A popular Web site has compiled a list of the 10 richest independent countries in the Caribbean, and as expected, The Bahamas came out on top. The Bahamas is also the third richest country in the Americas, following the United States and Canada. Tourism boosts the Bahamian economy massively, accounting for 60% of GDP and providing employment for over half of the island’s population. The island nation of Barbados is the world’s 53rd richest and the Caribbean’s second richest country in terms of GDP per capita. Although the economy was highly dependent on agriculture in the past, rapid urbanization in the 20th century shifted the focus from agriculture to other economic sectors. Anguilla is a group of islands in the Caribbean. This is a list of Latin American and Caribbean countries by gross domestic product at purchasing power parity in international dollars according to the International Monetary Fund's estimates in the October 2018 World Economic Outlook database.. Each island has its own famous sons and daughters. The World Bank portfolio in the Caribbean (excluding Haiti) totals US$1.73 billion in IBRD and IDA financing for 45 projects.Several countries are also recipients of Trust Fund financing. St Kitts and Nevis is also the smallest sovereign state by landmass, in the Western Hemisphere. It has more than 600 billionaires, according to Forbes. By the Caribbean Journal staff. It is located to the north of Cuba in the Atlantic Ocean. 1 decade ago. Due to the coastal location of the country and the facility provided to non-residents to establish accounts in the country, drug trafficking and money laundering cases are common. All countries have a stash of funds somewhere, but this does not always get to the people. List of the richest countries in the Caribbean. British Virgin Islands (BVI) are made up of 4 big islands, and 32 smaller islands. 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 World Bank in its 2014 World Development Report, noted that oil-rich Trinidad and Tobago with a GNI of US$14, 440 is one of the wealthiest and well-developed nations in the Caribbean. Belize. St Martin is a bringing together of two territories of Saint-Martin ( French side)  and the Saint Maarten (Dutch side). As a matter of fact, Barbados is a poster boy for countries that depend on tourism for their income. Eight of the larger islands are connected by bridges, but the rest are accessible by boat. Agriculture accounts for about 5 to 7% of the national GDP. However, it has currently slid down to number three on the list, as of 2019. Top 10 Richest Celebrities in the Caribbean. The Bahamas with a gross national income (GNI) of US$21, 280, is one of the richest countries in the Americas. Inland and island countries in the Caribbean region, even if technically not in the Caribbean Sea itself, are included. Tourism boosts the Bahamian economy massively, accounting for 60% of GDP and providing employment for over half of the island's population. According to their 2018 GDP ppp these are the top 10 richest islands in the Caribbean 2018 edition. We answer some questions from the comments and discuss why Guyana will become the richest country in the Caribbean. The World Bank released its 2014 World Development Report report, which includes data on GDP per capita. 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”. When it comes to countries however,  the picture is much broader. About 85% of the territory’s workforce was engaged in the tourist industry. I came across an article on Caribbean Net News about the top 10 richest countries in the Caribbean, and I went across to check out Canadian website Aneki.com, who compiled the rankings. The US boasts numerous mega stars like Jay-Z, Lady Gaga, Sting, Industrial mineral production in the country is also an important economic activity. The World Bank in its 2014 World Development Report, noted that oil-rich Trinidad and Tobago with a GNI of US$14, 440 is one of the wealthiest and well-developed nations in the Caribbean. Lv 7. Located in Central America, Costa Rica is the Caribbean region's fourth richest economy by GDP per capita. Bermuda is a territory encompassing 181 islands. The country attracts over half a million visitors every year, and most of them ( 80%) are from the United States. The Bahamas is an archipelagic country made up of over 700 islands, islets, and cays. The country has a population of 104,000, and these are not poor people. The health services are effective, and the crime rate is very low. After Europe, the Caribbean is the second-most popular getaway for the wealthiest 1 percent and 5 percent of travelers: 47 percent are considering a … The information and finance services also contribute significantly to the national economy. 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. The Bahamas. Although historically, agriculture was the mainstay of the economy of Barbados, the focus has currently shifted to tourism and manufacturing. 10. The Caribbean has produced many celebrities. Many foreign companies thus operate here of which nearly 50% are American companies. The economy of the country can be described as fairly stable with moderate rates of inflation and a fairly high rate of GDP growth. It has a population of 71,000 people, and these are not poor people. 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. When it comes to countries however,  the picture is much broader. The industrial and the agricultural sector contribute about 18.6% and 5.5% to the national GDP of Costa Rica. The country is rich in natural resources with its most profitable exports being minerals, oils, agricultural products, sugar, precious stones, etc. The territory has a population of 400,000. Sports: Top Pro Golfers Top Pro Tennis Players Top Formula One Drivers Highest Paid NBA Players » More The main industries are tourism, offshore company incorporation, and management, offshore banking, as well as insurance. The island nation of Barbados is the world’s 53rd richest and the Caribbean’s second richest country in terms of GDP per capita. With an average gross national income of US$7,110 Grenada is ranked as the third wealthiest OECS country and sixth in the Caribbean region according to 2014 World Bank Development Report. This is probably the best place to set up your company or stash your money for the long term. Your email address will not be published. Rock n’ Roll, Hip Hop, Pop, Country and the other popular music genres in the West have stars that make millions of dollars every year. It has the most expensive and powerful military on the planet — supposedly to defend the people. The fishing industry is also doing well. The Bahamas is also the third richest country in the Americas, following the United States and Canada. The country is famous all around the world for its mild climate and beautiful beaches. People can only live quality lives when they have the opportunity to make a good living. Trinidad and Tobago . The country has a population of close to 300,000 people and a per capita income of 16,357 USD. The islands … As of 2016, 75.9% of the national GDP is contributed by the services sector. 10. GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific … Barbados. The government of the country is focussing on developing the tourism sector in the country. 5 Answers. Bermuda has no corporate taxes. nearly 2.5 million tourists per year visit USVI, most arriving on cruise ships from the United States. Top 10 Richest Cities In The California 2020. Although it is the smallest sovereign state in the western hemisphere, it has a booming economy, dominated by tourism, manufacturing, and agriculture. With an estimated 5.7 million tourist arrivals in 2012, it is one of the most-visited Caribbean islands. Some of them are millionaires and have a huge fan following worldwide. This is a list of Latin American and Caribbean countries by gross domestic product (nominal) in USD according to the International Monetary Fund's estimates in the October 2020 World Economic Outlook database.. Cuba is not included in the list due to lack of economic data. 3. The Bahamas economy is based on tourism and finance. 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. Top 10 Richest Celebrities in the Caribbean. Answer Save. Luxembourg (GDP per capita: $119,719) The World Bank released its 2014 World Development Report report, which includes data on GDP per capita. The construction business and tourism sector are the fastest growing industries in the country. So what’s the “wealthiest” country in the Caribbean, according to GDP? It’s Aruba, with a GDP per capita of $23,353, followed by the Bahamas at $22,217 and Trinidad and Tobago at 21,323. The Bahamas with a gross national income (GNI) of US$21, 280, is one of the richest countries in the Americas. Enter your e-mail address: The economy is dependent on tourism and the country is a major offshore financial center with the US dollar used as the primary currency. Bermuda’s two largest economic sectors are offshore insurance and tourism. The Richest Countries In The Caribbean presently. In Sint Maarten, the World Bank manages a reconstruction and resilience trust fund financed by the Netherlands.. The people of this country enjoy fairly high standards of living. This is a highly developed and rich country. In addition to being the wealthiest country in the Caribbean region, the twin-island nation of Trinidad and Tobago has one of … With over 700 islands and cays, the Bahamas once took the top spot as the richest Caribbean country. Bahamas Is The Richest Country In the Caribbean. Favorite Answer. It is the richest country in the Caribbean region by GDP per capita. Puerto Rico is not listed since it … The economy of the nation is small but thriving. The largest is called Main Island, or sometimes just Bermuda. Barbados is an island country located in the Lesser Antilles of the West Indies, which is in the Caribbean region of North America. It is mainly a private enterprise economy. The building construction industry is also thriving in Barbados. Richest Countries In The Caribbean. Its Sultan regulates everything from the military to the economy, imposing unique punishing rules but also providing free education and medical care for its citizens. The people of this country enjoy fairly high standards of living. 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 most important economic sector is banking; the Bahamas is a great place to keep your money. The country has a population of 15,000. OFFICIAL FORBES LIST: 2017 Top 10 Richest Countries in the Caribbean. Eight of the larger islands are connected by bridges, and are the populated islands Bermuda became an associate … 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. Rock n’ Roll, Hip Hop, Pop, Country and the other popular music genres in the West have stars that make millions of dollars every year. Many of the tourists come by sea, already enjoying the waters and beaches before they are booked in as tourists. The U.S. Virgin Islands are famous all around the world for their white sand beaches. The Turks and Caicos Islands are a small group of islands in the Caribbean. The island nation of Barbados is the world’s 53rd richest and the Caribbean’s second richest country in terms of GDP per capita. Banking and other financial services are the second biggest contributor to the Bahamian economy, accounting for about 15% of the GDP. Each island has its own famous sons and daughters. This is one of the best places to set up your business or store money for the long term. Major crops grown in the country include onions, tomatoes, sugar cane, sweet potatoes, okra, and a few others. This used to be home to the British sugar cane plantations. With over 700 islands and cays, the Bahamas once took the top spot as the richest Caribbean country. The British Virgin Islands (BVI),  otherwise simply known as “Virgin Islands”, are a cluster of small islands, near the USVI. Having gained independence from Britain in 1984, the small country of Brunei situated in South Asia, quickly grew to become one of the richest countries in the world. Top 10 Richest List, Interesting Rankings Hub. The Caribbean Sea, its islands, and the surrounding coasts on continental mainland together represent the Caribbean region. GDP per capita: $ 20,240.91 The first country on the list with a GDP per capita exceeding $20,000, Estonia is another former Soviet bloc country that now stands as a parliamentary republic. The British Virgin Islands is an overseas British territory, and British Virgin Islanders are British Overseas Territories citizens. 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 per capita income is 17,924 USD. The Caribbean region is made up of 25 independent countries and other territories. Let’s see the top 10 richest Caribbean celebrities as of 2019, based on Celebrity Net Worth’s estimates. The country has the Caribbean’s largest stock exchange. Yet way more people have died in the U.S. of the coronavirus — over 360,000 as of Jan. 3 — than in any other country in the world. Costa Rica. This is a list of Latin American and Caribbean countries by gross domestic … Bermuda is located in the Caribbean region but politically is an overseas territory administered by Britain. US Virgin Islands are a group of islands in the Caribbean, which are controlled by the government of the United States. Looking at Luxembourg in particular, the GDP of the country in 2017 was 107,053 USD. It’s the Bahamas, with a GDP per capita of $21,280. Anguilla is a self-governing country but is technically an overseas territory of the United Kingdom. Today, agriculture accounts for only about 6.6% of the Colombian GDP while industry and services account for 19.6% and 64.6% of the national GDP, respectively. That’s no surprise considering tourism is booming in this tropical paradise. The US boasts numerous mega stars like Jay-Z, Lady Gaga, Sting, The Richest Caribbean Countries. Here is the definitive list of the top 55 most affluent countries in the world, starting with the wealthiest country. Bolton slams Trump's 'incoherent' rant on military. From there, you can determine which states are wealthiest and then list the countries in descending order, from richest to poorest. Some of them are millionaires and have a huge fan following worldwide. The country’s economy can be described as a well-developed mixed type economy. Bermuda is a popular destination for holidays among American, Canadian and British citizens. Required fields are marked *. https://www.newsamericasnow.com/meet-the-caribbeans-only-billionaires This list of Caribbean countries and dependent territories is sorted by the mid-year normalized demographic projections. However, it has currently slid down to number three on the list, as of 2019. Belize is a Central American country with a coastline on the Caribbean Sea. 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. Colombia is the fifth most prosperous economy in the Caribbean region. Bermuda has 181 islands, the largest island is Main Island, sometimes called Bermuda. So what is the richest country in the Caribbean Community, ranked by GDP per capita? Tourism boosts the Bahamian economy massively, accounting for 60% of GDP and providing employment for over half of the island’s population. In … The Richest Countries In The Caribbean presently. 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 country’s economy can be described as a well-developed mixed type economy. Entertainment: Highest Grossing Movies Top iTunes Songs Top Selling Games Top Rated TV Shows » More. Although historically, agriculture was the mainstay of the economy of Barbados, the focus has currently shifted to tourism and manufacturing. Bermuda the highest population and richest among the British overseas territories with one of the world’s highest GDP per capita with a population of 71,000. St Kitts depends on tourism, agriculture, and light manufacturing industries. The country relies heavily on the export revenue earned by the export of petroleum and oil, and agricultural products. The Cayman Islands is a group of small islands located in the Caribbean region. The per capita income is 25,000 USD. what is the richest country in the caribbean? Custom World Map Most Popular: Richest Most Populated Largest Most Expensive Poorest Cleanest Richest People Fastest Top 10 Lists. The encouraging investment and tax policies of the country favor foreign investment in the region. Without further ado, we now give you the top 10 richest countries in the Caribbean. The official name of the country is the “Virgin Islands”, but the prefix “British” is often used. The country is a British overseas territory (BOT)  with a population of 23,000 USD. The per capita income of the country is   33,394 USD. This will then translate into upliftment in other areas of life, including healthcare, education, a better living environment and so on. All countries have a stash of funds somewhere, but this does not always get to the people. By Oishimaya Sen Nag on February 1 2018 in Economics. The generally accepted measure of a country’s wealth, therefore, is the standard of life of the people. Relevance. Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. THE Bahamas is the richest country in the Caribbean community ranked by gross national income per capita, according to a new report. Haiti which has been a troubled nation since the deadly earthquake in 2010 is the poorest country with a GDP per capita of US$ 874. The economy of the country relies heavily on the tourism industry. Such activities have a negative impact on Belize’s economy. The "L" Word. They have the highest GDP in the Caribbean and the 8th highest in the world. Notify me of follow-up comments by email. Gender-reveal party inventor wants 'stupid' trend to stop. The country has a per capita income of 34,899 USD, and the economy is mostly supported by tourism. They are the same people but were colonized by those 2 European superpowers. The sector accounts for over 60% of the national GDP and employs nearly 50% of the national workforce. That’s no surprise considering tourism is booming in this tropical paradise. The main industry of the island is tourism with over one million visitors annually. 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 per capita income is 23,614. The Bahamas is followed by … How Trump's billion-dollar campaign lost cash advantage Colombia. The Caribbean has produced many celebrities. The defense is the responsibility of the United Kingdom. Your email address will not be published. The rankings are based on each country's Gross Gross Domestic Product (GDP) per capita. The country has a per capita income of 64,103 USD, making it the second richest British territory. All maps, graphics, flags, photos and original descriptions © 2021 worldatlas.com, French Speaking Countries in the Caribbean, The World’s Largest Oil Reserves By Country, Top Cotton Producing Countries In The World. The country’s people have a per capita income of 85,748 US Dollars. Let’s see the top 10 richest Caribbean celebrities as of 2019, based on Celebrity Net Worth’s estimates. The islands have a population of 64,000 people, and they are not poor people. By the Caribbean Journal staff. Bermuda’s economy is boosted by 2 major sectors: offshore insurance and tourism. With an estimated 5.7 million tourist arrivals in 2012, it is one of the most-visited Caribbean islands. The country has an estimated population of 391,232 people. The Caribbean is a region in North America which is made up of 25 independent countries and other territories. List Of 10 Poorest Caribbean Countries 2020 The fifth richest Caribbean country in 2019, St. Kitts and Nevis, has a GDP of 31,095. The richest economies in this region are as follows: The Bahamas is an archipelagic country made up of over 700 islands, islets, and cays. Some lists include Bermuda, which is located about 1,590 kilometres (990 mi) from any Caribbean island, Guyana and Belize. There are no income tax, capital gains tax, or corporation tax. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window). Actually that island nation/territory with the highest GDP is the Cayman Islands with an avearge income of $42,000 per person. The Bahamas is also the third richest country in the Americas, following the United States and Canada. With an estimated 5.7 million tourist arrivals in 2012, it is one of the most-visited Caribbean islands. 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. Sugar cane and banana are the chief crops grown in Belize. So what is the richest country in the Caribbean … The per capita income is 29,493 USD. 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