The question “Would Bermuda and the Cayman Islands become the richest countries if they were independent?” was asked recently on Yahoo Answers.

Both are overseas commonwealth departments of the UK. In Bermuda the cost of living is really high, the average rent for a 1 bedroom is 2200 USD and groceries and other imported goods are triple the price of the USA but salaries are REALLY high in Bermuda. The average Bermudan salary is 150,000 USD a year. There is also no income and sales tax. Poverty level by U.S. standard is also nonexistent in Bermuda because wages keep up with the cost of living.

The Cayman Islands also has no income tax. The average salary in the Cayman Islands is 35,000 USD a year but cost of living is much cheaper compared to Bermuda and Unemployment is non-existent.

Qatar and Luxembourg were ranked the richest countries in the World but would Bermuda or the Cayman Islands top them if they were sovereign nations?

THE ANSWER

“Doubt it. Qatar is the richest country in the world because it sits on the world’s largest reserve of natural gas.”

Both persons who asked the question and answered seem to have a huge lack of knowledge about the Cayman Islands.

The perception of the riches of the Cayman Islands is because of all the press relating to Mitt Romney’s vast fortune here along with others and the amount of money held in Cayman’s banks. Is the questioner assuming that if Cayman was independent it could dip into these funds and actually use it for itself? Most likely the reverse would be true as this perception of self-dipping would be sure to have an investor removing his funds immediately.