Bermuda was in the news recently, thanks to the national cricket team taking part in World Cup 2007 in West Indies. We’ve all heard jokes on FM channels about how the team would come on to the field clad in ‘Bermudas’, etc. – but let’s get down to business now. The sleepy, mid-Atlantic holiday destination (a former British colony) is in news for all the right reasons: no, not for the ‘Bermudas’, but the fact that it’s becoming one of the most sought-after global financial and business hub. The capital of the chain of tiny islands (that together go by the name of Bermuda!), Hamilton, now plays host to around 13,000 companies, who’ve flooded the place with ambitious plans. So much so, that the skyline is rapidly changing and many feel that the island, which boasts of magnificent beaches, will soon lose its charm. Many of the historical landmarks are being brought down as more and more commercial development is taking place. But though the old school is complaining, the truth of the matter is that all this booming business has made Bermuda one of the richest places in the world today. In fact, it’s the third-richest place in the world if you go by per capita Gross Domestic Product (GDP). According to Standard & Poor’s Rating Services, Bermuda has a per capita GDP of $80,320.
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Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative