The most expensive cities in the world for business travel are…

According to the findings, New York topped the list for being the most expensive shopping district and the most lucrative luxury housing market.

ECA studied daily expenses at 457 locations in 196 countries. Daily expenses included four-star hotel rooms, meals, laundry, beverages, taxi travel and other incidentals. The purpose of the report is to help organizations predict the cost of business travel and short-term assignments, the data firm said.

While the United States dominates the overall rankings, both Washington DC Europe and San Francisco rounded out the top five, with expensive business hubs Geneva and Zurich in second ($700) and fourth ($641), respectively. In addition, London and Paris also entered the top ten.

Meanwhile, in Asia, Hongkong is the most expensive destination with an average daily cost of US$520, followed by Singapore at just US$5 more. It overtook Tokyo to become the second most expensive city in Asia for business travel.

Hong Kong was the most expensive destination with an average daily cost of 0, followed by Singapore and just more. (Source: Pixabay)

“Hotel costs continue to account for the majority of the total cost of business travel, and despite lower occupancy rates in 2022, advertised room rates (in Hong Kong) have not dropped significantly,” Lee Quane, regional director for Asia at ECA International, told CNBC.

Likewise, Luanda in Angola is the most expensive place in Africa.

Rising inflation is a major factor in the rising cost of travel, while caused by the epidemic Falling demand has made costs more affordable in places like China.

Sri Lanka, Laos and Pakistan saw the largest increases in spending traveler, the report found. For example, business travel costs in Colombo, Sri Lanka, were 75 percent more expensive than the previous year in local currency terms, according to the report.

📣 More life information, follow us Instagram | Twitter | Facebook, don’t miss the latest updates!