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It doesn’t come cheap to be a (temporary) Wall Street wolf.
New York City has once again been named the world’s most expensive business travel location by consulting firm ECA International. The average cost of a business trip to the Big Apple is up 8 percent year over year, with jetsetters spending approximately $796 per day.
“An increase in demand for business travel and tourism in the Big Apple following the pandemic has contributed to a rise in accommodation costs,” Lee Quane, ECA’s Asia regional director, said in a statement.
ECA examined daily expenses at 457 locations in 196 countries, with the daily rate covering a four-star hotel room (the most common choice for business travel), meals, laundry, taxi rides, beverages and incidentals.
New York’s ranking isn’t exactly surprising. After all, the notoriously expensive metropolis has the most expensive shopping district in the world and the most lucrative luxury housing market. However, it’s not the only US city costing its employees a bomb. Four of the top 10 most expensive business travel destinations are in the US: Washington, DC ranked third ($658), San Francisco fifth ($609) and Los Angeles seventh ($584).
Top 10 Most Expensive Cities for Business Travel. ECA International
As for Europe, Switzerland is home to the two most expensive business centers in the old continent: Geneva, which came in second ($700), and Zurich, which came in fourth ($641). London and Paris also made the top 10 with daily spend of $583 and $557 respectively.
In Asia, on the other hand, Hong Kong was the most expensive destination, with the average business trip to the city costing US$520 per day. Financial mecca Singapore was close behind, with daily spend of $515.
“Hong Kong has always been and still is one of the most expensive Asian places for business travelers,” adds Quane.
ECA says inflation has contributed to a significant increase in business travel costs in many places. Additionally, the return of international travel has pushed up hotel prices around the world.
