Misc
Ranked: Top 10 Cities Where International Travelers Spend the Most
Top 10 Cities Where International Travelers Spend the Most
When it comes to travel, some tourists spare no expense. And some cities are well suited to attract them.
From the luxurious desert city of Dubai to the city of light and love, Paris, many international travelers today are looking to tick the crรจme de la crรจme of destinations off their bucket lists. In some cases, they’re seeking out the opulent experiences they missed out on when the pandemic brought the world to a halt.
In this graphic, we use the latest research by the World Travel and Tourism Council (WTTC) to highlight the top 10 cities where international travelers spent the most in 2022.
Cities of Opulence
Last year, Dubai took top spot, followed by nearby Doha, Qatar.
Rank | City | Country / Region | Income from International Tourists (2022) |
---|---|---|---|
#1 | Dubai | ๐ฆ๐ช UAE | $29.42B |
#2 | Doha | ๐ถ๐ฆ Qatar | $16.79B |
#3 | London | ๐ฌ๐ง UK | $16.07B |
#4 | Macau | ๐ฒ๐ด Macau SAR | $15.58B |
#5 | Amsterdam | ๐ณ๐ฑ Netherlands | $13.59B |
#6 | Istanbul | ๐น๐ท Tรผrkiye | $13.13B |
#7 | Barcelona | ๐ช๐ธ Spain | $12.73B |
#8 | New York | ๐บ๐ธ U.S. | $12.45B |
#9 | Singapore | ๐ธ๐ฌ Singapore | $10.97B |
#10 | Paris | ๐ซ๐ท France | $9.76B |
Singapore and Macau represented East Asia, and New York was the sole city from the Americas on the list.
It’s worth noting that this list differs somewhat from overall tourism spending, which would include domestic travel spending as well. Large countries like the United States and China fare better in that ranking.
City Spotlight: Destinations Favored by Big Spenders
When you think of luxury travel, you think of five-star hotels, Michelin-star restaurants, luxury retail outlets, and many other premium experiences. And these cities offered their international travelers just that.
#1. Dubai
From the Burj Khalifa, currently the world’s tallest building, to the desert excursions and yacht cruises, Dubai offers extravagant experiences for international visitors. The city’s reputation for tax-free, high-end shopping and its commitment to providing a luxurious experience has made it a top travel destination for luxury shoppers from around the world.
Location is another factor in the city’s success. Dubai sits at the natural crossroads between Europe, Asia, Africa, and the Middle East, and is home to one of the world’s busiest, well-connected airports.
International travelers spent close to $30 billion in the city in 2022.
#3. London
London has long been a preferred location for the ultra-wealthy, and as a result, the city has an abundance of amenities for well-heeled travelers. For one, London is home to more five star hotels than any other city. As well, London offers ultra-wealthy travelers access to a wide range of high-end designer retailers, as well as world-famous museums, galleries, and landmarks.
Of course, the UK’s largest city also sees a high overall volume of tourists overall, which adds to the $16 billion global visitors spent in the city in 2022.
#4. Macau
Known as the Las Vegas of Asia, Macauโs gambling hub has been a magnet for international tourists for years. However, as the city began re-imagining its tourism strategies post-pandemic, it has grown stronger as an international tourist destination.
Outside tourists brought in $15.6 billion in 2022, and that number is only expected to multiply further over the next decade. This growth is being fueled by China and Hong Kong, which account for the lion’s share of visits.
Note: Although Macau is now a part of China, it remains a Special Administrative Region under the โOne Country, Two Systemsโ principle.
Transforming Travel Trends
The global travel industry continues to recover from the pandemic, which is good news for the many nations that economically rely on tourism.
As travel restrictions were lifted, many tourists flocked to remote destinations that were less traveled. However, this WTTC research is proof that the world’s iconic cities are making their way back onto tourist itineraries once again.
Markets
Mapped: The Growth in House Prices by Country
Global house prices were resilient in 2022, rising 6%. We compare nominal and real price growth by country as interest rates surged.

Mapped: The Growth in House Prices by Country
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Global housing prices rose an average of 6% annually, between Q4 2021 and Q4 2022.
In real terms that take inflation into account, prices actually fell 2% for the first decline in 12 years. Despite a surge in interest rates and mortgage costs, housing markets were noticeably stable. Real prices remain 7% above pre-pandemic levels.
In this graphic, we show the change in residential property prices with data from the Bank for International Settlements (BIS).
The Growth in House Prices, Ranked
The following dataset from the BIS covers nominal and real house price growth across 58 countries and regions as of the fourth quarter of 2022:
Price Growth Rank | Country / Region | Nominal Year-over-Year Change (%) | Real Year-over-Year Change (%) |
---|---|---|---|
1 | ๐น๐ท Tรผrkiye | 167.9 | 51.0 |
2 | ๐ท๐ธ Serbia | 23.1 | 7.0 |
3 | ๐ท๐บ Russia | 23.1 | 9.7 |
4 | ๐ฒ๐ฐ North Macedonia | 20.6 | 1.0 |
5 | ๐ฎ๐ธ Iceland | 20.3 | 9.9 |
6 | ๐ญ๐ท Croatia | 17.3 | 3.6 |
7 | ๐ช๐ช Estonia | 16.9 | -3.0 |
8 | ๐ฎ๐ฑ Israel | 16.8 | 11.0 |
9 | ๐ญ๐บ Hungary | 16.5 | -5.1 |
10 | ๐ฑ๐น Lithuania | 16.0 | -5.5 |
11 | ๐ธ๐ฎ Slovenia | 15.4 | 4.2 |
12 | ๐ง๐ฌ Bulgaria | 13.4 | -3.2 |
13 | ๐ฌ๐ท Greece | 12.2 | 3.7 |
14 | ๐ต๐น Portugal | 11.3 | 1.3 |
15 | ๐ฌ๐ง United Kingdom | 10.0 | -0.7 |
16 | ๐ธ๐ฐ Slovak Republic | 9.7 | -4.8 |
17 | ๐ฆ๐ช United Arab Emirates | 9.6 | 2.9 |
18 | ๐ต๐ฑ Poland | 9.3 | -6.9 |
19 | ๐ฑ๐ป Latvia | 9.1 | -10.2 |
20 | ๐ธ๐ฌ Singapore | 8.6 | 1.9 |
21 | ๐ฎ๐ช Ireland | 8.6 | -0.2 |
22 | ๐จ๐ฑ Chile | 8.2 | -3.0 |
23 | ๐ฏ๐ต Japan | 7.9 | 3.9 |
24 | ๐ฒ๐ฝ Mexico | 7.9 | -0.1 |
25 | ๐ต๐ญ Philippines | 7.7 | -0.2 |
26 | ๐บ๐ธ United States | 7.1 | 0.0 |
27 | ๐จ๐ฟ Czechia | 6.9 | -7.6 |
28 | ๐ท๐ด Romania | 6.7 | -7.5 |
29 | ๐ฒ๐น Malta | 6.3 | -0.7 |
30 | ๐จ๐พ Cyprus | 6.3 | -2.9 |
31 | ๐จ๐ด Colombia | 6.3 | -5.6 |
32 | ๐ฑ๐บ Luxembourg | 5.6 | -0.5 |
33 | ๐ช๐ธ Spain | 5.5 | -1.1 |
34 | ๐จ๐ญ Switzerland | 5.4 | 2.4 |
35 | ๐ณ๐ฑ Netherlands | 5.4 | -5.3 |
36 | ๐ฆ๐น Austria | 5.2 | -4.8 |
37 | ๐ซ๐ท France | 4.8 | -1.2 |
38 | ๐ง๐ช Belgium | 4.7 | -5.7 |
39 | ๐น๐ญ Thailand | 4.7 | -1.1 |
40 | ๐ฟ๐ฆ South Africa | 3.1 | -4.0 |
41 | ๐ฎ๐ณ India | 2.8 | -3.1 |
42 | ๐ฎ๐น Italy | 2.8 | -8.0 |
43 | ๐ณ๐ด Norway | 2.6 | -3.8 |
44 | ๐ฎ๐ฉ Indonesia | 2.0 | -3.4 |
45 | ๐ต๐ช Peru | 1.5 | -6.3 |
46 | ๐ฒ๐พ Malaysia | 1.2 | -2.6 |
47 | ๐ฐ๐ท South Korea | -0.1 | -5.0 |
48 | ๐ฒ๐ฆ Morocco | -0.1 | -7.7 |
49 | ๐ง๐ท Brazil | -0.1 | -5.8 |
50 | ๐ซ๐ฎ Finland | -2.3 | -10.2 |
51 | ๐ฉ๐ฐ Denmark | -2.4 | -10.6 |
52 | ๐ฆ๐บ Australia | -3.2 | -10.2 |
53 | ๐ฉ๐ช Germany | -3.6 | -12.1 |
54 | ๐ธ๐ช Sweden | -3.7 | -13.7 |
55 | ๐จ๐ณ China | -3.7 | -5.4 |
56 | ๐จ๐ฆ Canada | -3.8 | -9.8 |
57 | ๐ณ๐ฟ New Zealand | -10.4 | -16.5 |
58 | ๐ญ๐ฐ Hong Kong SAR | -13.5 | -15.1 |
Tรผrkiyeโs property prices jumped the highest globally, at nearly 168% amid soaring inflation.
Real estate demand has increased alongside declining interest rates. The government drastically cut interest rates from 19% in late 2021 to 8.5% to support a weakening economy.
Many European countries saw some of the highest price growth in nominal terms. A strong labor market and low interest rates pushed up prices, even as mortgage rates broadly doubled across the continent. For real price growth, most countries were in negative territoryโnotably Sweden, Germany, and Denmark.
Nominal U.S. housing prices grew just over 7%, while real price growth halted to 0%. Prices have remained elevated given the stubbornly low supply of inventory. In fact, residential prices remain 45% above pre-pandemic levels.
How Do Interest Rates Impact Property Markets?
Global house prices boomed during the pandemic as central banks cut interest rates to prop up economies.
Now, rates have returned to levels last seen before the Global Financial Crisis. On average, rates have increased four percentage points in many major economies. Roughly three-quarters of the countries in the BIS dataset witnessed negative year-over-year real house price growth as of the fourth quarter of 2022.
Interest rates have a large impact on property prices. Cross-country evidence shows that for every one percentage point increase in real interest rates, the growth rate of housing prices tends to fall by about two percentage points.
When Will Housing Prices Fall?
The rise in U.S. interest rates has been counteracted by homeowners being reluctant to sell so they can keep their low mortgage rates. As a result, it is keeping inventory low and prices high. Homeowners canโt sell and keep their low mortgage rates unless they meet strict conditions on a new property.
Additionally, several other factors impact price dynamics. Construction costs, income growth, labor shortages, and population growth all play a role.
With a strong labor market continuing through 2023, stable incomes may help stave off prices from falling. On the other hand, buyers with floating-rate mortgages face steeper costs and may be unable to afford new rates. This could increase housing supply in the market, potentially leading to lower prices.
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