Top 10 Richest Countries In The Caribbean (2023)

The Caribbean is not a region noted for huge wealth, but the richest countries in the Caribbean is a list that shows that there is hope for something better in the future if progressive economic policies are sustained.

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 GDP per capita figures attributed to Caribbean countries are comparable to the figures obtainable in central and eastern Africa. Caribbean countries have the population to sustain investment.

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. 

Top 10 Richest Countries In The Caribbean

1. Bermuda 

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 

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 taxes, capital gains taxes, 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) 

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) 

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. The Bahamas

The Bahamas has a GDP per capita of $33, 516, making it’s one of the top richest countries in the Caribbean. 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. The Bahamas has a population of 393,248, and the country is stable and developing.

The economy of the Bahamas is boosted by tourism and its banking system. The Bahamas is a favorite location for Americans and Europeans on vacation, and they troop into the country in high numbers. Many people from developed countries even choose The Bahamas as the place to spend their retirement. They then spend the rest of their lives on the beach, while enjoying the money coming in from their retirement funds. The Bahamas is also one of the best-known tax havens and capitals for setting up shell companies.

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 taxes, corporate taxes, capital gains taxes, 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. Trinidad and Tobago

The twin islands of Trinidad and Tobago have a GDP per capita income of $33,026. Trinidad and Tobago is the second richest country in the Caribbean. The country has a population of about 1.4 million people, and is a tropical country, with pleasant weather.

The economy of Trinidad and Tobago is boosted by tourism, industry, and petroleum. Agriculture and fishing are also important sources of revenue in the country, and there is plenty of potential in retail commerce for the future.

Trinidad and Tobago has a bit of a reputation as a good site to locate financial services companies that provide their services to rich people in Europe or America, who like to invest their money without paying taxes.

7. Anguilla 

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.

8. Saint Kitts and Nevis

With a per capita productivity of 29,098, Saint Kitts and Nevis is the third wealthiest Caribbean Country. Saint Kitts and Nevis has a population of about 53,192 people which makes it a rather small country- in fact, this is the smallest country in the Western Hemisphere. 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 Saint Kitts and Nevis is boosted by tourism. It used to be based on Sugar Cane which was exported in large quantities, but the state-owned sugar cane processing company has been shut down. 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.

Some people choose this country as a place for their retirement; you can even get citizenship if you have enough money.

9. Antigua and Barbuda

Antigua and Barbuda have a GDP per capita of 27,542, making it the fourth richest country in the Caribbean. 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.

Antigua and Barbuda is boosted by tourism; this accounts for about half of its generated revenue. 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. Some sectors that are becoming more important to the economy of Antigua and Barbuda include Financial Services, as well as communication, and transportation.

10. St Martin 

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.

11. Turks and Caicos 

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.

12. The Dominican Republic

With a GDP per capita income of $19,452, the Dominican Republic is one of the richest countries in the Caribbean. This country has a population of about 10.85 million making it one of the largest countries in the region.

The economy of the Dominican Republic benefits from tourism, but other sectors such as agriculture, food processing, and retail commerce are also important. The Dominican Republic is the second-largest producer and exporter of sugar cane in the world and is also a major exporter of refined petroleum, bananas, and cigars. The country has been making new trade partners over the last ten years, which means that new markets are opening up.

13. Barbados

Barbados has a GDP per capita income of $18,866. This is a small country has a population of 287,371 people. There is plenty of British influence in this country; the people regularly drink afternoon tea and play cricket.

The economy of Barbados is tied to tourism; the country is a favorite relaxation spot for vacationing British Citizens, as well as other Europeans. Sugar production is also very important in this country. Retail commerce is also becoming increasingly important.

14. St Kitts and Nevis 

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.   

15. Barbados 

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. 

16. Grenada

Grenada has a GDP per capita of $16,003, which makes it one of the richest countries 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.

The country is boosted by tourism, as well as agriculture. The country exports crops such as nutmeg, mace, cocoa, and banana in large quantities; and that contributes to the revenue. Recently, Grenada is becoming more important as a tax haven where sovereign wealth funds are domiciled.

17. Saint Lucia

Saint Lucia has is a small island country in the Caribbean with a population of about 183,629. The country has a GDP per capita of $15,225, making it one of the richest countries in the Caribbean. This is a beautiful country with peaceful, friendly people, but unfortunately, it is overshadowed by countries like the Bahamas and Barbados.

The economy of Saint Lucia is dependent on tourism, but before that, Bananas accounted for most of the country’s revenue. Nevertheless, both agriculture and tourism have huge potential for growth in Saint Lucia.

18. Saint Vincent and Grenadines

Saint Vincent and Grenadines has a GDP per capita income of $11,965, making it one of the richest countries in the Caribbean. The country has a population of about 110,947, making it one of the bigger countries in the region as well.

The economy of the country is boosted by agriculture; bananas being the major export. The country is making efforts to diversify its economy, but most of the productivity is still tied to this single source.

19. Jamaica

Jamaica has a GDP per capita income of $9,726 earning it a position on the list of the richest countries in the Caribbean. This used to be a leisurely country known for its perfect beaches and reggae music. Jamaica has declined in the last 20 years, but the country of about 3 million people has much to offer.

Jamaica’s economy is boosted by tourism, but now the financial services sector, food processing, as well as retail commerce are becoming more important.

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Conclusion

The richest countries in the Caribbean are those that have established themselves as the favorite destinations for tourists, especially from Europe and America. Furthermore, many of these countries are tax havens that attract shell companies and sovereign wealth funds.

Many rich citizens of western countries like to retire to the Caribbean and enjoy their lives in peace on the beaches. There are many ways that the countries in this region could develop and improve the quality of life of their citizens.