Hong Kong Ranked Most Expensive City In Asia For Business Travel

Foreign travel, whether for pleasure or for business, is bound to drain your bank account. This is especially true if you are visiting Hong Kong. According to ECA International's latest Daily Rates research report, the city is the most expensive location in Asia for business travel. According to the report, the average daily cost of business travel to Hong Kong is $520 (approximately Rs 43,000), a $4 decrease from the previous year. The city is the 16th most expensive in the world. "Hong Kong has always been and continues to be one of the most expensive Asian locations to visit on business," said Lee Quane, Regional Director for Asia at ECA International.

Moving on, according to the study, Singapore is the second most expensive city for business travel. A business trip to the Asian financial centre now costs $515 per day on average (approximately Rs 42,000). It is currently ranked 19th in the world. According to Quane, "business travel in Singapore picked up earlier than most other regional locations" following the COVID-19 pandemic. This increased demand contributed to increases in hotel lodging costs, and costs associated with other daily necessities consumed by business travellers increased at a faster rate than in other parts of the region."

Similarly, Tokyo comes in third place on the list. Shanghai, Seoul, Dhaka, Taipei, Beijing, Yokohama, and Hsinchu round out the top ten most expensive Asian cities for business travel. According to ECA International, inflation has contributed to significant increases in local currency business travel costs in several locations, despite the fact that business travel demand has not yet recovered from the coronavirus pandemic.

On the Daily Rates global rankings, New York, the financial hub of the United States, is the most expensive location in the world for business travel. The average cost of a business trip is about $796 (approximately Rs 65,480). Geneva and Washington DC occupy the second and third spots. On the list of top ten most expensive cities, four are from the United States. Zurich, San Francisco, Tel Aviv, Los Angeles, London, Luanda and Paris round off the top 10 rankings.

For the purpose of the research, ECA’s Daily Rates take into account average costs for hotel accommodation, along with meals, drinks, laundry, taxi costs, and more. They aim to help companies across the globe determine a budget before they send their employees on a business trip.