its weight in the index. SSBGEI covers 50 developed and emerging markets. Countries are chosen for inclusion if the available float capital of index-eligible companies within a country is equal to or greater than Si billion. Countries are removed from the SSBGEI if their total float capitalization falls below $750 million. This assures a lower turnover or that countries are eliminated from an index less frequently. In order to be classified as part of the developed index, the country's GDP per capita (adjusted for purchasing parity) must exceed $10,000 for the most recent calendar year, and there must have been no widespread restrictions against foreign investment. Although it is not very often that countries become excluded from the Global Equity Index, countries can migrate between the Developed World and Emerging Composite indexes. For instance, the Czech Republic and South Korea became part of the Developed World index during the 2001 index reconstitution. The current index composition is presented in Table 8.2. MSCI Equity Indexes MSCI All Country World Index (ACWI) covers 24 developed economies and 27 emerging markets. The developed portion of the ACWI is referred to as the MSCI World, and the emerging markets index is referred to as MSCI EMF. The individual market weights in the index are based on relative market capitalization of each country. MSCI continues to expand its universal coverage. For instance, MSCI Egypt and MSCI Morocco were added to MSCI EMF effective May 31, 2001. Also, individual country indexes may be reclassified as developed or emerging markets. For example, MSCI Greece index was reclassified as a developed market as of May 31, 2001. According to MSCI, the objective for its Equity Index Series is to serve as TABLE 8.2 Current Global Equity Index Composition     Weight in   Weight in Country Index Country Index Australia 1.61% Japan 8.75% Austria 0.07 Netherlands 2.25 Belgium 0.52 New Zealand 0.05 Canada 2.28 Norway 0.18 Czech Republic 0.01 Portugal 0.15 Denmark 0.29 Singapore 0.34 Finland 0.64 South Korea 0.82 France 3.75 Spain 1.20 Germany 2.74 Sweden 0.77 Greece 0.17 Switzerland 3.05 Hong Kong 0.83 United Kingdom 10.33 Iceland 0.01 United States 54.06 Ireland 0.31 Emerging markets 3.28 Italy 1.54