What separates relatively high income developing nations, such as Argentina, from relatively low income developed nations, such as Portugal?
If you look at things like HDI numbers, Argentina and Chile are classified as very high and even rank above Portugal. If you look at per capita GDP then Argentina, Chile and Portugal are all pretty close and fall between 22K and 27K.
Despite this, Argentina and Chile are generally considered developing countries despite being on par with or exceeding some countries that are generally considered developed.
This makes me wonder, what exactly separates developed countries from developing countries?
When comparing the United Kingdom and Uganda the answer is obvious, however it isn't as obvious (at least not to me) when comparing countries like Portugal and Spain to Chile and Argentina.