The number of high net worth individuals in the Caribbean has increased by 2.1% according to a recent Wealth-X report. With at least US$30 million in assets, these 1,155 super-rich are spread across the entire region. Below we share some highlights and a graphic detailing population and combined net worth for each Caribbean destination.
Highlights from the Wealth-X Caribbean Wealth & Investment Report 2015
* The 1,155 ultra high net worth individuals are spread across 28 Caribbean destinations and have a combined net worth of US$190 billion.
* The Caribbean-based ultra high net worth individuals represent just 0.55% of the global population of 211,275 ultra high net worth individuals.
* Only three Caribbean destinations have over 100 ultra high net worth individuals; this includes the Dominican Republic with 265, Puerto Rico with 110 and Bermuda with 102.
* 67% of the Caribbean based ultra high net worth individuals relocated from another country with the majority coming from the United States, the United Kingdom, and Canada.
* One of the driving factors for growth is the current value of luxury properties in the region which are 10-15% below their 2008 highs and increased more than 10% in 2013 and 2014.
* Lower taxes, as well as some Caribbean destinations offering residency permits and citizenship, are two other major reasons for the growth of ultra high net worth individuals in the region.
* Smaller Caribbean destinations like Montserrat with a population of just 5,000 rank well against some of the larger islands, having 10 ultra high net worth individuals with combined net worth of US$2 billion.
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Top photo: Living room view of Palazzate, a 75,000 sq ft luxury beachfront mansion for sale in Barbados. Asking price: US$125million. Contact: Alistair Brown 1-246-262-8112 or 1-772-341-0132
Ursula Petula Barzey
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