INVEST BERMUDA
Everything is within walking distance in Hamilton
CAPITAL
GAINS
Of all the world’s capital cities, Hamilton must rank among the smallest and the most prosperous
I
t takes up fewer than 200 acres — about the size of a field in Texas or a small farm in Europe — and yet the City of Hamilton generates almost $4 billion a year towards the Bermudian gross domestic product. It is a staggering statistic, all the more surprising because Hamilton doesn’t look remotely like a money machine. Hamilton isn’t exactly sleepy either but it is sedate on the surface. Scratch that surface, though, and you might be stunned by the scope and sophistication of the business and financial activity. It is, after all, the biggest captive insurance centre in the world as well as ranking high in reinsurance along with
New York and London. All this with a population of just 1,100, swelling to almost 14,000 during the working day. Centrally located with a magnificent natural harbour, Hamilton has been in existence since the 18th century. However, it wasn’t until 1815 that it became the governmental as well as the business capital of the Island. Two centuries of experience have ensured that the Hamilton Corporation, under the leadership of an elected Mayor, runs the city with quiet efficiency. The Corporation is responsible for the streets, the docks, sewerage, garbage, parking, open spaces and more. And a citywide closed-circuit TV system is keeps the lid on crime.
With the exception of rushhour traffic jams, it all works. The Corporation manages the city on an annual budget of approximately $20 million. Hamilton is scrupulously clean and, thanks to its string of fragrant pocket parks, unusually green and leafy. A generation ago, Hamilton’s streets were lined with gracious old buildings, which have given way to contemporary office buildings to meet the demand of international businesses. But by the standards of business cities worldwide, it still remains idyllic. Also, those office buildings are at least partly responsible for Bermuda’s stunning prosperity. Within their walls are at least half the Fortune 500 companies, the Taipans of Hong Kong, the big four accountants, some of the hottest legal talent anywhere, and those world-beating insurers. It is surely no exaggeration that any service you might need is less than 10 minutes’ walk from anywhere else in Hamilton: the point being that it is not merely small but surprisingly complete. As for telecoms and IT, the city is fully wired underground, including a fibre-optic circuit, and the supply from the nearby power station is reliable. Hamilton is indeed hardly a town on the surface — but quite a city in reality. Q Bermuda Business Visitor 2020 25