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Bermuda's wealth stands out, earning it the title of the fourth richest place on the planet based on GDP per capita—which is an impressive $120,000 USD according to the World Bank. The absence of local taxes attracts affluent individuals and corporations, especially in finance and insurance, which causes a remarkable economic concentration in such a small area. However, this prosperity comes at a price, making Bermuda one of the most expensive places to live in the world, particularly in its capital city, Hamilton.
In terms of currency, Bermuda uses the Bermuda dollar, pegged to the US dollar on a one-to-one basis. While US currency circulates freely on the island, it remains unofficial.