Living standards

When you think of the world’s richest countries, this tiny European country may not immediately come to mind. But booming steel and logistics industries have made this nation a strong financial hub.

When you ponder the world’s richest nations, you might instinctively think of powerhouses like Germany, Dubai and maybe even America.

It’s common to assume that global superpowers would naturally top the list of the richest countries. However, the true answer lies in a petite European nation with a population just north of 650,000.

Luxembourg, known as the financial hub of the globe, outperformed countries such as Qatar and Sweden to claim a top spot on Global Finance’s list of the world’s richest countries last year. A study by Global Finance looked at the Gross Domestic Product purchasing power parity (GDP-PPP) worldwide, and named Luxembourg as one of the wealthiest nations.

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With a GDP per capita of $143,743 in international dollars (approximately £109,820), Luxembourg is more than twice as wealthy as the UK, which has a current GDP per capita of £58,880.

The report also showed that from 2010 to 2024, Luxembourg saw a steady rise in its GDP per capita, consistently ranking near or at the top compared to other rich countries.

This diminutive country, nestled between Germany, France, and Belgium, is renowned for being a financial centre. Home to over 155 banks, this small nation is particularly appealing to foreign investors and has earned a worldwide reputation for being business-friendly.

With robust sectors in tourism, information technology, and logistics, Luxembourg’s GDP punches well above its weight. The country also boasts a thriving steel production industry, providing employment for a significant number of people, reports the Express.

In 2023 alone, Luxembourg brought in $31.6 million (£24.1 million) from its total exports, led by iron products, cars and vehicle parts, gas turbines, and adhesive plastics. Home to ArcelorMittal, the world’s largest steelmaker responsible for eight percent of global steel output, the steel industry still makes up about seven percent of the nation’s economy.

According to Global Finance, Luxembourg splashes its considerable wealth on providing top-notch living standards for its residents, boasting some of the finest housing, healthcare and education in Europe.

Luxembourg isn’t alone as a small yet affluent country making the list – Singapore, San Marino and Switzerland also bagged spots in the top ten. However, the UK didn’t manage to crack the top ten or even the top 20, instead landing at number 31.

The average price of a house in this seaside town is much lower than the national average, making it a property hotspot for Brits looking to live by the coast

Seaside living remains a cherished aspiration for many people who dream of leisurely strolls along the beach after a hard day at work. Yet for many, this remains nothing more than a tantalising fantasy that stays frustratingly beyond their grasp.

Northumberland’s Newbiggin-By-The-Sea certainly seems to be riding a wave of popularity at the moment – and if house hunters leave it much longer they might just be priced out. The most affordable property currently advertised on Rightmove within the North East town is a three-bed end of terrace property on Lynwood Avenue, listed for auction with a guide price of £40,000. Meanwhile, another three-bedroom house on the same street is listed for sale at £69,950. Whether you’re planning a move or just curious about local property prices, our interactive map shows the house prices in each area of the country.

The typical selling price in the town stands at merely £129,063, which represents considerably less than half Britain’s average property cost of £282,000, according to statistics from last year, as per the Express. Lawrence Jones works as a refuse collector for Newcastle City Council and became enchanted with the town four years ago. He lives with his wife Michelle Jones, having moved from Shiremoor.

He said: “We sold our house and the idea was to move to Durham – but Newbiggin was the only place we could get a rental. Twenty years ago I wouldn’t have been impressed as it was a little bit rough.”

However, Lawrence now treasures his new residence so deeply that within three months of arriving, he purchased a property which he claims has rocketed in value. He added: “You walk along the promenade and everybody speaks to you. It is so friendly.”

Ian and Sally Boot are from Nottingham and were in Newbiggin for the day, visiting their son who lives in nearby Blyth. Both agree if their daughter was to also move to the area they’d take the plunge in a flash. Retired engineer Ian said: “I think it’s nice – there’s free parking, a new cafe and it’s nice up the coast in Amble and Bamburgh. Retired civil servant Sally said: “It’s quiet and that’s why we have come today. We thought we would have a quiet day and it’s nice and peaceful.

Marion Longstaff, has run business Pretty Things By The Sea since 2018 after relocating from Windermere in the Lakes. She said: “It is still cheaper than the prices in Amble – it’s a hidden gem. Southerners are definitely taking an interest. After lockdown they were coming up for a break – one couple [I met] came up for a long weekend and fell in love. They sold up their property but haven’t found a property they want here yet as they were gazumped.”

Marion says she will never leave the little seaside enclave and says the coastline is “just my medicine. ” Fellow local business owner Annie, a former mechanical engineer, originally from Manchester, has lived in the town for 35 years. She said: “I just like village life and everybody knows everybody. Everybody is very, very friendly. People come on holiday and then they love it here.”

Andy Brown runs Jackson’s Jewellers and More on the main shopping stretch which is packed with independent shops. He said: “I think the village itself has evolved and people should take note. There is a large variety of shops, all independent, as the rents and rates are all reasonable. The place is also kept as clean as a whistle and the people are beautiful.”

Andy said a few decades ago the area was perceived as “rough” but it “always had massive potential” that is finally being realised. Dawn Duddridge, a sales negotiator at local estate agent Rickard, says the market in Newbiggin is booming.

She said: “Properties there don’t hang around much, especially on the seafront. “”Often people who have been here on holiday come up from the south and buy a house outright – and have still got a decent amount in the bank.”

The British Overseas Territories are not part of the UK, but are under British dominion and the UK is responsible for their defence, international relations and good governance.

From the financial allure of the Cayman Islands to the untamed splendour of South Georgia, you’ve likely heard of British Overseas Territories (BOTs), but do you really know what they are? Are these “British” spots just cushy tax havens for the rich or remote refuges for unique wildlife on windswept isles?

The truth is, as reported by the Express, each territory maintains a unique character while being connected to the UK.

What are the British Overseas Territories?

These remnants of the once-mighty British Empire now amount to 14 specks scattered across the globe, from sun-soaked Caribbean islands to barren outposts in Antarctica. They’re not officially part of the United Kingdom but remain under British sovereignty, with the UK responsible for their defence, foreign affairs, and proper governance, reports Devon Live.

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Each BOT has its own constitution, local government, and legal system, yet the UK wields the ultimate authority, often through a Governor appointed by the King. These territories are legacies of Britain’s age of discovery and colonial might.

While numerous former colonies chose independence throughout the 20th century, some preferred to keep their ties with Britain for reasons like political stability, economic support, or historical loyalty.

Bermuda (population 64,000).

British passport holders can stay for up to 90 days without a visa, but those wishing to extend their stay or work must obtain a residence permit, which hinges on being sponsored by a local employer. Despite its small size, Bermuda offers a high standard of living shaped by its dual heritage of British governance and North American influence.

British Virgin Islands (population 31,000).

A haven for sailors and a popular choice for setting up offshore companies. These Caribbean islands offer tax-free personal and corporate income.

You’ll need local sponsorship to live or work here, but visiting is visa-free for Brits.

Cayman Islands (population 81,500).

Often referred to as the global capital of finance with zero income tax, the Caymans are also a luxury travel hotspot. British visitors don’t need a visa for short stays, but work or residency involves employer sponsorship and approval.

Gibraltar (population 33,700)

The Rock juts from Spain’s southern tip, blending Mediterranean sunshine with British quirks. It’s a financial and gaming hub, with no VAT and tax-friendly schemes for high earners and retirees.

Visiting requires no visa, but working or living there needs permits.

Turks and Caicos, with a population of 59,400.

Turquoise waters, white sands and a booming luxury tourism industry. The lack of income tax makes this Caribbean archipelago appealing to both businesses and tourists.

Brits can visit as tourists, but settling down requires securing employment and a local permit.

Travel and Residency.

In most instances, Brits can visit the inhabited Overseas Territories without needing a visa. However, if you’re planning to live or work there, you’ll typically need to secure employment first and then apply for a work permit via a local employer.

Some territories, like Gibraltar, offer specific residency options for investors, pensioners, or skilled professionals.

From a tax perspective, many BOTs don’t levy income tax, making them appealing to global businesses and individuals. But this doesn’t necessarily equate to an easy or inexpensive lifestyle – these locations often come with high living costs, limited infrastructure, or strict immigration controls.

The British Overseas Territories serve as a testament to Britain’s global history – but they also play a significant role in the present. Whether you’re fantasising about tropical beaches or a rugged wildlife adventure, these remote places provide a glimpse into Britain’s unique global footprint.

Just remember not to pack your bags without double-checking the paperwork.