Top 20 Business Travel Destinations in The World
In this article, we are going to discuss Top 20 Business Travel Destinations in The World. If you wish to skip our analysis of travel industry, along with the business travel market specifically, you can go directly to Top 5 Business Travel Destinations In The World.
Wow, the global business travel market hit a whopping US$1.1 trillion in 2023! According to IMARC Group, they're expecting it to skyrocket to US$1.9 trillion by 2032, with a sweet growth rate of 6.6% in the coming years. Looks like business travel is set to soar to new heights!
The world's become one big global village, all thanks to the digital revolution in tourism and business. With everyone connected through the Internet of Things, travelers and operators can now zip through tasks hassle-free. Plus, virtual reality tech makes customer experiences top-notch and super personalized, boosting the market big time. Add in the fusion of business and leisure travel (Bleisure), offering that perfect balance of work and play, and you've got a winning combo driving market growth. The travel and tourism sector is booming, more small and medium businesses are in the game, and globalization's moving at lightning speed. It's all about teamwork now, with companies teaming up to provide cool, customized spaces and activities, making the business travel scene even more exciting and interconnected!
Moreover, tech, finance, and consulting companies love jet-setting their employees all over the globe, as business trips are just part of the game for these sectors.
Anyhow, traveling gets pricey, especially when crossing borders. On average, a domestic business trip costs about $990, while an international business trip can set you back around $2,525. In the US alone, we've got around 1.3 million business trips happening every single day, and the average business traveler takes about 6.8 trips a year. Corporate travel spending hit a whopping $269.3 billion in 2021, with 371 million domestic trips. And get this – by 2026, we're looking at a surge to 483 million trips.
Fortunately, though, in the realm of business traveling, the APEC Business Travel Card (ABTC) program is like a magic pass for entering APEC economies. With this card, you just apply once, and you're set to breeze through multiple countries without the hassle of separate applications. Lucky cardholders get a five-year pass that zips them through immigration at major airports in participating economies. Picture this: special APEC lanes at airports, swift entries and exits, and the freedom to make short-term visits without applying for more visas. Though Canada and the U.S. aren't fully on board yet, they still offer you speedy immigration at major airports. Basically, the ABTC is the ultimate travel hack for jet-setting business folks!
Now before we jump on to our list of Top 20 Business Travel Destinations In The World, let's shed some light on some of the major companies that keep business travelers on the go.
American Express (NYSE:AXP)
American Express is a U.S. bank holding company and global financial services corporation known for its payment cards. Based at 200 Vesey Street, also called American Express Tower, in Lower Manhattan's Battery Park City, Amex hooks you up with their business travel card. You'll scoop up 5X Membership Rewards Points on Flights and Prepaid Hotels at their site, plus get access to over 1,400 airport lounges worldwide.
Marriott International, Inc. (NASDAQGS:MAR)
Marriott (NASDAQ: MAR) is killing it with a bunch of cool brands and 1.6 million rooms in its pocket. They've got fancy ones like Marriott and Sheraton, plus hip newbies like Autograph and Moxy that fans love. Last quarter ending 31 December 2023, they saw a sweet 7.2% jump in worldwide RevPAR, especially whopping at 17.4% overseas and 3.3% in the U.S. & Canada. Adjusted net income hit $1,055 million, EBITDA reached $1,197 million; with 81,300 new rooms added and booming growth on the global scene, Marriott's on fire, but steering through the competitive travel game is still a challenge.
American Airlines Group Inc. (NASDAQGS:AAL)
American Airlines Group Inc. (NASDAQGS:AAL) is really rocking the airline scene, keeping passengers connected with their top-notch flights worldwide. They had a stellar year, raking in a hefty $53 billion in revenue for the year ending December 31, 2023. In the fourth quarter, they scored $19 million in GAAP net income and ended the year with a cool $822 million in the bank. Earnings per share? They hit $0.03 for the quarter and $1.21 for the full year. Looks like American Airlines is flying high.
An image of a business executive with a handshake completing a deal.
Methodology
So, for our Top 20 Business Travel Destinations in the World list, we scoured the web across more than 12 sources, listing the most highly recommended places, tagged as the "top best business travel destinations in the world." Then, for some cities that stood equal in terms of appearance/mention, we differentiated them based on number of listed companies in the respective countries of the cities, which tells us of financial strength and economic development in the region. Basically, it gives us a good idea of how much business potential and opportunities are bubbling up in that area, making it a hotspot for business travelers.
Note that the number of public listed companies hasn’t been used as a direct metric, it’s only a basis of differentiation between the cities standing equal out of our consensus approach.
So, here’s our list of Top 20 Business Travel Destinations in the World.
20. Sydney, Australia
Number of Mentions: 2
Sydney is a buzzing hotspot for business travelers. With a population of over 5.48 million, it's like a city of cities, each with its own vibe and energy. You'll never have a dull moment exploring all the unique pockets Sydney has to offer. Plus, being a diverse and multicultural city, it's super easy for international business travelers to meet new people and network like a pro. For the mega infrastructure exhibition in 2024, New South Wales is rolling out the red carpet for Sydney's major projects. They've already pledged a whopping USD 37.1 billion to make these ambitious plans a reality. Sydney's commitment to growth and innovation in the business scene is crystal clear, making it a top pick for business travelers looking for fresh opportunities and exciting ventures. Sydney stands at 20th place on our list of Top 5 Business Travel Destinations in The World.
19. Washington, D.C., USA
Number of Mentions: 2
Washington, D.C., isn't just the heart of politics—it's a hot spot for business travelers too! If you're into all things government-related or looking to network at professional events, this is the place to be.
Despite the bumpy ride for startup founders seeking funding last year, with all the uncertainty floating around, the DC region managed to shine with its stellar investment performance. The Venture Monitor report, a gem released by PitchBook and the National Venture Capital Association, unveils some exciting numbers. In the final quarter of 2023, companies in DC and its surrounding suburbs managed to rake in a cool $2 billion through 58 deals. That's just the tip of the iceberg—with nearly $5 billion raised throughout the entire year.
18. Milan, Italy
Number of Mentions: 3
Milan, Italy, isn't just about style—it's a top pick for business travelers too! This vibrant city blends sophistication with commerce, offering top-notch business venues like Fiera Milano and MiCo-Milano Congressi. These spots are decked out with all the latest tech for conferences and exhibitions, making them ideal for getting down to business. Milan isn't all work and no play, though. It's home to epic annual events like Milan Fashion Week and Salone del Mobile, which attract global movers and shakers from fashion, finance, and tech. Whether you're into high fashion, finance, or cutting-edge tech, Milan has something for everyone to level up their professional game. And here's a hot tip: United Ventures, a kick-butt venture capital firm based in Milan, just launched its new fund, United Ventures III, aiming for a massive €150 million target. They've already got Italian and international investors on board, and once this baby's up and running, they'll be managing a whopping €500 million in funds.
17. Barcelona, Spain
Number of Mentions: 3
Barcelona is totally rocking it with Barcelona Tech City, the Mobile World Congress, and that constant sunshine! No wonder it snagged the spot on the list. This place is buzzing with startups, tech innovations, and big-time European companies. Plus, there are hotels and event spaces galore, making it a magnet for business travelers and companies alike. Who wouldn't want to mix work with a bit of Spanish coastal charm, right? Barcelona knows how to bring the business and the good vibes! Hence, Barcelona is 17th on our list of Top 5 Business Travel Destinations in The World.
16. Shanghai, China
Number of Mentions: 3
Shanghai, China's largest and bustling city, is a paradise for business travelers! From manufacturing to finance, tech, and retail, it's a hub for all things business. With a boom in foreign investments, international companies are flourishing in Shanghai, making it a hotspot for professionals. As a top trading hub within China, Shanghai draws business travelers from all over, whether they're working in-country or internationally. Mayor Gong Zheng is all about boosting foreign investments to give Shanghai's economy a boost. The city is on a mission to hit that solid 5% economic growth target in 2024, showing Shanghai's determination after falling just short of its 5.5% goal in 2023. Shanghai is where the action is for business travelers looking for growth opportunities and a vibrant business environment.
15. Boston, USA
Number of Mentions: 3
For business travelers, Boston is a thriving city with a growing entrepreneurial spirit. It's a great place for entrepreneurs to set up their Massachusetts LLC, thanks to its strong educational system, educated workforce, biotech industry, and support for local businesses. .406 Ventures, a venture capital firm, recently raised $265 million for their new fund, Point 406 Ventures V, L.P. They got support from various partners like universities, foundations, and pension plans. The fund will focus on investing in companies tackling challenges in healthcare, data + AI, and cybersecurity, indicating prosperous signs from business perspective.
14. Las Vegas, USA
Number of Mentions: 3
Las Vegas has always been a hotspot for business travelers. Before the pandemic, it was welcoming about 42 million visitors per year. In 2022, that number dipped to around 38.8 million, but in 2023, things are picking up with nearly 20.35 million visitors already. Despite the challenges, Las Vegas' meetings and trade industry kept on growing. They even beefed up their meeting spaces by 30%, from 11.5 million square feet to a whopping 15 million square feet. In 2022, the LVCVA locked in 14 new trade shows to hit up Vegas, adding to the already happening scene. They've been dominating the trade show scene for 27 years running. With 42 of the top 250 trade shows and three of the top 9 convention centers in the U.S., Las Vegas is a business traveler's dream come true, and is placed 14th on our list of Top 5 Business Travel Destinations in The World.
13. Munich, Germany
Number of Mentions: 4
Munich is a buzzing spot for business travelers. This city is all about business events and conferences, pulling in pros from every industry you can think of. With top-notch convention centers and venues decked out with the latest tech, Munich's perfect for hosting big conventions, trade shows, and meetings. And guess what? Munich's not all talk—the city's economic game is strong with major sectors like automotive, tech, and finance leading the pack. Thanks to its awesome location in Europe and super-connected transit systems, Munich's a prime spot for organizing international events. Plus, watch out for Vanagon Ventures—they're dropping a cool €30 million fund to back B2B startups diving into the green transformation game.
12. Chicago, USA
Number of Mentions: 4
12th on our list of Top 5 Business Travel Destinations in The World is Chicago. Chicago is the place for business travelers! It's vibrant, budget-friendly, and booming in industries like healthcare, manufacturing, finance, and tech. With over $92 billion in manufacturing activity, a strong financial sector, growing tech scene, and thriving healthcare industry, Chicago is the go-to spot. Moreover, Fortune 500 companies rely on managed IT services to keep operations smooth in these key sectors.
11. Los Angeles, USA
Number of Mentions: 4
Los Angeles boasts a $1 trillion metro economy, 20 million consumers, and smashes records with massive venture deals, infrastructure projects, and public procurement annually. It's the gateway to global success with six commercial airports and the biggest port complex in the Western Hemisphere. Companies pick LA as their launchpad to the U.S. consumer market and the worldwide stage.
10. Dubai, UAE
Number of Mentions: 5
The United Arab Emirates (UAE) has been rocking as the top U.S. export market in the Middle East and Africa region since 2009. Dubai, UAE is a global hangout for more than 1,500 American companies making moves across the Middle East, Africa, Europe, and Asia. Its economy is on skyrocketing, transitioning fast to become a knowledge economy. With its welcoming vibe for international business and a strategic location as a gateway to the region, the UAE is a hot spot for U.S. business travelers looking to seize new opportunities.
9. Frankfurt, Germany
Number of Mentions: 5
Frankfurt is a must-visit for business travelers. They've got killer transport links, a prime location, and easy access to all of Europe. With a top airport, strong infrastructure, and diverse companies, Frankfurt is a booming hub for business in Europe. It's quick, easy, and dynamic—perfect for getting things done. Frankfurt is 9th city on our list of Top 5 Business Travel Destinations in The World.
8. Berlin, Germany
Number of Mentions: 5
Berlin cemented its status as a hotspot for business travelers during the ITB Berlin Convention, showcasing its cutting-edge thought leadership. Berlin is no slouch when it comes to business centers.
At ITB Berlin, with cool AI insights and Albania hosting in 2025, it's all about Berlin setting global trends and rocking innovations. In 2024, the vibe was all about prosperity. The travel event was back, showing off its commitment to setting trends and being the go-to spot for all things travel. Despite some hiccups with strikes, over 100,000 hustlers showed up, filling all 27 halls with 5,500 exhibitors from 170 countries. With 24,000 people soaking up the knowledge, it's no wonder this convention is the ultimate global hotspot for all things travel!
7. Hong Kong, Hong Kong
Number of Mentions: 5
Hong Kong is a top pick for business travelers for its vibrant economic scene. The city's free-market economy is all about minimal government intervention, low taxes, and a bustling financial market. With services driving over 90% of its GDP, Hong Kong excels in financial services, trade, and tourism. Its solid economic ties to mainland China and other key Asia Pacific economies keep business booming. Known for its business-friendly environment, Hong Kong has climbed to 3rd place in the World Bank's Ease of Doing Business Ranking 2020, making it a hotspot for getting things done effortlessly.
6. Paris, France
Number of Mentions: 6
6th on our list of Top 5 Business Travel Destinations in The World is Paris. Paris is a top spot for business travelers with its bustling business districts. La Défense, Europe's largest business hub, is home to 3,600 enterprises, including 15 of the world's top 50. In the city center, Bourse de Paris in the 2nd arrondissement is a key financial area. The central business district, like the 8th arrondissement, has over 33,000 organizations of office space. Known for being business-friendly, France offers perks like startup credits and company loans, a great advantage for businesses looking to set up or expand. Just remember, businesses need to register before operating.
Click to continue reading and find out about Top 5 Business Travel Destinations in The World.
Suggested Articles:
Disclosure: None. Top 20 Business Travel Destinations in The World is originally published on Insider Monkey.