Bermuda: A High-Income Country

Bermuda is a high-income country (World Bank classification). Key indicators:

• GNI per capita (2021): $120,430 — top 20 globally.
• GDP per capita (PPP): ~$118,000 — among world's highest.
• Economy drivers: International business (insurance/reinsurance #1), tourism, financial services.
• No income tax on individuals; payroll tax (employer/employee), consumption duties.
• Currency: Bermuda dollar (BMD) pegged 1:1 to USD; USD circulates freely.
• Standard of living: High; low unemployment; excellent infrastructure, healthcare, education.

Challenges: High cost of living, housing affordability, reliance on foreign labor, climate vulnerability, OECD/G20 tax pressure.

Bermuda is a British Overseas Territory with internal self-government; UK handles defense/foreign affairs.