Major international investment indices like MSCI (Morgan Stanley Capital International) divide the world into developed, emerging and frontier markets, with the developed category including economic juggernauts like the U.S., Japan and other members of the G10.

Yet somewhat curiously, the MSCI continues to classify South Korea as an emerging market, even though it has the world’s 10th-largest nominal gross domestic product, outranking many G10 members like the Netherlands and Switzerland.