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As I write here: http://www.fragilestates.org/2012/02/23/do-world-bank-country-classifications-hurt-the-poor/ a better system ought to depend on many more factors than just income, more akin to what the United Nations uses now than the World Bank system. These should include a variety of social, economic, and political factors, such as the average level of human development, the quality of public services, macroeconomic conditions, the degree of export diversification, and the extent of social conflict. Income would still matter but much less than it does now. I agree with Andy that dividing all countries into separate clusters makes more sense, though my formulation would differ substantially from his.