The Cost of Doing Business
ECA International has analyzed hundreds of destinations in dozens of countries around the globe to determine the most expensive locations for business travel. The London-based management consultant examined general demand and reviewed the average cost for a four-star hotel, transportation, meals, laundry, alcoholic and soft drinks and incidentals to find the world’s 10 priciest business locales.
The Principality of Monaco along Europe’s French Riviera climbed six spots in 2018 with some help from London, which has slid down the rankings in wake of 2016’s Brexit vote and amid the euro’s strong performance.
9. Basel, Switzerland
One of three Swiss cities to make the list, Basel is another newcomer to the top 10 after surpassing London and climbing three spots from 2017. Located on the borders of Switzerland, France and Germany, Basel is a hub for the banking and chemical industries.
8. Washington, DC
The nation’s capital will be the site of several exciting hotel openings in the years to come. However, arguably the most powerful city in the world remains an expensive stop for road warriors, ranking eighth this year.
7. Nassau, Bahamas
Nassau Paradise Island is a premier tourist destination so business travelers can expect for their expenses to pile up in this part of the Bahamas. The country’s capital and commercial center is down just one spot from 2017.
6. Paris, France
The average nightly rate for a four-star hotel in Paris is the fifth-most expensive in the world, according to ECA International. That said, it comes as little surprise that the City of Light climbed four spots from tenth last year to No. 6 in 2018.
5. Bridgetown, Barbados
Barbados tourism is surging to record levels amid growing interest from North America. With visitor numbers on the rise, conducting business in the capital city of Bridgetown has gotten more expensive.
4. Luanda, Angola
High security demands and other safety factors make Luanda, Angola the most expensive location for business travel in Africa and one of the top five most expensive in the world. The port city is currently in the midst of an ambitious reconstruction plan
3. Zurich, Switzerland
Switzerland’s largest city is one of the world’s largest financial centers despite boasting a population of less than 400,000. Still, the banking capital of the world is likely to lighten business travelers’ wallets.
2. Geneva, Switzerland
Geneva remains the most expensive location for business travel in Europe for the second straight year and the second-most expensive destination globally. The global hub for banking and diplomacy is home to both the United Nations and the Red Cross.
1. New York City
High hotel demand contributes to the Big Apple being the most expensive location for business travel in 2018. According to ECA International, the average nightly rate for a four-star hotel in New York is around $560 and mandatory 15-20 percent tipping on meals out only adds to the hefty overall cost.