It’s not cheap to be a (temporary) Wolf of Wall Street.
New York City has once again been named the most expensive location in the world for business travel by consulting firm ECA International. The average cost of a work trip to the Big Apple jumped 8 percent from the previous year, with jet setters shelling out approximately $796 per day.
“A post-pandemic surge in demand for business travel and tourism to the Big Apple has contributed to an increase in accommodation costs,” Lee Quane, ECA’s regional director for Asia, said in a statement.
ECA looked at daily expenses in 457 locations across 196 countries, with the per day rate covering a four-star hotel room (the most common pick for business trips), meals, laundry, taxi trips, drinks, and incidentals.
New York’s ranking isn’t exactly surprising. The notoriously pricey metropolis has the world’s most expensive shopping area and the most lucrative luxury housing market, after all. It’s not the only U.S. city costing employees a bomb, though. Four of the 10 priciest destinations for business travel are located Stateside: Washington, D.C., came in third ($658), San Francisco landed fifth ($609), and Los Angeles scored seventh ($584).
As for Europe, Switzerland is home to the Old Continent’s two most expensive business hubs: Geneva, which came in second ($700), and Zurich, which ranked fourth ($641). London and Paris also made it into the top 10, with daily expenses of $583 and $557, respectively.
In Asia, meanwhile, Hong Kong was the most expensive destination, with the average business trip to the city costing $520 per day. The financial mecca Singapore trailed closely behind, with daily expenses sitting at $515.
“Hong Kong has always been one of the most expensive Asian locations to visit on business, and remains so,” Quane adds.
ECA says that inflation in many locations has contributed to significant increases in business travel costs. In addition, the return of international travel has pushed up hotel rates across the globe.