how has World Bank classified the countries of world - Social Science - Development

Question

how has World Bank classified the countries of world?

Tanu Jain · Accepted Answer

Dear Student,
World Bank uses the per capita income of the country as
the principal criterion for classifying the countries as rich or
poor Per capita income is the average income of the people of a
country in a given year
However, there are some limitations to it These
are:

1 World Bank does not give equal importance to other
factors like literacy rates and general health standards of the
people which play an important role in defining the quality of
life
2 The per capita income does not reflect information
about the unequal distribution of income among the people

Regards,