Bermuda's Economy
Bermuda has one of the highest standards of living in the world. Its per capita GDP is one of the highest in the world.
Much of its success is due to the primary driver of its economy; international business. Over 300 international companies, attracted by limited taxation and good infrastructure, have set up physical offshore operations in Bermuda. These include reinsurance companies, investment companies and mutual funds. There are a further 11,000 companies registered in Bermuda but having no physical presence. Irrespective of their physical location, all these companies make a significant contribution to Bermuda’s economy.
The second major component of Bermuda’s economy is tourism. Though it is not the mainstay of the economy it once was, Bermuda does continue to attract a large number of visitors (642,000 in 2006). The vast majority of visitors come from the US, followed by those from Canada and the UK.