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Americans highest income earners in VI – FSC report

Close to three in five Americans or 56 percent have a household income of more than $50,000.
ROAD TOWN, Tortola, VI – Americans appear to be the highest income earners in the Virgin Islands per year, followed by United Kingdom (UK) nationals, Virgin Islanders and then nationals from other Caribbean islands.

This is according to the Financial Literacy Survey report conducted by the Financial Services Commission (FSC) and made public in November.

“Close to three in five Americans or 56 percent have a household income of more than $50,000; close to one in three Britons (33 percent) have a household income of more than $50,000; more than one Virgin Islanders or 28 percent have a household of more than $50,000 and less than one in ten nationals or nine percent from the other Caribbean countries have a household income or more than $50,000,” the report revealed.

The income for American citizens also showed that 16 percent earn between $30,001 and $50,000 and 16 percent below $30,000; while 43 percent of UK citizens take home between $30,001 and $50,000 and 13 percent below $30,000.

Furthermore, the income bracket for Virgin Islanders indicated that 29 percent of the citizens earn between $30,001 and $50,000, while 27 percent earn below $30,000. Meanwhile, 29 percent of Caribbean nationals take home between $30,001 and $50,000 per annum and 46 percent fall below $30,000 bracket.

The national survey was conducted over the telephone from a random pool of anonymous phone numbers and carried out between April 19 and May 13, 2011. Five hundred and thirty-five individuals over the age of 18 were interviewed. Its objectives were to measure, using a questionnaire by the OECD International Network on Financial Education, to measure financial literacy and provide national benchmarks; compare levels of financial literacy across countries and describe levels of financial literacy in terms of key social-demographic groups and explanatory variables and identify needs and gaps.

18 Responses to “Americans highest income earners in VI – FSC report ”

  • This is not surprising (02/01/2012, 10:37) Like (0) Dislike (0) Reply
    Trust me this aint a surprise. Hope Government is looking
    • billy b (02/01/2012, 11:27) Like (0) Dislike (0) Reply
      Aint much government could do for us at this point, however I appreciate that they are now allowing us to take home 5000 more dollars before taxes
    • geoff (02/01/2012, 12:15) Like (0) Dislike (0) Reply
      Who is an American? Someone born in the USVI? I hope the government is looking and also the US government as all American citizens regardless of where they reside have to pay federal taxes
    • Well Sah (07/01/2012, 17:05) Like (0) Dislike (0) Reply
      Government, FIA and FSC need to find a way to make these Americans and Europeans declare their true income. They do not pay taxes locally on more than half their true salary. And because UK Nationals are not resident at home, they do not pay taxes their either. Look at the figures on the work permit applications. No way a lawyer with over 3 years experience and working for an international firm makes less than $50,000 annually - no way. But no one is examining these work permit applications. And because they claim to make a certain amount on the work permit application, and the application is approved, no one thinks twice about what they pay for taxes. Since when a secretary who is a belonger pays more taxes annually than a lawyer. Pleaassssssse. Government need to stop being taken for a ride. Either that or if they want to keep hiding their money, make them pay taxes on every $1.00 they make, no exemptions for certain professional expats. This may sound unfair but it is not more unfair than them taking the BVI Government for fools!
  • Just saying (02/01/2012, 11:51) Like (0) Dislike (0) Reply
    Check out Little Dix Bay, American and European staff, high income, free food, free rent, free telephone, free telephone
  • Observer (02/01/2012, 12:21) Like (0) Dislike (0) Reply
    Not surprisingly, economic opportunities are greater on the US mainland and Americans on average do have better incomes than people in the Caribbean. If the survey called phone numbers randomly and encountered Americans, a good portion of them were likely not permanent residents but people with income from US sources residing here on a short term basis.
  • the truth (02/01/2012, 13:32) Like (0) Dislike (0) Reply
    has to do with the whie thing whites helping whites trust me!
    • unreal (02/01/2012, 15:03) Like (0) Dislike (0) Reply
      So where did you read about the colour of someones skin? Are you saying there are no black Americans? Some of you people have your heads so far up your own backsides that your intestines have become entwined with your brains.
      • Devon O (02/01/2012, 15:34) Like (0) Dislike (0) Reply
        i agree its a network of people helping each other ...check places like Nanny Cay, Little Dix, Peter Islands, other big resortson VG and see the clour of the sink that are making the big $$$$$$ and yes the work permit was appoved by us! Our country going to the dogs we have lost it!
  • Quiet Storm (02/01/2012, 16:01) Like (0) Dislike (0) Reply
    How reliable and scientific is this survey? How open are Virgin Islanders and residents to truthfully divulging their income to strangers? How valuable is this information? Per the survey, less than one-third(28 %) of Virgin Islanders surveyed earned $50K or greater. Does the 60% of Americans surveyed earned their income in the BVI or is it a combination of retirement, interest, or dividend income? If the Americans income is solely from BVI sources, there is much to glean from the info. Are Americans occupying top level managerial/supervisory positions in the financial and tourism industries? Are they occupying technical positions? And if so the Ministries of Education and Labor need to investigate and take corrective action. The BVI should not see external investment as a zero sum process.; it should be mutually beneficial with mutual interest. Nonetheless, on the other hand it (BVI) needs to take care of its own as all other nations do. It need to train its citizens to fully participate in the economy.
  • waste (02/01/2012, 18:46) Like (0) Dislike (0) Reply
    This is an incomplete survey and fails to serve much purpose unless the study included other questions and results that have not been included in the article. The study should include the type of positions held by the high income earners and the low income earners as well their level of education and professional certification held. The professional lawyers, accountants etc have industrdy standards. The firms in the BVI would have no professionals in them if they did not offer salaries comparable to what are the norm in North America and Europe etc. As for non professionals, and positions in the hotel/restaurant industry these are the jobs that when advertised the locals fail to apply for. A more. Pertinent study would have been to compare apples to apples.
  • last resort (02/01/2012, 22:53) Like (0) Dislike (0) Reply
    what else you expect, a certain race controls the economics of the BVI..so do not blame it on the Americans there are black Americans too
  • WELL SAID!! (02/01/2012, 22:59) Like (0) Dislike (0) Reply
    It amazing how things work out, other nationals and BVIslanders at the bottom when it come to earning a living in the BVI, yet still you find islanders (bvISLANDERS) fighting islanders while the US and UK nationals earn the big dollars. Its time we support each other and develop this country.
  • Seriously (03/01/2012, 04:20) Like (0) Dislike (0) Reply
    A typical survey like this also includes salary based on race and gender. This is done globally and I hope the FSC did not refrain from having such information complied and reported.
  • Not2Sure (03/01/2012, 17:06) Like (0) Dislike (0) Reply
    Very interesting. Of course, like all these surveys - everyone has to assume that people being asked told the people taking the survey the truth. Personally, I never like to tell anyone in the Government (or anyone else) what I earn.


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