NASSAU, BAHAMAS — Financial disclosures ahead of the May 12 general election reveal a candidate field dominated by millionaires, with FNM Garden Hills candidate Rick Fox leading by a wide margin at nearly $470 million in declared assets.
At the same time, PLP Fort Charlotte candidate and Island Luck co-founder Sebas Bastian is drawing attention for voluntarily going beyond standard disclosure requirements, outlining details of trust arrangements tied to an estimated $160 million in assets as part of his filing.
Bastian declared a net worth of $28.9 million with total assets of just over $29.1 million, including $17.3 million in real estate, $4.9 million in securities, and $3.9 million in other personal property. His annual income was listed at approximately $930 thousand.
He also disclosed a beneficial interest in Bahamian trusts valued at an estimated $160 million, noting that those assets are independently administered. A trust is a legal arrangement where assets are managed by trustees on behalf of beneficiaries, which is a common structure for estate planning and asset protection amongst wealthy people.
While a beneficiary may receive benefits, those assets are not typically held in their name or treated as personal property, and decisions about them are made according to the terms of the trust. Under standard practice, assets held in a trust are not considered the personal assets of a beneficiary and are therefore not declared as such.
Though not required, Bastian provided additional information about these trust arrangements, outlining their existence and general structure. His nomination has been confirmed by the Parliamentary Commissioner as being in full compliance with the law.
Fox’s disclosure shows the largest concentration of wealth among candidates with more than $432 million in securities investments, along with real estate holdings and annual income exceeding $4.8 million.
Among the country’s political leaders,s all three major party heads also reported millionaire-level net worths. Prime Minister Philip Davis declared $4.5 million, Opposition Leader Michael Pintard $3.9 million, and Coalition of Independents leader Lincoln Bain $1.5 million.
Deputy Prime Minister Chester Cooper reported a net worth of $28 million, largely driven by investments and real estate holdings, representing a $13 million jump from his last declaration.
Other multi-million dollar candidates include
• Dr Veronica McIver of the COI at $12 million
• Reneika Knowles of the PLP at $5.3 million
• Dr Andre Rollins of the FNM at $5.1 million
• Dr Monique Pratt of the PLP at $4.02 million
• Dr Michael Darville at $4.7 million
• Adrian White of the FNM at $2.34 million
• Carlton Bowleg of the FNM at $1 million
The disclosures also reveal notable increases in wealth among several sitting MPs since the last general election
• Leslia Miller Brice went from $3.1 million in 2021 to $8.7 million
• Keith Bell from $1.08 million to $3.9 million
• Clay Sweeting from $1.5 million to $4.5 million
• JoBeth Coleby Davis from $520 thousand to $902 thousand
Former Prime Minister Dr Hubert Minnis, now running as an independent in Killarney, declared $19 millio,n up from $14.8 million in 2021.
At the lower end of the disclosures, House Speaker Patricia Deveaux reported $474 thousand 240 while Maria Daxon declared $507 thousand.
