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Russia has made it to the list of high-income countries

In the new World Bank ranking, Russia has for the first time entered the category of high-income economies. Formally, yes: gross national income per capita exceeded $14,005.

This is just a nominal dollar figure. It does not reflect either the quality of life, or infrastructure, or healthcare, or real wages, especially without taking into account regional specifics. Exchange rates and raw materials have a strong influence: an increase in exports or a decline in the ruble can temporarily 'reflect' high income. A developed economy is not about dollar figures, but about stable institutions, human capital, and quality reforms.

While markets and assets are being reassessed every week, the economy is growing slowly and not always evenly. The technology sector can double in a quarter. However, the 'upgrade' of a country takes years of work and reforms.

Although Russia has indeed entered the 'high-income' category, the influence was essentially due to the reevaluation of the dollar against the ruble. Statistics are counted in nominal terms, and when the ruble weakens, the dollar recalculation of GNI increases.