The Richest Countries In The Caribbean presently. When talking about riches in individuals we simply look at their net worth; how much money they have in terms of liquid cash and invested capital. When it comes to countries however, the picture is much broader. All countries have a stash of funds somewhere, but this does not always get to the people.
The generally accepted measure of a country’s wealth, therefore, is the standard of life of the people. People can only live quality lives when they have the opportunity to make a good living. This will then translate into upliftment in other areas of life, including healthcare, education, a better living environment and so on.
In this article, we bring our attention to the Caribbean islands in order to look at what countries in the region have positioned themselves such that their citizens are able to live well today and plan ahead for an even better tomorrow. Without further ado, we now give you the top 10 richest countries in the Caribbean.
Top 10 Richest Countries In The Caribbean 2020
1. Bermuda – 85,748 USD
Bermuda is a territory encompassing 181 islands. The largest is called Main Island, or sometimes just Bermuda. Eight of the larger islands are connected by bridges, but the rest are accessible by boat.
Bermuda is located in the Caribbean region but politically is an overseas territory administered by Britain. It has a population of 71,000 people, and these are not poor people. The country’s people have a per capita income of 85,748 US Dollars. Bermuda’s economy is boosted by 2 major sectors: offshore insurance and tourism.
Bermuda is a popular destination for holidays among American, Canadian and British citizens. Many of the tourists come by sea, already enjoying the waters and beaches before they are booked in as tourists. The country attracts over half a million visitors every year, and most of them ( 80%) are from the United States
Bermuda has no corporate taxes. This is probably the best place to set up your company or stash your money for the long term.
2. Cayman Islands – 64,103 USD
The Cayman Islands is a group of small islands located in the Caribbean region. This too is a British overseas territory, and famous as one of the biggest offshore tax havens in the world for international businesses as well as wealthy individuals. The islands have a population of 64,000 people, and they are not poor people. The country has a per capita income of 64,103 USD, making it the second richest British territory.
There are no income tax, capital gains tax, or corporation tax. This is one of the best places to set up your business or store money for the long term.
3. US Virgin Islands (USVI) – 34,899 USD
US Virgin Islands are a group of islands in the Caribbean, which are controlled by the government of the United States. The U.S. Virgin Islands consists of the main islands of Saint Croix, Saint John, and Saint Thomas, and many other small islands huddled together and accessed by boat.
The country has a population of 104,000, and these are not poor people. The country has a per capita income of 34,899 USD, and the economy is mostly supported by tourism. The U.S. Virgin Islands are famous all around the world for their white sand beaches. nearly 2.5 million tourists per year visit USVI, most arriving on cruise ships from the United States.
4. British Virgin Islands (BVI) – 34,200
The British Virgin Islands (BVI), otherwise simply known as “Virgin Islands”, are a cluster of small islands, near the USVI. British Virgin Islands (BVI) are made up of 4 big islands, and 32 smaller islands. The official name of the country is the “Virgin Islands”, but the prefix “British” is often used. The British Virgin Islands is an overseas British territory, and British Virgin Islanders are British Overseas Territories citizens.
5. Bahamas – 33,394 USD
The Bahamas is made up of more than 700 islands, cays, and islets, and is located just north of Cuba, in the Atlantic Ocean. The territory has a population of 400,000. The per capita income of the country is 33,394 USD. The Bahamas economy is based on tourism and finance. The country is famous for its beaches and resorts and gets over a million visitors a year, most of them coming in from Europe and America. In the Bahamas, there are no income tax, corporate tax, capital gains tax, or wealth tax, and this means The Bahamas is one of the best places to establish your company. The most important economic sector is banking; the Bahamas is a great place to keep your money.
6. Anguilla – 29,493 USD
Anguilla is a group of islands in the Caribbean. Anguilla is a self-governing country but is technically an overseas territory of the United Kingdom. The country has a population of 15,000. The per capita income is 29,493 USD. The main industries are tourism, offshore company incorporation, and management, offshore banking, as well as insurance. The fishing industry is also doing well.
7. Turks and Caicos – 23,614 USD
The Turks and Caicos Islands are a small group of islands in the Caribbean. The country is a British overseas territory (BOT) with a population of 23,000 USD. The per capita income is 23,614. The economy is dependent on tourism and the country is a major offshore financial center with the US dollar used as the primary currency. The defense is the responsibility of the United Kingdom.
8. St Martin – 25,000 USD
St Martin is a bringing together of two territories of Saint-Martin ( French side) and the Saint Maarten (Dutch side). They are the same people but were colonized by those 2 European superpowers. The per capita income is 25,000 USD. The main industry of the island is tourism with over one million visitors annually. About 85% of the territory’s workforce was engaged in the tourist industry.
9. St Kitts and Nevis – 17,924 USD
Saint Kitts was the first Caribbean territory to be colonized by the British and French, and thus has been titled “The Mother Colony of the West Indies”. St Kitts and Nevis is also the smallest sovereign state by landmass, in the Western Hemisphere. The per capita income is 17,924 USD. St Kitts depends on tourism, agriculture, and light manufacturing industries. This used to be home to the British sugar cane plantations.
10. Barbados – 16,357 USD
Barbados is an island country located in the Lesser Antilles of the West Indies, which is in the Caribbean region of North America. The country has a population of close to 300,000 people and a per capita income of 16,357 USD. The country is famous all around the world for its mild climate and beautiful beaches. As a matter of fact, Barbados is a poster boy for countries that depend on tourism for their income. The health services are effective, and the crime rate is very low. This country is a major tourist attraction for people from all corners of the world, but 40% of the tourists come from the UK, with the US and Canada making up the next biggest number of visitors to the island. The banking industry is also very much viable, with the conducive tax and corporate regimes attracting high net worth individuals from all over the world to bring their money for safekeeping in the country.
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