Glen Contrarian
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Sorry, China, Indonesia, Russia, Brazil, India, Mexico are third world countries? Every one of those is in the g20 group.
There's a big difference between having a large GDP - which is what's required to be part of the G20 - and being a first-world nation. "Being a first-world nation" means that the great majority of the citizens have a first-world lifestyle.
Go live in Mexico for awhile and you'll see what I mean. Of all those countries you listed above, none of them have a first-world standard of living for their population. Russia's getting closer, but they're still struggling - they're not there yet. China's got some of the most ultramodern cities on the planet...but wait till you get outside the nicer parts of the cities. When it comes to India, there's a billion of their citizens who don't have access to the internet.
Investopedia provides a clearer definition:
DEFINITION of 'First World'
1. A country that was aligned with the West and opposed to the Soviet Union during the Cold War. Since the collapse of the Soviet Union in 1991, this use of First World has largely gone away.
2. A country characterized by political stability, democracy, rule of law, a capitalist economy, economic stability and a high standard of living. Various definitions have been used for First World nations, including GDP, GNP and literacy rates. The Human Development Index is also a good indicator in determining First World countries.
First-world countries have stable currencies and robust financial markets, making them attractive to investors from all over the world. Examples of first-world countries include the United States, Canada, Australia, New Zealand, Japan and the Western European countries. First-world countries are in the minority; most countries are classified as second- or third-world.