Based on its economic indicators, Bermuda is considered a rich country.
Bermuda's Economic Status
According to available information, Bermuda enjoys one of the highest per capita incomes in the world. This key metric is a strong indicator of the average wealth and standard of living within a country or territory, positioning Bermuda among the world's most prosperous economies.
Key Economic Characteristics:
- High Per Capita Income: Bermuda ranks exceptionally high globally in terms of income per person.
- Steady Prosperity: The island has experienced consistent economic growth and stability for a significant period since the end of World War II. While it faced a mild recession in the early 2000s, this mirrored broader economic trends, such as those in the U.S., and did not fundamentally alter its wealthy status.
Pillars of the Economy:
Bermuda's robust economy is built primarily upon two strong sectors:
- International Business: This includes financial services, insurance, and reinsurance, attracting global companies and high levels of investment.
- Tourism: The island's natural beauty and infrastructure support a valuable tourism industry, drawing visitors seeking leisure and business opportunities.
These sectors contribute significantly to the high income levels and overall economic health, distinguishing Bermuda as a wealthy territory rather than a poor one.
