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With the development of the information society in the 1990s, the source of technological development began to be knowledge and human capital. The aim of this study is to examine the role of knowledge-based intellectual capital, which creates an important value especially for businesses, in the development process with a macro approach. The study examined the 2001-2021 period for economies of ten developing countries (Turkey, Argentina, Brazil, Mexico, Russia, Poland, Romania, South Africa, India, and Indonesia) using the variables of R&D expenditures, bureaucratic quality index, and education index as intellectual capital components. According to the results of panel ARDL analysis used to determine the effect in question, there is a positive and significant relationship between intellectual capital components on the development level of countries in both short and long terms. In addition, a bidirectional causality relationship is determined between intellectual capital variables and economic development. It can be stated that investments that countries make in their intellectual capital are an important determinant of their level of development. [ABSTRACT FROM AUTHOR]