By Simon Jones, Senior Reporter, Bermuda Sun

World Bank reports show the island’s residents are materially well off

Big spenders

Top 10 countries ranked by consumption per capita

1. Bermuda                $37,924

2. US   $37,390

3. Cayman Island     $34,020

4. Hong Kong             $32,690

5. Luxembourg          $32,000

6. Norway                   $31,014

7. Switzerland            $29,465

8. UAE                        $29,463

9. Germany                $28,478

10. Austria                 $27,677

Bermudians are right at the top of the tree when it comes to material well-being, according to a World Bank Study.

Bermuda’s high cost of living contributed to the island ranking first in individual consumption per capita among 199 countries.

Bermuda came above the United States in second place and the Cayman Islands in third place.

The study used purchasing power parity (PPP) calculations, which adjust for price levels and exchange rates to allow comparison of disparate economies.

Actual individual consumption (AIC) refers to consumer spending by households and spending on goods and services for individuals, such as on health care and education, by government and non-profit institutions.

The report states the “AIC per capita provides a general measure of material well-being of each economy’s population.”

According to the study, and PPP-based, Bermuda’s actual individual consumption per capita value is $37,924 — just over $500 more than the US in second.

Meanwhile, the actual individual consumption per capita value for the Cayman Islands is $34,020.

Rounding out the top 10 were Hong Kong, Luxembourg, Norway, Switzerland, the United Arab Emirates, Germany and Austria.

The bottom 10 countries all have values less than $400.

Using a different formula that is exchange rate-based, Bermuda still comes out on top at $67,145.

Last week the Bermuda Sun revealed that the island had been named as the third most expensive country in the world to live in the same study.

The International Comparison Program data was compiled by World Bank in 2011 and released in Washington last week.

IMAGE: *iStock photo