Developing small states are often discussed as a whole because of shared vulnerabilities, but could instead be treated according to their different socioeconomic characteristics. This paper investigates those differences and subgroups them through the use of statistical methods. Seven common factors were first extracted from 25 key socioeconomic indicators. Cluster analysis based on factor scores was then used to obtain distinct clusters of small states. Nine well-delineated clusters were thus obtained, each of which containing small states with similar characteristics. Managerial implications for international aid based on the findings are then proposed.