A major global investment bank has predicted that Korea will have the world’s second-highest per capita income in 2050, trailing only the United States.

U.S.-based investment bank Goldman Sachs said in its global economic outlook that Korea and Russia will join the world’s richest countries by 2050 with a per capita income of 65-thousand dollars or more. It predicted that Italy would fall out of the club of elites.

According to the report, Korea’s per capita income at mid-century will stand at 90-thousand-294 dollars, just behind the U.S. projected average of 91,683 dollars.