These are the richest islands in the world

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Nothing captures the imagination quite like an island of luxury and excess. Believe it or not, there are 46 island nations in the world, and many of them are home to the world’s elite. Here are the 20 richest island nations in the world, according to the International Monetary Fund’s rankings of GDP per capita.

Palau – $16.27K
Located in the South Pacific, Palau is a collection of over 500 beautiful, picturesque islands. Formerly a territory of the United States, Palau became a sovereign nation in 1994. It owes its status as one of the richest island nations to a strong tourism industry, which attracts the world’s wealthy to its many private islands and exclusive resorts.

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Seychelles – $16.38K
Seychelles is not only one of the world’s richest island nations, it’s also one of the wealthiest nations in Africa. It owes some of this economic success to a thriving tourism industry for the world’s elite, including Prince William and Kate Middleton. Seychelles is also a haven for offshore banking and has been labeled a haven for “tax-dodgers.”

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Trinidad and Tobago – $16.93K
Trinidad and Tobago consists of two islands in the Caribbean with a bustling tourism industry and, more importantly, a wealth of national resources such as oil and gas, that keep its economy moving. As a major shipment point in the Caribbean, Trinidad and Tobago is also a hub for cocaine smuggling, which contributes to the country’s relatively high crime rate.

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Antigua and Barbuda – $17.48K
Despite high rates of inequality and poverty, Antigua and Barbuda retains a high GDP thanks to its tourism industry and its status as an offshore tax haven for Western industrialists such as Texas billionaire Allen Stanford, who invested heavily in Antigua and operated an offshore bank on the island nation before being convicted of creating a massive Ponzi scheme.

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Saint Kitts and Nevis – $17.96K
Saint Kitts and Nevis attracts many tourists to its beautiful islands every year. In recent years, however, this tropical paradise has become a centre of investment for its valuable passport, which allows visa-free access to 128 countries. The catch, however, is that you must invest in the nation if you’re planning to call yourself a citizen.

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Barbados – $18.37K
Barbados is one of the most well-developed nations in the Caribbean, with a thriving tourism industry and a reputation as a tax haven. Not many billionaires reside in Barbados full-time, but numerous members of the super rich own property on the idyllic island, including the owners of the Sandy Lane, one of the most exclusive resorts in the world.

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Aruba – $24.88K
Like many islands on this list, Aruba relies on tourism for its economy. This can be treacherous when global markets are slow, but recent years have been good to Aruba. In 2013, the Ritz Carlton, Aruba opened, lending the Caribbean nation a touch of class and helping it earn a reputation as a playground for the rich.

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Taiwan – $25.53K
Unlike many of the wealthy island nations on this list, Taiwan has a sizeable population and a long-standing industrial base. In recent years, Taiwan has become a major hub for electronic exports. Despite increasing tensions and competition from mainland China, Taiwan retains a strong, independent economy.

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Bahrain – $26.53K
Bahrain is a small island state in the Persian Gulf, with much of its wealth coming from the discovery of oil, but Bahrain has diversified by liberalizing its economy and becoming a major hub for tourism and trade in the region. The wealthy from the Gulf States flock to Bahrain for its liberal nightlife and more tolerant legal system.

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Cyprus $27.86K
Located in the Mediterranean Sea, Cyprus is an island nation with a distinctly European flavour. Some of the island is currently under the occupation of nearby Turkey, but Cyprus continues to prosper. In recent years, Cyprus has attracted wealthy foreigners to invest in the island, with the promise of quick access to Cypriot passports.

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Malta – $30.56K
Like other island nations on this list, Malta attracts wealthy foreigners to the Mediterranean island with the promise of a convenient passport. As a member of the European Union, Malta’s passport is attractive to outsiders. Likewise, its promise not to tax nationals on income or wealth earned abroad makes the Maltese passport an ideal choice for the world’s wealthy.

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Puerto Rico – $32K
The US territory of Puerto Rico was harmed by the effects of Hurricane Maria in 2017, yet its GDP remains strong compared to its Latin American neighbours. This could be due to trade, Puerto Rico’s connection to the United States, the use of the US dollar, and stronger labour regulations than neighbouring states.

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The Bahamas – $34.33K
Like several other island nations on this list, the Bahamas attracts tourists with its beautiful tropical beaches and high-class resorts, as well as tax laws that have caused some to describe it as a tax haven. In addition, celebrities like Johnny Depp and Eddie Murphy own private islands in the Caribbean nation.

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Japan – $40.11K
Japan might seem like an odd fit for this list, considering it has the world’s third-largest economy, but it is still an island. Japan owes much of its current stature to the post-war “economic miracle” that occurred between the 1960s and 1990s, allowing the island nation to become a global hub for culture, design, auto manufacturing, and, most importantly, technology.

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New Zealand – $41.62K
In recent years, New Zealand has become a hub for the world’s technology elite, even wooing Silicon Valley investors and entrepreneurs like Peter Thiel. Advocates for the island explain that it owes this reputation to a welcoming business climate unencumbered by the regulations of starting a business in the United States.

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United Kingdom – $48.26K
The United Kingdom may have a long reach around the globe, but the country itself consists of the island of Great Britain (along with Northern Ireland). The United Kingdom has long been one of the world’s wealthiest nations, thanks to a long history of imperial conquest, innovation, and long-established trade routes with former colonies.

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Hong Kong – $48.23K
Hong Kong, currently a pseudo-autonomous “Special Administrative Region” of the People’s Republic of China, became a centre of trade in Asia as a colony of the British Empire. Presently, as Asia’s economy continues to grow, Hong Kong is benefitting from that history. The region now has more multi-millionaires than New York City.

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Singapore – $61.23K
Singapore was recently the setting for the Hollywood film Crazy Rich Asians, which speaks to the city-state’s high GDP and concentration of wealth. Located at the tip of southern Malaysia, Singapore has historically benefited from being a hub for trade in Asia, and it has long attracted the continent’s wealthiest businesspeople and elite to its shores.

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Ireland – $75.19K
Ireland has a long history of emigration due to poor economic circumstances, which is why you can find signs of the Irish diaspora around the world. In recent years, however, Ireland has attracted corporations and big tech companies with its business-friendly tax policies, allowing it to become one of the wealthiest island nations in the world.

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Iceland – $75.7K
Cold and remote Iceland, located in the middle of the Atlantic Ocean, once had an economy that relied mostly on fishing. However, Iceland has diversified its economy in a number of ways over the past half a century, investing heavily in tourism, financial services, and natural resources, making it the richest island nation in the world.

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