1889 - Trinidad and Tobago administratively combined as a single British colony. Top 10 Richest Caribbean Countries 2023 that will be the topic of todays article. Despite the fact that these figures are far from what can be found in developed countries such as Europe and America, they place the Bahamas atop the Caribbean. The country exports crops such as nutmeg, mace, cocoa, and banana in large quantities; and that contributes to the revenue. The country also levies no corporate tax on residents. The region is famous for its beautiful coral reefs, charming beaches, and tropical forests, attracting tourists worldwide. The Bahamas has a population of 393,248, and the country is stable and developing. By investing in real estate in the country or contributing through government donations, foreign investors can apply for the, Antigua and Barbuda Citizenship by Investment. 1834 - Slavery abolished. Tourism and the Bahamas banking system contribute to the countrys economy. The Antigua and Barbuda passport allows visa-free travel to over 140 countries in the world. Like St Lucia, Grenada, which has a GDP per capita income of 16,003, has shifted away from agriculture in recent years to become a service-based economy. He is now worth $4.9 billion and is the 589th richest person on the world. The Caribbean Islands are diverse in culture and economic fortunes. The lost burial site of a 17th Century 'agent of Satan' Video, The lost burial site of a 17th Century 'agent of Satan', Anti-Kremlin fighters 'capture' Russian soldiers, War with US would be unbearable disaster - China minister. They include. Under Lee-Chin, the Canada-based wealth management and mutual fund business managed more than $10 billion in assets by 2002. Considering GDP per capita income, Bermuda, Cayman, and the British Virgin Islands are the wealthiest Caribbean countries. See the full rankings in the data table below. There is no taxation on international income, wealth, inheritance, gift, or capital gains taxes. Barbados is an island country located in the Lesser Antilles of the West Indies, which is in the Caribbean region of North America. But none were born there, and none are black, News Americas Now has found. This means that the Puerto Rican economy is highly sensitive to the fluctuations of the world economy. 1 By NAN Staff Writer News Americas, NEW YORK, NY, Fri. April 8, 2021: The Caribbean region has 8 billionaires according to the Forbes Billionaire List of 2021. A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead, Wish You Could Be a Kid Again? 4. Owning a penthouse in New York, Read More The 10 Most Expensive Penthouses in NYCContinue, Japan is a beautiful eastern Asian island nation in the Pacific Ocean. But none were born there, and none are black, News Americas Now has found. Purchasing power has never been so high, the economy has never been so stable, and prospects have never been brighter. Although the US dollar is widely accepted and used in the region, Anguilla also has its currency, the East Caribbean dollar. The GDP per capita figures attributed to Caribbean countries are comparable to the figures obtainable in central and eastern Africa. Offshore insurance and tourism are the most significant sectors with high economic returns. The per capita income is 29,493 USD. Bermudas economy is boosted by 2 major sectors: offshore insurance and tourism. NOT FOR THE LEGAL MARKET. Bananas alone account for more than 60% of the work force, and 50% of merchandise exports. Want to invest with Adam? Prime Minister Kamla Persad-Bissessar says security forces have uncovered a plot by "criminal elements" to assassinate her and several government ministers. Cocoa workers in Trinidad in the early 20th Century, Hindus make up around a quarter of the population of Trinidad and Tobago. List of Latin American and Caribbean countries by GDP (PPP), "Report for Selected Countries and Subjects", South Georgia and the South Sandwich Islands, Patents, trademarks, and industrial design filing activity, Number of broadband Internet subscriptions, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=List_of_Latin_American_and_Caribbean_countries_by_GDP_(PPP)&oldid=1149806567, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, Officially the Republic of China, participates as ", This page was last edited on 14 April 2023, at 14:55. Seven Summer Camps Just for Adults, Goldman CEO Loves Summer Camp So Much Hes Expanded His Portfolio, Number of Young Britons Too Sick to Work Doubles in a Decade, Wells Fargo Seeks to Settle Banking While Black Mortgage Case, A Major Showdown Is Brewing Over What Counts as a Carbon Credit, Highest Temperature of the Year So Far Could Be Recorded Today, US Mayors Cite Unprecedented Mental Health Crisis as Top Concern, New Jersey Senior-Living Facilitys Woes Exacerbated by Construction Delays. This Lush Caribbean Island Has a New Luxury Resort With Just 14 Rooms Across 285 Acres Each With a Private Deck and Plunge Pool. Approximately 69% of the island's GDP emanates from the service industry. Bitcoin Faces Fresh Challenges After Debt Deal Moves Forward, Citigroup Warns, FTX Objects to Extension of Mediation Talks for Bankrupt Crypto Lender Genesis, Key House Republicans Unveil Crypto Market Structure Draft Bill. 2023 BBC. In 2004, Hurricane Ivan bought the tourism industry, and by extension, the economy, to a standstill. The British businessman and investors net worth is $5 B, putting him at #574 on the rich list. Tourism is important to Antigua and Barbuda, accounting for roughly half of the islands revenue. Antigua and Barbuda has a total population of 97,928 people, which is a large number when you consider how important population is to an economys strength. Why the city that never sleeps is slowly sinking. The economy of the country is boosted by agriculture; bananas being the major export. The service industry currently accounts for an estimated 75% of GDP, highlighting how crucial the tourist industry has been to St Kitts and Nevis's economy. The country is the second wealthiest British territory, with a per capita income of 64,103 USD. Bananas alone account for more than 60% of the work force, and 50% of merchandise exports. Currently, the island has the third largest stock exchange in the Caribbean region. In 2013, the country launched a new program of ambitious reforms designed to stabilize the economy, fuel growth, and reduce debt. The banking industry is the most important economic sector; the Bahamas is an excellent place to keep your money. However, the archipelago also has a thriving services and tourist industry developed around the island's natural beauty. Dana has extensive professional writing experience including technical and report writing, informational articles, persuasive articles, contrast and comparison, grant applications, and advertisement. If you want to invest as an expat or high-net-worth individual, which is what i specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837). Bermuda is a Caribbean island that is administered by UK. 1990 - More than 100 Islamist radicals blow up the police headquarters, seize the parliament building and hold Prime Minister Arthur Robinson and other officials hostage for several days in an abortive coup attempt. The country is boosted by tourism, as well as agriculture. Historically, Saint Lucia was a single crop agricultural economy, but as the banana industry declined due to reduced European trade preference and increased competition from Latin America, its shifted to a tourism and service-based economy, with the result that tourism now accounts for 65 percent of its GDP. If you are looking to obtain citizenship in St Kitts and Nevis, you can apply for St Kitts and Nevis Citizenship by Investment Program, which successfully attracts wealthy investors and foreign direct investment. Though tourism brings wealth to the island, it's also threatening local produce meaning that the country will have to rely increasingly on imports from other countries. In 2009 the island's economy was hit hard by the economic recession which decreased the number of visitors to the island but in past years tourism has picked up again: in 2013, it accounted for approximately 60% of GDP and 40% of investments. News Americas News Network and NewsAmericasNow.com - All rights reserved, The Caribbean Has 8 Billionaires But None Were Born There. Tourism, offshore banking, offshore company incorporation and management, and insurance are the most important industries. Blundy, 61, is the Australian-born former chairman of BB Retail, selling jewelry, lingerie and homewares and is worth $2.1 B. Furthermore, many of these countries are tax havens that attract shell companies and sovereign wealth funds. Our. The Bahamas consists of around 16 major islands and is one of the most sought-after tourist destinations in the world. Here, travel experts weight in on why one island stacks up higher than another. Bermuda attracts more than half a million tourists every year due to its natural beauty, picturesque landscape, and excellent infrastructure. There are hardly any residency requirements to obtain Caribbean citizenship. Owing to its significant tourist and finance sector, this island country is one of the richest Caribbean islands, with a GDP of $12bn against a population of 400,000 people. Bermuda is a popular destination for holidays among American, Canadian, and British citizens. It is home to 71,000 people, none of whom are poor. Renowned for being one of the largest offshore financial paradises, the Cayman Islands attracts massive amounts of foreign investment. 1959 - Britain gives Trinidad and Tobago internal self-government with Williams as prime minister. The rich Caribbean countries are often home to high-net-worth individuals and millionaires from all across the world. Tourism here doesn't happen in. Although progress has been made since, the countrys strong reliance on tourism and its vulnerability to natural disasters put it at risk. THIS WEBSITE IS NOT A SOLICITATION TO INVEST, NOR TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE. Caribbean countries have the population to sustain investment. British Virgin Islands (BVI) $34,200, richest countries in the caribbean by GDP per capita, what is the richest country in the caribbean, https://adamfayed.com/become-adams-client/, https://adamfayed.com/are-we-a-good-match-faqs/, https://adamfayed.com/why-the-wealthy-spend-less-on-luxury-the-70-30-rule-in-finance/, https://adamfayed.com/expat-investing-guide-for-beginners/, https://www.youtube.com/channel/UChK5TMy_Yhae6vnyvIDbL7g/. Out of the 181 Islands in Bermuda, 8 of the largest islands are connected by bridges and have the largest number of residents in the country. Also doing well is the fishing industry. But in others, times have never been so good. Puerto Rico is the most competitive economy in Latin America, with an economy primarily driven by the manufacturing industry: 46% of GDP is derived from manufacture. There are no income, corporate, capital gains, or wealth taxes in the Bahamas, making it one of the best places to start a business. 1781 - The French capture Tobago from the Spanish, transforming it into a sugar-producing colony. Overnight on Wall Street is daytime in Asia. Over the last decade, its economy has grown significantly, thanks to strong trade agreements with Haiti, China, and the US and large remittance payments, which serve as the third-largest source of foreign income on the island. The main industries are tourism, offshore company incorporation, and management, offshore banking, as well as insurance. Puerto Rico and The Bahamas were the states with the highest gross domestic product (GDP) per capita in Latin America and the Caribbean as of 2021. A fresh take on sports: the biggest news and most entertaining lists. In addition to tourism, offshore international financial services and the banking sector account for a significant percentage of the GDP. This is another British overseas territory that is well-known as one of the worlds largest offshore tax havens for multinational corporations and wealthy individuals. Program, which successfully attracts wealthy investors and foreign direct investment. However, it is quite an interesting place; the two main islands of Saint Kitts and Nevis get the name, but there are several small inhabited islands that make up the territory. The economy of Trinidad and Tobago is boosted by tourism, industry, and petroleum. Passport Kings usuall. However, in October of 2010, Hurricane Tomas battered many of St Lucia's banana crops which, once recovered, were then largely hit with black sigatokadisease. He is worth $1.6 B and is listed at #1931on the richest list. The president's role is largely ceremonial. However, because the country is quite vulnerable to natural disasters which impact heavily on tourism, it has become necessary to diversify the economy by bringing in other potential sources of revenue. In terms of GDP per capita, Bermuda is the wealthiest Caribbean country and one of the richest island countries in the world. The main industry of the island is tourism with over one million visitors annually. Traditionally, St Lucia gained most of its riches from banana cultivation. Lewis, 84, owns the Tavistock Group, with more than 200 assets across 10 countries. Up next is Saint Lucia, a small island with a large, well-developed tourism industry and a GDP per capita income of 15,225. Its economy is largely agricultural, with banana exports accounting for the bulk of trade. Moreover, as a St Lucia resident, you are not required to pay any capital, wealth, or inheritance. As investopedia.com writes, until recently, Jamacia was known best for its picture-perfect beaches and reggae music. For example, you can include your family members in your citizenship application and visit 140+ countries without a visa. Can sci-fi films teach us anything about an AI threat? The generally accepted measure of a countrys wealth, therefore, is the standard of life of the people. The USVI receives nearly 2.5 million tourists each year, the majority of whom arrive on cruise ships from the United States. However, the island remains a key exporter of spices, and is the second biggest exporter of nutmeg in the world. Adam is an internationally recognised author on financial matters, with over622.8 millionanswer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes. Some people choose to retire in this country; if you have sufficient money, you can even obtain citizenship. The Bahamas has a GDP per capita of $33, 516, making its one of the top richest countries in the Caribbean. Some key dates in the history of Trinidad and Tobago: 1498 - Christopher Columbus visits the islands, naming Trinidad after the three peaks at its south-east corner and Tobago after a local type of tobacco pipe. In 2017 she was sworn in as a judge of the Turks and Caicos Islands Court of Appeal, a post she gave up when she was chosen for the presidency. , here is the list of the richest Caribbean countries by their GDP. The economy of Saint Kitts and Nevis is boosted by tourism. The richest countries in the Caribbean are those that have established themselves as the favorite destinations for tourists, especially from Europe and America. The twin-island federation of St Kitts and Nevis prospers primarily thanks to tourism and export-oriented manufacturing, as well as agriculture, with approximately 39% of the islands' land reserved to crops (primarily devoted to sugarcane and peanuts). Dependence on oil has made the country a hostage to world crude prices, whose fall during the 1980s and early 1990s led to the build-up of a large foreign debt, widespread unemployment and labour unrest. The . For example, you can include your family members in your citizenship application and visit 140+ countries without a visa. US Virgin Islands are a group of islands in the Caribbean, which are controlled by the government of the United States. Barbados is an eastern Caribbean island that is famous for its picturesque beaches, botanical gardens, colonial buildings, and rich culture. Consisting of 181 islands, Bermuda is one of the most populated and wealthiest Caribbean countries among the British Overseas Territories. They are the same people, but they have been colonized by those two European superpowers. 1802 - Spain cedes Trinidad to Britain under the Treaty of Amiens. But the firm was hit hard by the 2008 recession, and Lee-Chin sold AIC to Canadian financial services group Manulife in 2009 for an undisclosed price. According to Statista (2021), Puerto Rico and the Bahamas have the biggest economy in the Caribbean. Puerto Rico is a United States territory with special status and the World Economic Outlook maintains statistical data for these reasons the countries economic GDP is on a separate and independent basis. Anguilla is tax-friendly as it has no capital gains, estate, profit, sales, or corporate taxes. The island whereThe Pirates of the Caribbeanwas filmed does not gather its riches from gold-filled treasure chests, but from agriculture. 1630s - The Dutch settle on Tobago and plant sugar-cane. Many particularly in the developed countries choose to retire in The Bahamas. The economy of Bermuda is fueled by two major industries: offshore insurance and tourism. Inhabited mostly by people of . Poverty is still a problem in certain nations, with Haiti in particular still struggling to recover ground after the deadly earthquake of 2010. Be it picturesque landscapes, charming white sand beaches, a warm and tropical climate, or a thriving economy, St Lucia has it all. The British Virgin Islands (BVI) are comprised of four large islands and 32 smaller islands. Her two sons Alejandro and Andres Santo Domingo own the next-largest stakes; Alejandro took over the family business after Julio Marios death. The state-owned Caribbean New Media Group (CNMG) operates a TV network and radio stations. Bermuda Bermuda is a territory encompassing 181 islands. In the British Virgin Island, there is British-born businessman Richard Branson, 70, who owes his fortune to a conglomerate of businesses bearing the Virgin brand name, including Virgin Atlantic and Virgin Galactic. Cuba is not included in the list due to lack of economic data. The countrys per capita income is 34,899 USD, and tourism is the main source of revenue. About 85% of the territorys workforce was engaged in the tourist industry. Bermuda GDP Per Capita (PPP): USD 85,748 Bermuda is the most populous country among the richest Caribbean countries. Tourism boosts the Bahamian economy massively, accounting for 60% of GDP and providing employment for over half of the island's population. There are no income taxes, capital gains taxes, or corporation tax. As is customary, the widely accepted metric for determining which countries are wealthier than others is GDP per capita, which calculates each persons economic output. The Debt-Limit Crisis Is Over. Transportation is also very important in this country; cruise ships, as well as cargo vessels, are always going in and out of the main port at Basseterre. We use cookies to ensure that we give you the best experience on our website. Antigua and Barbuda have a GDP per capita of 27,542, making it the fourth richest country in the Caribbean. As with other nations in the region, Trinidad and Tobago - a major trans-shipment point for cocaine - has been troubled by drug- and gang-related violence, which threatens the tourism industry. Calder became a billionaire in 2002, when he sold his music company to German mass media corporation Bertlesmann for $2.7 billion. 2007 January - Plans are announced to close the centuries-old sugar industry. News on all your favorite celebs, reality TV, and movies. There are no income or capital gains taxes, and there is no corporate tax. The manufacturing industry also plays an important role in sustaining the economy, as well as the tourism industry (the latter less so than most Caribbean islands). The Bahamas is one of the richest countries in the Caribbean, with a GDP per capita of $33, 516. The countrys people have a per capita income of 85,748 US Dollars. Exports of crops such as nutmeg, mace, cocoa and banana still account for a segment of the national income, but the leading foreign currency earning sector is now tourism. The main islands of Saint Croix, Saint John, Saint Thomas, and other small islands make up the US Virgin Islands in the Caribbean. The country has a population of about 112,519 people- which means that it has the size to sustain a robust economy. Many people from developed countries even choose The Bahamas as the place to spend their retirement. The country has a per capita income of 34,899 USD, and the economy is mostly supported by tourism. It ranks the top ten richest Caribbean islands from lowest to highest. He was staunchly opposed to then-Prime Minister Kamla Persad-Bissessar's introduction of a state of emergency following an upsurge in crime in 2011 and he filed multiple motions of no-confidence in her government. Antigua and Barbuda is boosted by tourism; this accounts for about half of its generated revenue. Recently, Grenada is becoming more important as a tax haven where sovereign wealth funds are domiciled. As of May 2023, the richest person in Caribbean Islands is Joseph Lewis. The per capita income is 25,000 USD. Dr Rowley was first appointed as a cabinet minister in 1992 as minister of agriculture and later went on to hold the planning and development, housing and trade and industry portfolios. Coulibri Ridge is the newest luxury resort on Dominica. The islands have a population of 64,000 people, and they are not poor people. Culture, art and travel are crucial to her lifestyle and central to her writing. The sovereign island country of Antigua and Barbuda has a GDP per capita income of 27,542. A mere 6 years ago, in 2008, Dominica had the lowest GDP of any of the East Caribbean states. This is probably the best place to set up your company or stash your money for the long term. The Caribbean is not known for its wealth, but the list of the Caribbeans richest countries shows that there is hope for a better future if progressive economic policies are maintained. Tourism has also taken off (though slowly), presenting itself as a particularly appealing destination for eco-tourists. Based on GDP per capita income, these are the ten richest Caribbean Islands in 2021. The economy is dependent on tourism and the country is a major offshore financial center with the US dollar used as the primary currency. With its temperate climate, majestic mountains, beach fronts and, Read More The 20 Best Places to Live in JapanContinue, Finding the right location to live for your family is an individual choice, as what suits one person will not necessarily suit the next. Introduction Top 10 Richest Caribbean Countries 2022 10. These are the ten richest Caribbean Islands in 2022, based on GDP per capita income. This impression of seclusion is largely a tourist-friendly illusion, however; the Carribean plays more of a role on the world stage than holiday-goers may expect. Made up of over 700islands, reefs, islets and cays, the Caribbean promises a variety of treasures both on and off its shores. She had a long career in the legal profession. The country is well-known for its beaches and resorts, and it receives over a million visitors per year, the majority of whom are from Europe and America. 1968 - Trinidad and Tobago and other English-speaking Caribbean states form the Caribbean Free Trade Area, which was replaced in 1973 by the Caribbean Common Market. The countrys official name is the Virgin Islands, but the prefix British is commonly used. In addition to the tourism industry, trade & commerce and other service-specific jobs are predominant in the area. Part of the British Empire up until 1966, since gaining independence Barbadoshas transformed itself from a low-income economy highly dependent on sugar production, into a well developed economy built on tourism and the offshore sector. VideoCan saving languages save nature? Trinidad and Tobago is one of the wealthiest countries in the Caribbean, thanks to its large reserves of oil and gas, the exploitation of which dominates its economy. The GDP per capita is used as a parameter worldwide to determine the standard of living of a particular country by assessing the average wealth and income of each individual in the country. Hurricane Maria hit the island head on, causing power outages in 90% of the island. However, in response to a change in European Union banana trade preferences, Dominica has placed emphasis on the production of coffee, aloe vera, exotic fruits and manufactured soaps to remain competitive on the export market. Jamaican-born Canadian Michael Lee Chin is also a billionaire but listed as a Canadian billionaire. It has 181 Islands; the largest is the main island sometimes referred to as Bermuda. State Farms Exit Makes It Harder. Tourism, industry, and petroleum contribute to the economy of Trinidad and Tobago. Key Takeaways With as many as 43 million residents and more than 7,000 individual islands (and 30 territories, including sovereign states, overseas departments, and dependencies), the Caribbean. 1956 - Eric Williams, a moderate nationalist, founds the People's National Movement (PNM). It seems that these islands are so relaxed their almostcut off from the hustle and bustle of the rest of the world. Agriculture and fishing are also important sources of revenue in the country, and there is plenty of potential in retail commerce for the future. The country attracts over half a million visitors every year, and most of them ( 80%) are from the United States. So what boosts these island's economies? Each family has different interests and lifestyles, and these will play, Read More The 10 Best Places to Live in Colorado for FamiliesContinue, With its beautiful shoreline, world-famous diners, and abundance of fresh produce, New Jersey is the kind of state we all kind of wished we lived in. The Antigua and Barbuda passport allows visa-free travel to over 140 countries in the world. They still may be desirable to the wealthy (see: Mustique), theyre just not being visited as much yet. Eight of the larger islands are connected by bridges, but the rest are accessible by boat. In the Bahamas, there is Joe Lewis and Brett Blundy. Obtaining a passport from any Caribbean country has various attractive benefits. Antigua and Barbuda has a GDP per capita of 27,542 USD, making it the ninth in the list of richest Caribbean countries in 2022. The Caribbean island is home to people from more than 100 nationalities and cultures. The British Virgin Islands (BVI), also known as the Virgin Islands, are a group of small islands located near the US Virgin Islands. The Bahamas is a favorite location for Americans and Europeans on vacation, and they troop into the country in high numbers. Trinidad and Tobago is the sixth richest Caribbean country. The very richest island in the Caribbean? if (window.location.toString().includes("?s=")) document.querySelectorAll(".popmake-overlay").forEach(el => el.remove()); Telanna, Or at least you didnt used to. A look at the islands' economies reveals that some of The Top Richest Caribbean Islands 2021 - AfricaOTR As a result, the island has had to turn towards other industries. The British Virgin Islands is also a member of CARICOM. She enjoys uncovering niche culture scenes wherever she goes, and spreading the word about them. First up with a GDP per capita income of 9,726 is Jamaica. There are 15,000 people in the country. The idyllic island paradise makes the most of its natural splendour, attracting visitors from all around the world to its sandy shores. World famous for its luxurious beach resorts, remote coves, delectable cuisine, and exciting nightlife, St Martin in the Caribbean islands consists of two different territories- Saint Martin (French part) and Sint Maarten (Dutch part). 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. Antigua and Barbuda has a population of 97,928- an impressive figure when you consider the fact that population plays a big role in the strength of an economy. In November of 2011, Trinidad and Tobago was removed from the OECD's list of developing countries. Its not all been smooth sailing in 2018, Barbados defaulted on its bonds after its debut was uncovered as $7.5 billion. Moreover, as a St Lucia resident, you are not required to pay any capital, wealth, or inheritance tax in the country. She was called to the bar in 1982 and worked as a lawyer and as an appeal judge before her retirement in 2016. In Alaska, Battling Climate Change in Camouflage. Financial services, communication, and transportation are some of the sectors that are becoming increasingly important to the economy of Antigua and Barbuda. The Bahamas has a population of 393,248 people and is a stable and developing country. She also enjoys creative writing, content writing on nearly any topic (particularly business and lifestyle), because as a lifelong learner, she loves to do research and possess a high skill level in this area. This will then translate into upliftment in other areas of life, including healthcare, education, a better living environment, and so on. Undeniably, tourism is the industry that has flourished the most in the region but many of these islands are also agricultural strongholds, or have opened up to manufacturing and financial industries. Lets face it: when you think of student housing, you typically dont think of chic design and funky amenities. As per the World Bank, the GDP per capita of Antigua and Barbuda is $14,900. This is a great place to start a business or save money for the long term. To boot, the economy boasts a flourishing financial services industry which accounts for around 15% of GDP. The island attracts over one million visitors every year due to its natural beauty and excellent infrastructure. This is a list of Latin American and the Caribbean countries by gross domestic product at purchasing power parity in international dollars according to the International Monetary Fund's estimates in the April 2022 World Economic Outlook database. The average annual income is 25,000 USD. With a GDP per capita income of $19,452, the Dominican Republic is one of the richest countries in the Caribbean. Virgin Gorda, The British Virgin Islands 4. Although some of the GDP figures may seem low, they present promise for a region that has undergone huge development over the past two decades after a history of struggle. Caesarean by phone light - giving birth in a warzone. Home Citizenship by Investment Caribbean Which Caribbean Country Makes the Most Money? The Caribbean consists of over 40 million residents, 28 island nations, and several very dynamic economies. Joseph Lewis lives in New Providence. Or not. Bermuda has no corporate taxes. This Caribbean nation has the highest GDP per capita: $110,000 and a population of 71,000. Some people choose this country as a place for their retirement; you can even get citizenship if you have enough money. For instance, the country has no income tax on worldwide income. Top 10 Richest Countries In The Caribbean (2023), Auto Insurance Companies In Ontario (2023), List Of Insurance Companies In Ghana (2023), List Of Insurance Companies In Canada (2023). ANTIGUA AND BARBUDA Citizenship by Investment, ST KITTS AND NEVIS Citizenship by Investment, Malta Citizenship by Naturalization for Exceptional Services by Direct Investment (CES). Nonetheless, a 2012 studywith the Caribbean Development Bankrevealed that 20% of Bajans live in poverty, and nearly 10% cannot meet basic daily food needs. Yet the concept offuturistic citiesis slowly, Read More The 20 Most Futuristic Cities in the WorldContinue. British Virgin Islanders are British Overseas Territories citizens, and the British Virgin Islands is a British Overseas Territory. Paula Mae-Weekes was sworn in as the country's first female president in March 2018. All rights reserved. This is a small country has a population of 287,371 people. The country has a population of 15,000. Fintech Business Work Permit / Global Entrepreneur Work Permit (GE Permit), $150,000 (donation) or $200,000 (real estate), $100,000 (donation) or $400,000 real estate, $150,000 (donation) or $200,000 real estate, $100,000 (donation) or $300,000 real estate, $100,000 (donation) or $200,000 real estate. Tourism is the islands primary industry, with over one million visitors each year. If you are looking to obtain citizenship in St Kitts and Nevis, you can apply for, St Kitts and Nevis Citizenship by Investment. The economy of Barbados is tied to tourism; the country is a favorite relaxation spot for vacationing British Citizens, as well as other Europeans. The service sector, and in particular the growing tourist trade, also plays an important role in the economy. It used to be based on sugar cane, which the country used to export in large quantities until the state-owned sugar cane processing company was closed down. In the Caribbean, the Cayman Islands are a group of small islands. Click this link to read more about Adam Fayed-. The British Virgin Islands (BVI), otherwise simply known as Virgin Islands, are a cluster of small islands, near the USVI. The latest numbers are out and here are the Richest Caribbean Islands that are Independent from other Countries. 1970 - Government declares a state of emergency after violent protests by "Black Power" supporters who demand a solution to unemployment and an end to foreign influence over the economy. She is worth $4.1 B and ranks #752 on the Forbes Billionaires list. As usual, the widely accepted metric of measuring what countries are richer than others is the GDP per capita; which calculates the economic output of each person. The dual island nation of Saint Kitts and Nevis comes in at number three with a GDP per capita income of 29,098. The average per capita income in the country is 85,748 US dollars. In this section, we will take you through the richest Caribbean islands. The. This island country is home to around 300,000 people and a GDP of $5.3 billion. Grenada has honed in on the rising demand for eco-tourism and provides a series of eco-friendly guesthouses. By investing in real estate in the country or contributing through government donations, foreign investors can apply for the Antigua and Barbuda Citizenship by Investment Program. It offers a gorgeous array of mountains, hot springs, waterfalls and fresh water lakes which have earned it the enticing nickname of 'Nature Isle of the Caribbean'. Bananas alone account for more than 60% of the workforce, and 50% of merchandise exports. Bermuda, Cayman and British virgin islands are the top richest and wealthiest islands in the caribbean. GLOBAL CITIZEN SOLUTIONS UNIPESSOAL LIMITADA | NIPC 516027212 AMI 17987 | . He is worth 2.1B and is listed at #1517. With a GDP per capita income of 33, 516, its the Bahamas. The economy of the Dominican Republic benefits from tourism, but other sectors such as agriculture, food processing, and retail commerce are also important. The Netherlands currently holds Aruba as a territory. 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Still, its thriving financial sector and reputation as a low tax environment for offshore corporations have, if not entirely saved the day, at least earned it a place among the richest Caribbean islands. Tourism, offshore company incorporation and management, offshore banking, captive insurance, and fishing are the primary industries of Anguilla. St Kitts and Nevis is also the smallest sovereign state by landmass, in the Western Hemisphere. Maria is a French-British English literature graduate. Poor in natural resources however, the island is very dependent on exterior trade with the US, Ireland and Japan for materials. Top 10 Richest Caribbean Countries 2023 - that will be the topic of today's article. 9 St Vincent and the Grenadines - $11, 047 GDP per capita The island where The Pirates of the Caribbean was filmed does not gather its riches from gold-filled treasure chests, but from agriculture. The country has a population of close to 300,000 people and a per capita income of 16,357 USD. St Vincent and the Grenadines' tourism industry is growing, though, as it's a particularly attractive destination for yachting enthusiasts and golfers. Bermuda is located in the Caribbean region but politically is an overseas territory administered by Britain. How many Russians have left during war - and who are they? 1797 - A British naval expedition captures Trinidad from Spain. At various times in the past, the government has tried introducing other industries to the island, but few have proved successful. The region is also one of the top-performing Caribbean nations in the offshore financial services industry. Grand Cayman, Cayman Brac, and Little Cayman are the most popular areas in the region and are famous for their scuba diving, snorkeling sites, and luxury resorts. Read about our approach to external linking. He managed to hold onto a valuable 65% stake in National Commercial Bank Jamaica, which now makes up the majority of his wealth. The Bahamas is a popular vacation destination for Americans and Europeans, who flock there in droves. It also attracts visitors looking for beach and water sports holidays. Barbados has a GDP per capita income of $18,866. Agriculture and fishing are also significant revenue generators in the country, and retail commerce has a bright future. WE ONLY DEAL WITH INVESTORS WHO ARE EXPATS OR HIGH-NET-WORTH/SELF-CERTIFIED HIGH-NET-WORTH INDIVIDUALS, ON A NON-SOLICITATION BASIS. The Cayman Islands Anguilla is a self-governing UK overseas territory consisting of the main island and other offshore islets. A volcanologist with a PhD in Geology, specialising in Geochemistry, he first ran for political office in 1981. Cuba, Curaao) received 3 percent or less of the response. The region is also one of the top-performing Caribbean nations in the, St Kitts and Nevis is a member country of CARICOM, OECS, and OAS. But with luxury villas and resorts popping up like pieces on a Monopoly board, spread out amongst 7,000-some idyllic islands, which countries and destinations are the most sought-after for a little off-the-desk time? Track your investments 24 hours a day, around the clock from around the world. Indentured workers brought in from India to work on sugar plantations. 1. Huge anti-government protest in Polish capital Warsaw, Oil prices rise as Saudi Arabia pledges output cut, Mortgage rates 'squeeze' and 'Phil won't watch Holly'. Since, however, things have turned around for the island. It has a population of 71,000 people, and these are not poor people. Eight of the larger islands are connected by bridges, but the rest are accessible by boat. Though this boosts the island's GDP at the moment, reliance on this single crop makes the economy extremely vulnerable to external factors such as natural disasters and plant disease. This is a beautiful country with peaceful, friendly people, but unfortunately, it is overshadowed by countries like the Bahamas and Barbados. Her nomination for the post by the ruling People's National Movement (PNM) was endorsed by the opposition United National Congress party. 1. The health services are effective, and the crime rate is very low. High-income economy due to the tourism industry, Visa-free travel to more than 140 popular destinations around the world. The United States Virgin Islands are made up of three main islands: Saint John, Saint Croix, and Saint Thomas, as well as a slew of smaller islands that are connected by boat. Utmost International Collective Redemption Bond Review, Read the Full Declaration and Privacy Policy Here, 3. The largest is called Main Island, or sometimes just Bermuda. The economy of the Bahamas is boosted by tourism and its banking system. Hundreds of army soldiers mutiny in support, but their rebellion collapses within days. Falkland islands is a territory of Great Britain. Main Island, or simply Bermuda, is the largest. Program. Kashmir battles alarming drug addiction crisis, The mother bringing autism out of the dark in Iraq, China's growing comedy scene feels censorship chill. Just missing out on the top spot is Trinidad and Tobago, a twin-island nation with a GDP per capita income of 33, 026. The tourism industry employed approximately 85%of the territorys workforce. News Americas, NEW YORK, NY, Fri. April 8, 2021: The Caribbean region has 8 billionaires according to the Forbes Billionaire List of 2021. The 10 Best Places to Live in Colorado for Families, The 20 Most Futuristic Cities in the World, The 10 Richest Countries in the Middle East, The 10 Richest Countries in Latin America, Cruising with Atlas Ocean Voyages on an Epicurean Expedition, How Nick Cannon Achieved a Net Worth of $50 Million, The 10 Best Mercedes-Benz Sprinter Models of All-Time. The islands economy depends heavily on tourism, as over half the population is attached to the tourist industry. Even though these figures are a far cry from what you can find in the developed countries of Europe and America, it makes the Bahamas king of the Caribbean. Privately-run TV6 dominates the ratings in Trinidad and Tobago. While many people find living extremely expensive, the real estate industry continues to build luxurious penthouse apartments for the ultra-wealthy. The country is famous all around the world for its mild climate and beautiful beaches. 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