Bermuda’s economy is based on tourism and international business. It has been highly successful in both ventures, and now boasts one of the highest per capita incomes in the world. Tourism, although less important to the economy than it was a generation ago, is still a substantial contributor. Some 400,000 people holiday in Bermuda, most of them from the east coast of the US. The Bermuda dollar is at par with the American dollar, making life as simple as possible for visitors. Financial services now account for 60% of Bermuda’s Gross National Product. Bermuda is a renowned centre for international business, with particularly strong insurance, investment fund and trust sectors. The captive insurance sector is the world’s largest. |
It wasn't until 1815 that it became the governmental as well as business captial of the island. The City of Hamilton generates more than $3 billion a year towards the Bermudian gross domestic product. It is the biggest captive insurance centre in the world as well as competing in reinsurance with New York and London. There are Fortune 500 companies, the Taipans of Hong Kong, the major accountants, some of the best legal talent anywhere and all types of insurance. The city is fully wired underground, including a fibre-optic circuit with reliable power.
The Corporation of Hamilton manages the city under the elected Mayor and council members. They are responsible for the streets, the docks, sewerage, garbage, parking, open spaces and more on an annual budget of approximately $20 million. Hamilton is a a very clean city with several parks making them a favourite lunchtime spot - Par-La-Ville Park, Victoria Park and Barr's Park.
Bermuda is a stable, intelligently-run Island with a highly sophisticated infrastructure. It continues to have the confidence of the economic world, with both Moody’s and Standard & Poors giving it very high ratings. Moody’s gives it an Aa1 rating on foreign currency country ceilings and Aaa for domestic currency ratings. Standard & Poors gives Bermuda an AA long-term credit rating and an A-1+ short-term credit rating. Both agencies give Bermuda a stable, unlikely-to-change outlook for the future. Bermuda, therefore, is likely to remain one of the world’s most exclusive and sought-after destinations for both tourists and international business, for the foreseeable future. Check out these other web sites: |
