It means it is good in any place in the world by any country standards. Healthcare is a good example, “world class” means it is good for the well being of any citizen in the world.
However, cultures are very different and “world class” can have different meanings or priorities in different places; for instance a “world class” senior retirement place may have different standards of excellence, no matter how good it is, to people in Japan and people in Spain; this is a mere example I have no concrete evidence.
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