Which Caribbean Country Makes the Most Money?

White sand beaches, rich cultural heritage, world-class infrastructure, modern amenities, positive economic growth, and a thriving tourism industry make the Caribbean region one of the most attractive places to live, work and invest.

The rich Caribbean countries are often home to high-net-worth individuals and millionaires from all across the world. This article will help you understand which Caribbean country makes the most money.

Considering GDP (Gross Domestic Product) per capita income, Bermuda, Cayman, and the British Virgin Islands are the richest most developed Caribbean countries. The GDP per capita is used as a parameter worldwide to determine how rich a particular country is by assessing the average wealth and income of each individual in the country.

The Wealthiest Caribbean Countries

In this section, we will take you through the richest Caribbean islands.

Bermuda

Consisting of 181 islands, Bermuda is one of the most populated and wealthiest Caribbean countries among the British Overseas Territories. This Caribbean nation has the highest GDP per capita: $110,000 and a population of 71,000, making it the richest Caribbean country in 2024.

Offshore insurance and tourism are the most significant sectors with high economic returns. The country also levies no corporate tax on residents. Bermuda attracts more than half a million tourists every year due to its natural beauty, picturesque landscape, and excellent infrastructure provided by its significant wealth.

The Cayman Islands

Renowned for being one of the largest offshore financial paradises, the Cayman Islands attracts massive amounts of foreign investment. The Caribbean island and British Overseas Territory is home to people from more than 100 nationalities and cultures.

Consisting of around 64,000 people, this British Overseas Territory is the second richest Caribbean country in terms of per capita income. 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. The region has its currency, the Cayman Islands dollar (KYD), which stands at US dollar US$1.20 to 1 KYD.

Since the country levies no income tax, capital gains tax, or corporation tax, the largest number of offshore companies in the Caribbean region are registered under its jurisdiction, contributing to its reputation as one of the Caribbean region’s richest islands.

The US Virgin Islands (USVI)

The main islands of Saint Croix, Saint John, Saint Thomas, and other small islands make up the US Virgin Islands in the Caribbean. The region is well known for its white sand beaches, pristine natural beauty, and warm and welcoming population. Owing to all these factors, the US Virgin Islands (USVI) attracts around 2.5 million tourists per year and tourism accounts for the rise in the GDP of the territory and its reputation as a wealthy Caribbean nation by per capita GDP. In addition to tourism, trade & commerce and other service-specific jobs are predominant in the area.

Since the Virgin Islands is an unincorporated and organized territory of the United States, the islands high-net-worth residents are also US citizens, placing the nation among the highest-ranking nations in the top 10 richest Caribbean countries list by GDP per capita.

The British Virgin Islands (BVI)

Known as the Virgin Islands, this British Overseas Territory in the Caribbean has a population of around 30,000. It comprises the main islands of Tortola, Virgin Gorda, Anegada, Jost Van Dyke, and more than 50 minor islands.

The islands have a thriving tourism industry, making up 45 percent of the rich Caribbean nation’s national income. Like other British Overseas Territories, the island is also one of the top-performing Caribbean nations financially due to its offshore financial services industry. The residents of the region are British Overseas Territories citizens. Since 2002, they have also been qualified as British citizens. The British Virgin Islands is also a member of CARICOM.

The Bahamas

The Bahamas consists of around 16 major islands and is one of the most sought-after tourist destinations in the world. Owing to its significant tourist and finance sector, this island country is one of the richest countries in the Caribbean by GDP per capita, with a GDP of $12 billion against a population of 400,000 people.

The country is a tax haven, imposing no income tax, corporate tax, capital gains tax, or wealth tax, attracting some of the world’s richest people and celebrities, including Oprah Winfrey, and Tiger Woods. In addition to tourism, offshore international financial services and the banking sector account for a significant percentage of the GDP.

Anguilla

Anguilla is a self-governing UK Overseas Territory consisting of the main island and other offshore islets. The region is famous for its beautiful coral reefs, charming beaches, and tropical forests, attracting tourists worldwide. Anguilla significant wealth is driven by tax-friendly regime, including no capital gains, estate, profit, sales, or corporate taxes. Tourism, offshore company incorporation and management, offshore banking, captive insurance, and fishing are the primary industries of Anguilla.

Although the US dollar is widely accepted and used in the region, Anguilla also has its currency, the East Caribbean dollar.

St Martin

World famous for its luxurious beach resorts, remote coves, delectable cuisine, and exciting nightlife, St Martin in the Caribbean comprises two different territories–Saint Martin (French Caribbean) and Sint Maarten (Dutch Caribbean).

The island makes the Caribbean countries’ richest list by attracting over one million visitors every year due to its natural beauty and excellent infrastructure. According to the International Monetary Fund (IMF), the island’s economy depends heavily on tourism, as over half the population is attached to the tourist industry.

Saint Kitts and Nevis

Located between the Atlantic Ocean and the Caribbean Sea, this country is famous for its mountains, picturesque beaches, tropical forests, and former sugar production plantations. After the sugarcane industry’s downfall, this nation primarily depends on tourism, agriculture, and manufacturing to yield the maximum income.

St Kitts and Nevis is a member country of CARICOM, OECS, and OAS. If you are looking to obtain citizenship in St Kitts and Nevis, the St Kitts and Nevis Citizenship by Investment Program is the most successful Caribbean CBI program, making the St Kitts one of the wealthiest nations in the Caribbean. The program attracts wealthy investors and foreign direct investment. All these factors make St Kitts and Nevis one of the wealthiest Caribbean islands by GDP and Purchasing Power Parity (PPP).

Barbados

Barbados is an Eastern Caribbean state that is famous for its picturesque beaches, botanical gardens, colonial buildings, and rich culture. This island nation is home to around 300,000 people and produces a GDP of $5.3 billion.

The island nation has a dynamic economy, and the tourism industry dominates most of it. According to the International Monetary Fund (IMF), nearly 40 percent of tourists that visit the island are from the United Kingdom, followed by the US and Canada, all contributing to its substantial wealth.

Antigua and Barbuda

Situated between the Atlantic Ocean and the Caribbean Sea, Antigua and Barbuda is a beautiful island with over 96,000 people. Like the other countries in the Caribbean, Antigua and Barbuda has a thriving economy that is heavily dependent on tourism, which has elevated its ranking up the Caribbean nation’s rich list.

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. The Antigua and Barbuda passport allows visa free travel to over 150 countries in the world.

In addition to this, the country also provides tax freedoms to high-net-worth residents. For instance, the country has no income tax on worldwide income. As per the World Bank, the GDP per capita of Antigua and Barbuda is $14,900.

St Lucia

Be it picturesque landscapes, charming white sand beaches, a warm and tropical climate, or a thriving economy, St Lucia has it all and is among the top 20 richest Caribbean countries by GDP per capita. The country has a growing tourism industry and offers a relaxed island lifestyle. The St Lucia Citizenship by Investment Program of St Lucia also has many benefits.

For example, you can include your family members in your citizenship application and visit 140 plus countries without a visa. Moreover, as a St Lucia resident, you are not required to pay any capital, wealth, or inheritance tax in the country.

The Richest Countries by GDP

Here is the list of the richest Caribbean countries by GDP, according to the World Bank.

Citizenship/residency in the Caribbean islands

Benefits of Caribbean Citizenship

Obtaining a passport from any Caribbean country has various attractive benefits, including:

• No Caribbean taxation on international income, wealth, inheritance, gift, or capital gains taxes.
• There are hardly any residency requirements to obtain Caribbean citizenship.
• High-income economy due to the tourism industry
• Thriving real estate market
• Attractive Caribbean Citizenship by Investment Programs
• Relaxed island lifestyle
• Visa free travel to more than 140 popular destinations around the world

Frequently Asked Questions about Caribbean Countries

Which is the most powerful Caribbean country?

In terms of mobility, the passport of Barbados is the most powerful among the Caribbean states. With a Barbados passport, you can travel to more than 160 countries across the globe without a visa.

Which is the richest island country in the world?

In terms of GDP per capita, Bermuda has the highest GDP in the Caribbean and is the wealthiest Caribbean country and one of the richest island countries in the world by Purchasing Power Parity.

Which country has the largest economy in the Caribbean?

According to Statista (2021), Puerto Rico and the Bahamas have the biggest economy in the Caribbean.

What is the main source of income in the Caribbean?

Since almost all the islands in the Caribbean region are attractive tourist destinations, the most significant source of income is from tourism. Caribbean nations like the Cayman Islands and Turks and Caicos Islands earn significant income from the financial services industry.

How does tourism impact the economies of the richest Caribbean island nations?

The Caribbean is a popular destination for tourism, and countries such as the Bahamas, Barbados, and Trinidad and Tobago heavily rely on tourism as a primary economic driver. According to the IMF’s World Economic Outlook, specific countries in the Caribbean community are diversifying their economies and increasing Purchasing Power Parity (PPP) by investing in finance, information technology, renewable energy, agriculture, and citizenship by investment.