Why is Barbados so developed?

Offshore finance and tourism have been important sources of growth. With strong foundations of economic freedom supported by notable transparency and efficiency, the Barbados government's economic policies are focused on attracting international companies.



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Barbados is a middle-income country with a diversified economy built on tourism and offshore banking and has one of the Caribbean's highest incomes per capita.

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Besides bilateral cooperation, China and Barbados are like-minded partners in meeting global challenges. As a small island vulnerable to the climate crisis, Barbados has been an outspoken advocate for concrete climate action. This sense of urgency is echoed by China.

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In addition to gorgeous beaches, rich marine life, and breathtaking coastal scenery, Barbados is famed for the dramatic Harrison's Cave, a limestone cavern discovered in the 18th century, just outside the village of Holetown. You can travel through the cave system, which stretches a mile long, by electric tram.

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Bonus: Ten interesting facts about Barbados
  • Barbados' name was once “Los Barbados” ...
  • The grapefruit originated in Barbados. ...
  • You can visit one of the 18 last remaining Concorde planes at the airport. ...
  • Cattlewash beach in St Andrew is known for its healing properties. ...
  • Holetown was the first settlement in Barbados.


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The cost of living in Barbados is relatively high compared to other Caribbean countries. This is due in part to the high cost of imported goods and services, as well as the relatively high wages paid to workers on the island.

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Based on these estimates, 2.5 percent of the population in Barbados (7 thousand people in 2021) is multidimensionally poor while an additional 0.5 percent is classified as vulnerable to multidimensional poverty (1 thousand people in 2021).

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Barbados Economy Is Barbados a wealthy country? Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities.

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