After a meeting with the treasurer of North Carolina where he discovered that condos and hotels saturate the East Coast, AIG founder Michael Lee-Chin realized that the upcoming wave of retiring Baby Boomers is likely to move further south, to the Caribbean, which should spur an economic boom, The Globe and Mail reports.

It will be a “natural spillover [of] Boomers looking for warmth and coastline for retirement,” said Lee-Chin, who was born in Jamaica.

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