Cayman Islands
The Cayman Islands are located in the Caribbean. It is an island group in the Caribbean Sea consisting of Grand Cayman, Cayman Brac and Little Cayman.
The Cayman Islands consist of Caymanians and expatriates (ex-pats). Ex-pats are persons from other countries who have migrated to the Cayman Islands.
Its natural resources are fish, climate and beaches that foster tourism.
Its primary industries are international finance, banking, insurance, construction and tourism.
Learn more about the Cayman Islands:
Demographic Breakdown
General Residence Breakdown:
In July of 2004 the estimated population of the Cayman Islands was 43,103. The median age of all people who live in the Cayman Islands is 36.5. The population is nearly balanced among men and women, and is ethnically diverse.
Workforce Breakdown:
According to a study conducted, called the Labour Force Survey, in 2004 52% of the employment population were male and 48% were female. The majority of the workforce fell between the ages of 25-44.
The Impact of the Tourism
Caymanians and expatriates enjoy one of the highest outputs per capita and one of the highest standards of living in the world.
Tourism is also a mainstay. The tourist industry is aimed at the luxury, family and dive market, catering mainly to visitors from North America.
Tourism accounts for about 70% of GDP and 75% of foreign currency earnings.
Exchange rate of Caymanian dollar per US dollar varies locally, from 0.80 to 0.84, depending on where it is exchanged.
Arrivals exceeded 2.1 million in 2003, with the majority of tourists coming from the United States. 2004 was pacing to exceed 2002 and 2003 tourist arrivals prior to Hurricane Ivan (9/11/04).
A Thriving Financial Centre
As of December 2003, total assets in the Cayman Islands were reported at $1.058 trillion dollars US.
The Cayman Islands make up the world's fifth largest financial centre. 43 of the world's top 50 banks have holding licenses in the Cayman Islands.
With no direct taxation, the Cayman Islands are a thriving offshore financial centre.
Cayman Islands Median Income of Residents
In 2002, the Cayman Islands Chamber of Commerce conducted a salary and benefits survey. The study focused on 96 employers consisting of those in the banking and financial industry, professional services, hospitality and tourism, trade, construction and other industries. Many of Cayman's largest employers were included in the study.
Listed are the median incomes of the employees of these companies according to their title.
| TITLE: |
MEDIAN INCOME: |
| MANAGING DIRECTOR |
$107,500 |
CORPORATE BANKING MANAGER
|
$94,100 |
| GENERAL MANAGER |
$80,000 |
| COMPTROLLER |
$70,900 |
| INFORMATION SYSTEMS MANAGER |
$64,000 |
| ACCOUNTANT |
$49,000 |
| MARKETING MANAGER |
$48,000 |
| ENGINEER |
$46,500 |
| SALES MANAGER |
$42,000 |
| EXECUTIVE CHEF |
$40,000 |
DELIVERY PERSON
|
$25,200 |
| WAREHOUSE PERSON |
$24,200 |
| RECEPTIONIST |
$20,000 |
|
