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The economy of the British Virgin Islands is one of the most prosperous in the Caribbean. The economy of the Territory is based upon the "twin pillars" of financial services, which generates approximately 60% of government revenues, and tourism, which generates nearly all of the rest. The bulk of the tourism income in the British Virgin Islands is generated by the yacht chartering industry. The Territory has relatively few large hotels compared to other tourism centres in the Caribbean. On 12 April 2007, the Financial Times reported that the British Virgin Islands was the second largest source of foreign direct investment in the world (behind Hong Kong) with over US$123,000,000,000. Almost all of these sums are directly attributable to investment through the Territory's offshore finance industry. The British Virgin Islands also promotes a number of regulated financial services products. The most important of these is the formation and regulation of offshore investment funds.