Mongolia is ranked as lower-middle-income economy by the World Bank. Some 22.4% of the population lives on less than US$1.25 a day. In 2011, GDP per capita was $3,100. Despite growth, the proportion of the population below the poverty line was estimated to be 35.6% in 1998, 36.1% in 2002–2003, and 32.2% in 2006.