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Data for the municipalities of Puerto Rico is from the U.S. Census Bureau (2013-2017 American Community Survey 5-Year Estimates). Most of the municipalities of Puerto Rico are among the lowest-income places in the United States. Adjuntas, Puerto Rico has the lowest median household income of any county or county-equivalent in the United States. [1]
Despite cost of living challenges, the number of high-earning American households continues to grow. In 2021, 8.68 million tax returns indicated annual earnings exceeding $200,000 – up from 8.57 ...
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Within the U.S., wealthy entrepreneurs are moving to states with more favorable tax laws, expanded business opportunities and, in some cases, more favorable weather.
José Ramon Fernández, 1st Marquis of La Esperanza (1808–1883), was the wealthiest sugar baron in Puerto Rico in the 19th century. He was also one of the most powerful men of the entire Spanish Caribbean. [1] He owned an immense plantation of nearly 2300 acres on the northern coast of Puerto Rico, and a sugar mill with an advanced steam engine.
In 1898, following the Spanish–American War, Puerto Rico was acquired by the United States. Puerto Ricans have been U.S. citizens since 1917 and can move freely between the archipelago and the mainland. However, residents of Puerto Rico are disenfranchised from federal elections and generally do not pay federal income tax.
The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. [14] [15] The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate ...
Columbus named the island San Juan Bautista, in honor of Saint John the Baptist, while the capital city was named Ciudad de Puerto Rico ("Rich Port City"). [21] Eventually traders and other maritime visitors came to refer to the entire island as Puerto Rico, while San Juan became the name used for the main trading/shipping port and the capital ...