Most of us admire the most powerful countries around the world and how they were able to maintain their status as top sovereign nations in terms of their economic prowess, diplomatic relations, and strong political influence. However, while having a competitive economy and friendly ties among other countries can contribute to both wealth and power for any sovereign nation, there are other regions that greatly thrive in autonomy. These non-sovereign territories or dependencies don’t fall behind especially when it comes to wealth and robust economy.
The Basque Country for instance, is one of Spain’s autonomous regions and it ranks first in terms of per capita income. Although self-governing, this non-sovereign territory is one of the first Spanish industrialized region, thanks to the abundance of iron ore and a highly-skilled workforce. What makes it different and extremely wealthy compared to other territories like Catalonia for example is how it was able to maintain its industrial economy’s diversity, focusing more on the long-term economic boost and investing greatly on human capital.
Bermuda, a British Overseas Territory in the North Atlantic Ocean, derives its wealth from being a world-class and tax-neutral offshore financial center. In 2014, it was reported that a total of $31 billion was held by over a hundred ultra-high-net-worth individuals living in the territory, most of which entrust their wealth to some of the island’s top financial managers, such as LOM Financial. In the same year, it was included in the “A List Islands” for the super-rich because of its attractively “rare and exclusive” nature over its mainland counterpart. Bermuda is also a favorite playground among yachting enthusiasts. In fact, it just recently hosted the 35th staging of the America’s Cup.
Another non-sovereign territory that’s topping the list of the wealthiest autonomous regions in the world is Macau, also known as the “Las Vegas of Asia.” From this nickname alone, you’ll get the idea why tourism flourished in this leisure and gambling capital. The impressive fact is, it’s making more cash from its casinos than its American counterpart. In fact, the gambling industry in Macau is seven times bigger than that of Las Vegas. Furthermore, Macau is a haven for luxurious hotels, casinos, and studios.