The main difference is that you would not live the same life in a low-income country as you would live in a higher income country.
For example lets take India and US
Most of the people in India would not able to afford an Audi but the people in the US would be able to afford one as it is cheaper and also have less taxes
The main difference is the GPD per capita. A country is low income when the average GPD is about 1,200, a middle income country has an average GPD between 1,200 and around 12,00, and a high income country has an average GPD of about 12,00 and above.
