Stay Connected
Atlanta Black Star/Caribbean
CaribbeanWorld

World Bank: Jamaican Immigrants Most Likely to Reinvest in Their Home Country

Posted byBy Tracy | Published on: CommentsComments (0)

jamaican immigrantAs Caribbean nations continue to be buffeted by serious economic challenges, their “very well educated” Diasporas living abroad are already investing in business ventures back home.

With 80 percent of the Caribbean diaspora holding college degrees; 65 percent working in the private sector in the U.S., Canada, the United Kingdom and elsewhere; and a quarter described as well-off with either a net worth or annual incomes more than $100,000, “these affluent and accredited individuals are of critical importance in making informed investments back home,” according to a World Bank report. “They tend to have a level of investment sophistication and business acumen that promotes best practices among investees, demands accountability and results, and can have a major contribution to the development of Caribbean economies.”

Those conclusions were based on the results of a study conducted among almost 1,000 “self-identified members of the Caribbean Diaspora” who live and work in cities and town across North America and the United Kingdom with at least half based in New York, London, Toronto and Miami.

Interestingly, Jamaicans showed the highest level of interest in investing in their birthplace, with 62 percent indicating they would put some of their resources in their homeland. Next were Trinidadians, with 34 percent expressing such investment interest; Barbadians 24 percent; Guyanese 15 percent; Bahamians 13 percent; Grenadians 11 percent; Haitians 11 percent; Antiguans 8 percent; Dominicans 7 percent; and Kittitians 6 percent.

‘Over 85 percent of Diaspora members give back to the Caribbean in some way, shape or form. While the majority send remittances, make donations, buy property or invest in a venture, many others are involved as volunteers or mentors” stated the report titled, “The Caribbean Diaspora: A Source for Venture Investment?”

According to the World Bank:

•Almost half of those interviewed had incomes between $50,000 and $100,000; slightly more than one in five made $100,000 to $200,000; five percent made more than $200,000; while one in three had an annual income that was between $50,000 and $100,000 .

Source: nycaribnews.com

Still independent.

We hope this story was worth your time. For over 14 years, Atlanta Black Star has stayed Black-owned and independently run. We didn't get here by waiting on ad budgets that were never built to prioritize us. Our readers did that.

Corporate support for Black media has always been thin. Outlets like ours get roughly 1% of the $170 billion spent on U.S. advertising each year, and that margin is shrinking further as advertisers walk back the DEI-linked commitments they made in 2020. That's the backdrop. It's not why we're asking.

The wider picture isn't any steadier. Newspaper ad revenue has fallen more than 80% since 2005, and local newsrooms are closing at a rate of roughly two a week nationwide. When outlets go under, it's rarely the ones built to center a Black perspective from the ground up that get to stick around.

We know a request for support isn't why you came here. But without readers choosing to fund this work directly, the depth of reporting we can do at home and abroad shrinks along with everyone else's. If you're not in a position to give, that doesn't change how much we value you as a reader.

If you are able to, a recurring contribution does more for us than a single one-time gift, because it lets us plan the next investigation instead of just the next invoice. It takes about 30 seconds, no long form, no account. Thank you for continuing to support independent journalism and freedom of the press.

Give once Give monthly Support another way

Related Stories

Back to top