a minimum investable market capitalization exceeding 5 basis points of the FTSE Developed All Cap Index aggregate and at least five eligible securities, verified using end-June data. Economic qualifiers mandate high World Bank gross national income per capita (above the high-income threshold of approximately $13,845 as of 2023 data) and investment-grade sovereign credit ratings from major agencies.[39][40]

The review process occurs annually in September, with classifications announced in October following analysis by the independent FTSE Equity Country Classification Advisory Committee, which convenes quarterly to assess evidence from market questionnaires, broker surveys, and custodian reports. Potential reclassifications trigger placement on a Watch List, requiring a 12-month seasoning period of monitoring to confirm improvements, such as resolved settlement failures or enhanced foreign exchange convertibility. Interim reviews in March address urgent developments, like regulatory shifts. In the September 2025 review, Greece advanced to Developed status effective September 21, 2026, having met all Quality of Markets criteria, size benchmarks, high GNI per capita, and investment-grade ratings after years of post-crisis reforms improving liquidity and oversight. This upgrade reflects FTSE Russell's emphasis on empirical progress over legacy labels, contrasting with more conservative frameworks.[41][42]

As of October 7, 2025, 26 markets hold Developed classification, encompassing traditional Western economies alongside Asia-Pacific and other advanced jurisdictions like Hong Kong, Israel, Singapore, South Korea, and Taiwan, which satisfy FTSE's rigorous accessibility tests despite geopolitical or structural variances that may delay recognition elsewhere. These inclusions stem from verifiable data on low barriers to entry, efficient clearing systems, and substantial free-float capitalizations, enabling seamless integration into benchmarks like the FTSE Developed All Cap Index. Downgrades are rare but possible if criteria falter, as monitored via ongoing data feeds and committee oversight.[43][44]

### S&P Dow Jones Indices Classification

World map showing the S&P Dow Jones 2025 Market Classification for Developed Markets and Emerging Markets.[45]

S&P Dow Jones Indices classifies countries into developed, emerging, standalone, or frontier categories based on a multi-faceted methodology that combines quantitative thresholds, qualitative evaluations, and input from global investors to assess market maturity and investability.[46] This framework prioritizes empirical indicators of economic advancement, financial market depth, and institutional reliability, with classifications reviewed periodically to account for structural changes.[47]

Quantitative criteria form the foundational screening, requiring countries to meet minimum standards across economic development, market size, liquidity, and breadth. For developed market status, a key economic benchmark is nominal gross national income (GNI) per capita of at least US$12,695, calculated via the World Bank Atlas method, ensuring alignment with high-income economies.[48] Market size is evaluated through total float-adjusted market capitalization exceeding US$1 billion and a sufficient number of securities meeting liquidity tests, such as a value traded ratio above specified levels over trailing periods.[49] Liquidity is gauged by annual turnover ratios, typically demanding values indicative of active trading, while breadth assesses the diversity of listed constituents.[50]

Qualitative factors supplement these metrics, examining macroeconomic stability, political risk, regulatory frameworks for investor protection, and market accessibility features like foreign ownership limits, settlement efficiency, and transparent pricing mechanisms.[51] Countries must demonstrate low barriers to entry for international capital, robust legal systems enforcing contracts, and minimal custodial or operational risks to qualify as developed.[52] Investor consultations, such as those conducted in 2018, incorporate feedback from asset managers and allocators to validate or adjust classifications, reflecting real-world usability over purely statistical benchmarks.[53]

This approach underpins indices like the S&P Developed BMI, which aggregates equities from classified developed markets, excluding those failing accessibility or liquidity hurdles.[54] As of 2025, the methodology maintains high barriers for developed status, with only established economies such as the United States, Japan, and Eurozone members meeting the full suite of requirements, underscoring a conservative stance against premature upgrades that could misalign with investor risk perceptions.[55]

### IMF and Multilateral Classifications

World map of advanced economies based on the IMF World Economic Outlook for October 2025.[56]

The International Monetary Fund (IMF) divides economies into advanced economies and emerging market and developing economies in its World Economic Outlook (WEO), with the advanced category providing a core multilateral reference for developed markets due to its emphasis on structural sophistication beyond mere income levels. The primary criteria include high per capita income, a diversified export structure with a low and stable share of primary commodities, and deep integration into the global financial system, though the process involves qualitative judgment and evolves historically rather than adhering to a fixed formula.[57][58]

As of the April 2025 WEO unchanged in the subsequent October edition the IMF lists 41 advanced economies, encompassing major jurisdictions such as the United States, Japan, Germany, the United Kingdom, France, Italy, Canada, Australia, and South Korea, alongside smaller or non-sovereign entities including Andorra, Hong Kong, Macau, Puerto Rico, San Marino, and Taiwan.[59][60] The full roster also features Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Iceland, Ireland, Israel, Latvia, Lithuania, Luxembourg, Malta, Netherlands, New Zealand, Norway, Portugal, Singapore, Slovakia, Slovenia, Spain, and Sweden. Reclassifications are rare and consensus-driven; for instance, Croatia joined in October 2023 following eurozone accession and sustained institutional reforms, while Baltic states (Estonia, Latvia, Lithuania) and Slovakia were added between 2004 and 2010 amid EU integration.[61]

The World Bank classifies economies annually by gross national income (GNI) per capita, assigning high-income status to those exceeding $14,005 for fiscal year 2026 (covering July 2025–June 2026), calculated as the Atlas method average over the prior three years and updated each July 1. This yields roughly 80 high-income economies, a superset of IMF advanced economies that includes commodity-reliant states like Saudi Arabia and the United Arab Emirates deemed emerging by the IMF due to narrower export diversification and financial market depth thus rendering World Bank thresholds less precise for market development assessments.[62][63] Recent shifts include Costa Rica's elevation to high-income in July 2025, driven by GNI growth from tourism and manufacturing diversification.[64]

The Organisation for Economic Co-operation and Development (OECD), with 38 members as of 2025, implicitly designates developed economies through membership criteria emphasizing high-income status, market-oriented policies, and institutional maturity, though it excludes formal development labeling. Members include all major IMF advanced economies except non-members like Hong Kong, Singapore, and Taiwan, while incorporating Mexico and Turkey often classified as emerging markets owing to higher volatility and shallower capital markets.[65] The OECD's focus on peer review for policy convergence reinforces its alignment with developed market traits, but its inclusion of transitional economies highlights variations across multilaterals.[66]

United Nations classifications, via bodies like UN Trade and Development (UNCTAD), define developed economies geographically as Northern America, Europe (including Israel), Japan, Australia, and New Zealand, prioritizing historical industrialization and human development metrics over financial criteria, which results in overlap with IMF lists but omission of advanced microstates and Asian financial hubs.[67] These frameworks collectively underscore developed markets hallmarks sustained high productivity, rule of law, and liquid capital markets yet diverge in scope, with IMF assessments most influential for investment indexing due to their balanced structural evaluation.[68]

## Table

Country / Region  | MSCI

Developed Markets

| FTSE Russell

Developed Markets

| S&P Dow Jones Indices

Developed Markets

| IMF

Advanced Economy

|
|
|
|

Andorra | No | No | No | Yes
Australia | Yes | Yes | Yes | Yes
Austria | Yes | Yes | Yes | Yes
Belgium | Yes | Yes | Yes | Yes
Canada | Yes | Yes | Yes | Yes
Croatia | No | No | No | Yes
Cyprus | No | No | No | Yes
Czech Republic | No | No | No | Yes
Denmark | Yes | Yes | Yes | Yes
Estonia | No | No | No | Yes
Finland | Yes | Yes | Yes | Yes
France | Yes | Yes | Yes | Yes
Germany | Yes | Yes | Yes | Yes
Greece | No | No | Yes | Yes
Hong Kong | Yes | Yes | Yes | Yes
Iceland | No | No | No | Yes
Ireland | Yes | Yes | Yes | Yes
Israel | Yes | Yes | Yes | Yes
Italy | Yes | Yes | Yes | Yes
Japan | Yes | Yes | Yes | Yes
South Korea | No | Yes | Yes | Yes
Latvia | No | No | No | Yes
Lithuania | No | No | No | Yes
Luxembourg | No | Yes | Yes | Yes
Macau | No | No | No | Yes
Malta | No | No | No | Yes
Netherlands | Yes | Yes | Yes | Yes
New Zealand | Yes | Yes | Yes | Yes
Norway | Yes | Yes | Yes | Yes
Poland | No | Yes | No | No
Portugal | Yes | Yes | Yes | Yes
Puerto Rico | No | No | No | Yes
San Marino | No | No | No | Yes
Singapore | Yes | Yes | Yes | Yes
Slovakia | No | No | No | Yes
Slovenia | No | No | No | Yes
Spain | Yes | Yes | Yes | Yes
Sweden | Yes | Yes | Yes | Yes
Switzerland | Yes | Yes | Yes | Yes
Taiwan | No | No | No | Yes
United Kingdom | Yes | Yes | Yes | Yes
United States | Yes | Yes | Yes | Yes

## See also

* Developed country
* Emerging market
* First World
* Frontier markets
* Global North and Global South

## References

1. ↑ "Developed Economy: Definition, How It Works, HDI Indicator". Christina Majaski. https://www.investopedia.com/terms/d/developed-economy.asp.
2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 "MSCI 2025 Global Market Accessibility Review Country Comparison Report". https://www.msci.com/downloads/web/msci-com/indexes/index-resources/market-classification/MSCI_2025_GLOBAL_MARKET_ACCESSIBILITY_COUNTRY_COMPARISON_REPORT.pdf. Retrieved 1 February 2026.
3. ↑ "Developed Markets Indexes | MSCI Indexes" (in English). https://www.msci.com/indexes/group/developed-markets-indexes.
4. ↑ "Investment fundamentals: Developed markets". https://www.seic.com/about-sei/thought-leadership/investment-fundamentals-developed-markets.
5. ↑ "Developed Markets" (in en). https://www.morningstar.com/investing-terms/developed-markets.
6. ↑ "What’s the Difference Between Emerging and Developed Markets?" (in en-us). https://www.acorns.com/learn/investing/developed-markets-vs-emerging-markets/.
7. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
8. ↑ "Equity Country Classification". https://www.lseg.com/en/ftse-russell/equity-country-classification.
9. ↑ "World Bank country classifications by income level for 2024-2025" (in en). https://blogs.worldbank.org/en/opendata/world-bank-country-classifications-by-income-level-for-2024-2025.
10. ↑ "World Bank Country and Lending Groups – World Bank Data Help Desk". https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups.
11. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
12. ↑ "What’s In Your International Equity ETF?". https://www.etf.com/sections/news/whats-your-international-equity-etf.
13. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
14. ↑ "What’s In Your International Equity ETF?". https://www.etf.com/sections/news/whats-your-international-equity-etf.
15. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
16. ↑ "Equity Country Classification". https://www.lseg.com/en/ftse-russell/equity-country-classification.
17. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
18. ↑ "Measuring Liquidity in Finanical Markets". https://www.imf.org/external/pubs/ft/wp/2002/wp02232.pdf.
19. ↑ "Worldwide Governance Indicators | DataBank". https://databank.worldbank.org/source/worldwide-governance-indicators.
20. ↑ "Objectives and Principles of Securities Regulation". https://www.iosco.org/library/pubdocs/pdf/IOSCOPD154.pdf.
21. ↑ "2023 Corruption Perceptions Index: Explore the results" (in en). 30 January 2024. https://www.transparency.org/en/cpi/2023.
22. ↑ "2023 Corruption Perceptions Index: Explore the results" (in en). 30 January 2024. https://www.transparency.org/en/cpi/2023.
23. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
24. ↑ "MSCI Market Classification Framework". https://www.msci.com/downloads/web/msci-com/indexes/index-resources/market-classification/MSCI_MARKET_CLASSIFICATION_FRAMEWORK_2025.pdf.
25. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
26. ↑ "MSCI World Index" (in en). https://www.msci.com/indexes/index/990100.
27. ↑ "MSCI Market Classification Framework". https://www.msci.com/downloads/web/msci-com/indexes/index-resources/market-classification/MSCI_MARKET_CLASSIFICATION_FRAMEWORK_2025.pdf.
28. ↑ "MSCI Market Classification Framework". https://www.msci.com/downloads/web/msci-com/indexes/index-resources/market-classification/MSCI_MARKET_CLASSIFICATION_FRAMEWORK_2025.pdf.
29. ↑ "MSCI Market Classification Framework". https://www.msci.com/downloads/web/msci-com/indexes/index-resources/market-classification/MSCI_MARKET_CLASSIFICATION_FRAMEWORK_2025.pdf.
30. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
31. ↑ "Market Classification" (in English). https://www.msci.com/indexes/index-resources/market-classification.
32. ↑ "MSCI GLOBAL MARKET ACCESSIBILITY REVIEW". https://www.msci.com/downloads/web/msci-com/indexes/index-resources/market-classification/MSCI_2025_GLOBAL_MARKET_ACCESSIBILITY_REVIEW_REPORT.pdf.
33. ↑ "MSCI World Index" (in en). https://www.msci.com/indexes/index/990100.
34. ↑ "MSCI World Index" (in en). https://www.msci.com/indexes/index/990100.
35. ↑ "MSCI Announces Results of the MSCI 2025 Market Classification Review" (in en). https://www.businesswire.com/news/home/20250624533715/en/MSCI-Announces-Results-of-the-MSCI-2025-Market-Classification-Review.
36. ↑ "MSCI World Index" (in en). https://www.msci.com/indexes/index/990100.
37. ↑ "FTSE Classification of Equity Markets – FTSE Equity Country Classification September 2025 Announcement". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-country-classification-update-latest.pdf.
38. ↑ "FTSE Equity Country Classification Process". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-equity-country-classification-paper.pdf.
39. ↑ "FTSE Equity Country Classification Process". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-equity-country-classification-paper.pdf.
40. ↑ "FTSE Classification of Equity Markets". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-country-classification-update-2025.pdf.
41. ↑ "FTSE Equity Country Classification Process". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-equity-country-classification-paper.pdf.
42. ↑ "FTSE Classification of Equity Markets". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-country-classification-update-2025.pdf.
43. ↑ "Markets classified under the FTSE Equity Country Classification Scheme". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/matrix-of-markets.pdf.
44. ↑ "FTSE Classification of Equity Markets". https://www.lseg.com/content/dam/ftse-russell/en_us/documents/country-classification/ftse-country-classification-update-2025.pdf.
45. ↑ "Market Classification". https://www.spglobal.com/spdji/en/landing/topic/market-classification/.
46. ↑ "Market Classification | S&P Dow Jones Indices" (in en). https://www.spglobal.com/spdji/en/landing/topic/market-classification/.
47. ↑ "Country Classification Methodology". https://www.spglobal.com/spdji/en/documents/index-policies/methodology-country-classification.pdf.
48. ↑ "Country Classification Methodology". https://www.spglobal.com/spdji/en/documents/index-policies/methodology-country-classification.pdf.
49. ↑ "Country Classification Methodology". https://www.spglobal.com/spdji/en/documents/index-policies/methodology-country-classification.pdf.
50. ↑ "Market Classification | S&P Dow Jones Indices" (in en). https://www.spglobal.com/spdji/en/landing/topic/market-classification/.
51. ↑ "Market Classification | S&P Dow Jones Indices" (in en). https://www.spglobal.com/spdji/en/landing/topic/market-classification/.
52. ↑ "Country Classification Methodology". https://www.spglobal.com/spdji/en/documents/index-policies/methodology-country-classification.pdf.
53. ↑ "S&P Dow Jones Indices’ 2018 Country Classification Consultation". https://www.spice-indices.com/idpfiles/spice-assets/resources/public/documents/725551_spdji2018countryclassificationconsultation6.13.18.pdf.
54. ↑ "S&P Global BMI, S&P/IFCI Methodology". https://www.spice-indices.com/idpfiles/spice-assets/resources/public/documents/methodology-sp-global-bmi-sp-ifci-indices.pdf.
55. ↑ "Navigating Developed Markets: The S&P World Index Explained". https://seekingalpha.com/article/4773706-navigating-developed-markets-sp-world-index-explained.
56. ↑ "Groups and Aggregates". https://data.imf.org/en/Datasets/WEO/Groups-and-Aggregates-October-2025.
57. ↑ "World Economic Outlook (WEO) - Frequently Asked Questions" (in en). https://www.imf.org/en/publications/weo/frequently-asked-questions.
58. ↑ "World Economic Outlook Database - Groups and Aggregates Information" (in en). https://www.imf.org/en/publications/weo/weo-database/2025/april/groups-and-aggregates.
59. ↑ "World Economic Outlook Database - Groups and Aggregates Information" (in en). https://www.imf.org/en/publications/weo/weo-database/2025/april/groups-and-aggregates.
60. ↑ "World Economic Outlook, October 2025: Global Economy in Flux, Prospects Remain Dim" (in en). https://www.imf.org/en/publications/weo/issues/2025/10/14/world-economic-outlook-october-2025.
61. ↑ "World Economic Outlook Database - Groups and Aggregates Information" (in en). https://www.imf.org/en/publications/weo/weo-database/2025/april/groups-and-aggregates.
62. ↑ "World Bank country classifications by income level for 2024-2025" (in en). https://blogs.worldbank.org/en/opendata/world-bank-country-classifications-by-income-level-for-2024-2025.
63. ↑ "World Bank list of economies* (As of February 2025". https://www.isbd.org/Files/Admin/Dues-by-Country-Full-List-2025-for-website.pdf.
64. ↑ "World Bank updates country income classifications for 2025-2026 | The World Bank posted on the topic | LinkedIn" (in en). The World Bank. https://www.linkedin.com/posts/the-world-bank_the-world-bank-groups-2025-2026-country-activity-7354963731312693249-62zI.
65. ↑ "Members and partners" (in en). https://www.oecd.org/en/about/members-partners.html.
66. ↑ "COUNTRY CLASSIFICATION 2025 - AS OF 24 JULY 202". https://www.oecd.org/content/dam/oecd/en/topics/policy-sub-issues/aid-and-export-credits/cty-class-en.pdf.
67. ↑ "Classifications | UNCTAD Data Hub" (in en). https://unctadstat.unctad.org/EN/Classifications.html.
68. ↑ "World Economic Outlook Database - Groups and Aggregates Information" (in en). https://www.imf.org/en/publications/weo/weo-database/2025/april/groups-and-aggregates.

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