Great scuba diving. Highly recommend a visit. :-)

>is a vassal state of the global one percent as a tax shelter

Just FYI, to be in the global one percent you need an income of $32,400 per year

That won't get you into the global 1%.

Around 70 million people are earning more than $50,000 per year in the US.

Western Europe, Canada, Australia, Japan, South Korea, China, etc. combined also have a very large number of people similarly over that line.

Your figure probably needs to be 100% higher.

Do you have a source for that? We're pushing 7 billion people on the planet.

Here's a source that uses that $34k figure: https://www.investopedia.com/articles/personal-finance/05061...

That's pretty straightforward. There are 128 million people working full-time jobs in the US. The full-time median income in the US is between $48,000 and $52,000 for 2019 depending on your source. The BLS says it's about $48k for the third quarter of 2019.

The often quoted lower median figure, in the $30,000s ($34,000x for 2019; it was ~$33,700 for 2018), is the median income for all US workers, including people working relatively few hours.

Being conservative, the US has at least 60x million people making $50,000 or more per year. That's ignoring anything that doesn't show up in the BLS numbers.

Now consider how massive the rest of the global economy is and the tens of millions of people in dozens of other countries with high incomes. The US all by itself eliminates the possibility of $34,000 being the 1% line.

With the strict US median at the $34,000 line, that's ~78 million workers at or above that level. Again, that's for one country.

China has a very large number of people earning around the US median now, due to their scale. They add tens of millions of more people to the over $34k group. Then include Western Europe, they add tens of millions more. And so on.

Good point. Looks like my number is outdated, it's from the worldbank data from a decade back

Individual or household?

Their legislative branch is extremely competent at evaluating and passing competitive laws for business and banking, their executive branch is extremely competent at providing the administrative services and modern digital facilities for international business and banking, and their judicial branch is extremely competent at resolving disputes.

The government's budget is also balanced without passive taxation of this sector.

Most jurisdictions, whether they are other island nations or a state in the US are not competent in any of these regards and this has utility on this planet.

It would be an understatement for me to just point out how much I don't care how uncompetitive other nations are in this regard, and I also don't care about the challenges for them to become competitive.

>Their legislative branch is extremely competent at evaluating and passing competitive laws for business and banking

as if races to the bottom are challenging

>this has utility on this planet

The only utility the Caymans serve is unfettered human greed.

If my sole purpose was to be good at X things, I'd be good at them.

Somebody tell the British Virgin Islands, St. Kitts & Nevis and the Seychelles

They seem to have missed the memo :D

I feel like if I had said the Caymans was incompetent I feel the replies whether from you or others would have said “well of course they are” but anyway their regulators and public servants are often US educated at prestigious universities