Caribbean is home to many HNW millionaires. Some of the wealthiest caribbean islands for years have attracted rich and wealthy for exotic holidays, low taxes and luxury real estate.
There are 14 million millionaires in the world in 2019. A small percentage of them frequently visit Caribbean and some of them call home.
So how many millionaires are there living in the Caribbean? We have some answers for you.
The Caribbean Millionaires
There are close to 1100 millionaires living in the Caribbean countries and this number is projected to increase by 2022.
|Wealth distribution||$5 million||$50 million||$500 million|
|2012||210||<= 20||<= 10|
|2016||230||<= 20||<= 10|
|2017||230||<= 20||<= 10|
|2022||330 (48% increase)||<= 20||<= 10|
Source: Knight Frank Wealth Report 2018
The Caribbean does not have many billionaires, but a handful of billionaires frequently visit and live in Caribbean islands.
The Caribbean has been ranked sixth in attracting inflows of millionaires, according to Global wealth migration report 2019.
The report said the caribbean region had 2000 HNW millionaires inflows in 2018, up by 3% in Bermuda, Cayman, Virgin Islands, St Barts, Antigua, St Kitts Nevis etc.
A small percentage of these millionaires have already acquired second passports from Caribbean countries through citizenship by investment schemes.
According to Knight Frank Attitudes Survey 2019,
- 36% of UHNWIs already hold a second passport, up from 34% last year, and
- 29% are considering for second passports
- 26% planning to emigrate permanently, up from 21%.
Caribbean Property Prices
There is a trend these millionaires invested in luxury homes in the Caribbean.
In terms of per square meter property prices, Bermuda, BVI and Barbados have the most expensive property prices.
|Country||Property prices per square meter|
|British Virgin Islands (BVI)||$ 6,469|
|Cayman Is.||$ 4,163|
|Turks & C. Is.||$ 3,884|
|St Kitts and Nevis||$ 3,496|
|St Martin||$ 3,267|
|US Virgin Islands||$ 3,235|
|Trinidad & T.||$ 2,334|
|Neth. Antilles||$ 2,162|
|Dom. Rep.||$ 2,078|
|St Lucia||$ 1,860|
|Puerto Rico||$ 1,007|
Source: Global Property Guide