Legislation for the management of the fortunes of the super-rich was signalled in the Budget.

Curtis Dickinson, the Minister of Finance, said the island aimed to court “ultra-high-net-worth individuals who require a different wealth-management model to meet their estate-planning objectives” and boost the number of Bermudian jobs.

He said the island’s closeness to the United States market, compatibility with British and US law and high marks for regulatory oversight made Bermuda an attractive destination for family offices.

Mr Dickinson, a former executive vice-president of wealth management at Butterfield Bank, said the Government would continue to work on the introduction of a new family office sector in the 2020-21 financial year.

He added: “The development of a family office product is an expansion of wealth management sectors in Bermuda, thus demonstrating Bermuda’s commitment to these sectors and to the Government’s diversification mandate.

“With a broadening of Bermuda’s wealth management product set, there is an expectation that opportunities for Bermudians in this sector will grow.”