World's Most Expensive Cities for Business Travel
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Business travelers headed to Europe can expect hefty expenses, but nothing compared to road warriors doing business in the Venezuelan capital of Caracas.
According to BCD Travel research recently published by Expert Market, business travelers in Caracas spend an average of $611 per day, making it the world's most expensive city for business travel.
On the other end of the spectrum, Guatemala City, Guatemala, ($209 per day) was discovered to be the cheapest city for business travel among the 79 cities listed.
A high cost of living, expensive food, and a high murder rate all contribute to Caracas' infamous title.
For perspective, a Happy Meal at a McDonald's in Caracas will cost you more than $25.
But after Caracas, seven of the next eight most expensive cities for business travel are in Europe, with Geneva, Stockholm, Stavanger, Zurich, London, and Paris each costing more than $500 per day on average.
Oslo also cracked the top 10 with an average cost of $497 a day.
Hong Kong and Riyadh also cracked the top 10, while only two U.S. cities made the top 25.
At $444 and $442 per day respectively, San Francisco (23rd) and New York (24th) were found to be the most expensive U.S. cities for business travel, with Boston, Washington, D.C., Los Angeles, White Plains, New York, Honolulu, and Miami each qualifying for the top 40.
But the lack of American cities at the top of Expert Market's list certainly doesn't mean the U.S. isn't a big-time player when it comes to global business travel.
"The United States may not be home to any of the top 20 most expensive cites, but it does spend more on business travel than any other country in the world," stated the report. "In 2013 business travel spending reached $274 billion in the US, with only China getting anywhere near this with a figure of $225 billion. No other country was over the $200 billion mark. US Business travel spending is projected to top $310 billion in 2015, which is a staggeringly high figure."
Costing an average of $376 per day, Minneapolis (58th) was the last U.S. city to make the lengthy list.
But while European cities rank toward the top and U.S. cities toward the middle of the pack in terms of business travel costs, Asia Pacific varies extremely from expensive to cheap, with the region's top 20 qualifying cities ranging in daily cost from $523 (Hong Kong) to $242 (Tianjin).
Interestingly, only one non-U.S. city from the Americas (Caracas) came in with an average cost of more than $371 per day.
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