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With one of the world's highest per capita income levels, Bermuda has no reason to hide its affluence. The Bermudian government also doesn't hide its clear preference for well-to-do visitors, and it's easy to see why.
Humble Beginnings
When colonists first came to Bermuda, cotton and tobacco were the earliest crops grown on the island. However, the settlers quickly switched to sugarcane production as a main means of income. This precipitated the importation of many slaves and became the island economy's mainstay for quite some time.
Tourism Takes Hold
As with most islands, the major turning point in Bermuda's economy was the switch from an agricultural economy to one based in the tourist trade. Bermuda now offers a wide range of tourist-friendly options year round and benefits from its proximity to the U.S. mainland.
Banking On It
Bermuda has also turned its eyes toward international business and insurance. This is the islands' top trade, sometimes surpassing even tourism. While some believe that nervousness about the effects of independence on this trade stopped Bermuda's people for vying for their own sovereignty, they are far from cramped by their political status.
Odds and Ends
You may also find brisk trade in fuel for airplanes and ships in Bermuda. Agricultural exports and fishing also provide income to some of Bermuda's people. However, workable land is rare, and much of the islands' food must be imported. Similarly, housing costs and other living costs are much higher than those in the U.S. and Canada.
History Speaks
Bermuda's economy wasn't always strong. In fact, the island suffered during the depression of the 1930s. Later, social unrest spurred by segregation caused further changes in the economy of the island. The country's involvement in international business and its tourism-based economy were both negatively effected by the events of September 11, 2001, although much of this strength has been regained as of late.
Nonetheless, Bermuda's stable history has allowed it to cultivate one of the most profitable communities in the world. From sugarcane to international business, the economy of the island has grown and changed with the times, while much of the islands' culture has remained the same.
Before you leave for your vacation, take a few minutes to learn about the history of Bermuda.
Travelers interested in the local culture of Bermuda may want to learn more by reading this informative article.
Make sure that you're prepared for a vacation in Bermuda by following our easy planning guide.
