Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about 1,030 kilometres (640 mi) to the west-northwest. It is about 1,350 km (840 mi) south of Halifax, Nova Scotia, Canada, and 1,770 km (1,100 mi) northeast of Miami, Florida. Its capital city is Hamilton. Bermuda is the oldest and most populous remaining British overseas territory, settled by England a century before the Acts of Union created the Kingdom of Great Britain. Bermuda's first capital, St George's, was settled in 1612 and is the oldest continuously inhabited English town in the Americas. Bermuda has a very affluent economy, with finance as its largest sector followed by tourism, giving it the world's highest GDP per capita in 2005. It has a subtropical climate.