The World Bank released its 2014 World Development Report, which includes the wealth of the Caribbean. The information is data of its main criterion for classifying economies, the gross national income (GNI) per capita.
The GNI per capita is the gross national income of a country divided by its total population. It is also the sum of value added by all resident producers, plus any product taxes (less subsidies) not included in the valuation of output, plus net receipts of primary income (compensation of employees and property income) from abroad.
Here are the rankings of the top 10 countries in the Caribbean, based on GNI.
10. Jamaica $5,140 (GNI)Jamaica has a mixed economy with both state enterprises and private sector businesses. Major sectors of the Jamaican economy include agriculture, mining, manufacturing, tourism, and financial and insurance services. Tourism and mining are the leading earners of foreign exchange. Half of the Jamaican economy is generated by income coming from services such as tourism. An estimated 1.3 million foreign tourists visit Jamaica every year.
9 thoughts on “Top 10 Caribbean Nations Based on Gross National Income”
Per capita? Not having figures for Dominican Rep, Cuba, Barbados and Haiti is a major omission.
Barbados Cayman Islands etc should have been in the top ten
hooray for saint lucia
what an idiotic article…it is missing several caribbean nations but includes surinam…lol
Trinidad and Tobago!
Cuba? income per capita? around $240.00 if you are a professional.
Cindy Lee Dominica might be poor but it is rich in its people I love Dominica.
Mr. Thorpe has prepared an excellent report with stunningly beautiful photos that should make us all proud. He states that the World Bank Report “…. Includes the wealth of the Caribbean….” I believe that it is important to quickly add a few footnotes to the heroic leap to “WEALTH” that Mr. Thorpe has made that could send the wrong message. (1) The World Bank Report says absolutely nothing about wealth. Neither should Mr. Thorpe. He has correctly reported in the title of his submission exactly what the World Bank says and means. The Report deals with GROSS NATIONAL INCOME, and that alone. (2) There is a big difference between INCOME and WEALTH. Income appears in your paycheck each and every month. The entry-level K1 Janitor has a budgeted INCOME of $12,120 “PER ANNUM”. It is a FLOW concept that flows to him each and every year. (3) By contrast, his WEALTH is composed of the pair of used and abused sneakers that he wears to work, the bicycle that he fully owns, and his gold chain. His wealth may be appraised and valued “AS OF DECEMBER 31, 2014”. It is a STOCK measure.
Trinidad and Tobago has WEALTH. It is richly endowed with petroleum reserves which are appraised “AS OF” a specific date. St.Kitts and Nevis has neither petroleum, gold or platinum reserves. A review of the World Bank Report will show that it has been very deliberate in not using the words “WEALTH” in discussing INCOME. St.Kitts Nevis has performed well in the INCOME that it has generated in large measure because of its sale of Citizenship By Investment.
Separately, WEALTH is a very difficult to measure. One will be hard-pressed to find any comparator data published that reports the wealth of countries in the region. I will quickly add that it also presents special challenges for the US. which reports the measure only infrequently. By contrast, INCOME measures are often reported monthly. Wandering through the homes of more than 300 million persons trying to value the accumulated assets/wealth under each roof is.
not a trivial task.
And Dominican Republic?