Barbados, the wealthiest country in the Caribbean, has become a hot spot for the world’s rich and famous, thanks to its iconic beaches and large tourism service industry. It is also a tax haven for many, even earning the moniker “the Switzerland of the Caribbean.” Many billionaires own property on the island.
While well over a dozen billionaires may own a vacation property in Barbados, few actually make the small island nation their home. Most of the well-known natives, including international pop singer Rihanna, are millionaires several times over but do not quite reach the billionaire threshold.
According to the 2019 Forbes list of the wealthiest individuals in the world, only a select few billionaires live in Barbados on a full-time basis.
- Barbados is a leading tourist destination in the Caribbean where many billionaires have residences on the island.
- Eugene Melnyk, the owner of the NHL’s Ottawa Senators, is a notable billionaire that calls Barbados his permanent home.
- One of the most luxurious hotels in the world—the Sandy Lane Resort—is owned by a group of five wealthy businessmen from Ireland.
Eugene Melnyk has an estimated net worth of $1.2 billion. He’s not a native Barbadian but instead has joint Ukrainian and Canadian citizenship. He was born in Ukraine in 1959 before emigrating to Canada, eventually founding the medical publishing firm Trimel Corp. In 1989, Melnyk sold Trimel to Thompson Publications and launched Biovail Corporation, which produced specialty pharmaceutical products.
As chairman and CEO of Biovail, Melnyk grew company revenue from a modest $14.6 million in 1995 to more than $770 million by 2006. Melnyk’s business successes won him some fame in Canada, particularly his ability to reinvent drugs with expiring or expired patents.
After retiring from the Biovail board in 2007, Eugene Melnyk founded another company, Trimel Pharmaceuticals. The second Trimel specializes in drugs for male and female dysfunction and certain respiratory disorders.
Melnyk is best known for his 2003 purchase of the Ottawa Senators, a professional hockey team in the NHL. Melnyk bought the team, and its arena, Corel Centre, from bankruptcy proceedings. A huge sports fan, Melnyk has repeatedly stated he has no intention of ever selling the team or giving up even partial ownership.
Barbados is not home to many billionaires, but it is a playground for many. The west coast of the island has been dubbed the “platinum coast” because its vacation property values are the highest in the entire Caribbean.
The most notorious property owner might be Hans Kristian Rausing, the billionaire legacy son of Swedish packaging titan Hans Rausing. Hans Kristian owns an 11-bedroom mansion on the west coast, where he spent many winters with wife Eva Rausing before her untimely death in July 2012. Their primary residence was in London. After Eva died, Hans Kristian was arrested on suspicion of drug charges and tampering with the body, casting a spotlight on the couple’s nightlife habits in Barbados.
Another noteworthy property owner is billionaire Michael Tabor, who has seen as much as half of his wealth disappear since 2012. Tabor still owns a $35-plus million home in Barbados and one-third of the Sandy Lane Hotel. He lives in Monaco most of the time but also has a property in the U.K. and does a lot of business in the United States.
The Sandy Lane is one of the most luxurious hotel resorts in the world and is jointly owned by five men who, before the global financial recession between 2008 and 2010 took its toll, were counted among the world’s billionaire class. These men included Michael Tabor, Derrick Smith, John Magnier, J.P. McManus, and Dermot Desmond.
These five investors purchased the Sandy Lane from Granada plc in 1999, eventually achieving status among the Leading Hotels of the World (LHW) in 2009. All five men originally hail from Ireland.