The Cayman Islands is a thriving offshore financial centre. More than 93,000 companies were registered in the Cayman Islands as of 2008, including almost 300 banks, 800 insurers and around 10,000 mutual funds. A stock exchange was opened in 1997.
Tourism is also a mainstay of the economy, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded