If you are complaining about how expensive some cities in the US are to do business, then consider these cities in other parts of the world. Then you’ll realize you’ve actually gone to a “bargain” metropolis if you travel for business within the US! The following are the most expensive cities on earth for business travel. You’ll be in for a shock though — New York City, where world-famous Wall Street is based, is not even included on this list!
Europe surely has a lot of pricey cities. Although the Norwegian capital isn’t exactly a bargain-basement city, it’s otherwise one of the more affordable options you can find in this continent where you can conduct your business.
This isn’t so surprising, as the French capital is known for its high cost of living. And despite the fact that it has recently cut down some costs, the rates of its hotels and restaurants are still considered steep to other people’s standards. You have to be wise and careful by researching which establishments offer great deals to ensure that you will be able to enjoy the best rates while traveling in Paris.
Saudi Arabia’s capital is quite expensive that traveling there will cost you an average of $495 per day. If you’re especially into energy and oil business, you’ve probably made some stops to Riyadh. Unless you can afford to stay at several five-star hotels, be on the lookout for some more downmarket hotels.
Stavanger is another expensive Norwegian city; its booming offshore oil industry has been the city’s economic lifeblood. It is home to several oil companies, so you’ve likely flown into Stavanger to conduct your energy business. The oil-rich city holds Offshore North Seas (ONS), which has one of the biggest exhibitions and conferences for the oil and energy sector. Clearly, Stavanger is Europe’s most important energy hub, so that status alone has upped the cost of doing business there.
The Swedish capital derives about 85% of its economy to the service industry, which is good news for anyone who wants to do business there. The not-so-good news is that Stockholm won’t come cheap; whether you’re going there for business or pleasure, or both, the cost of staying in Stockholm will be certainly steep. A day there will cost you about $528.
Switzerland, in its entirety, is one of the most expensive countries on earth, so it’s no surprise about the inclusion of Zurich on this list. You have to get accustomed to the exorbitant rates if you have to do business in Zurich. Do you know that about one-third of passengers arriving at Zurich Airport are business people? Then you’ll know from the start that Zurich is indeed Switzerland’s business capital.
Caracas is sometimes placed as the most expensive city in the world. Seriously. Businessmen — as well as tourists — will just shake their heads in astonishment when they learn about the unbelievably high cost of living this Venezuelan capital has. For instance, taxicab fare in Caracas is about 70% more expensive, and a meal at a regular restaurant will typically cost you 30% more. The $611-a-day rate in Caracas can be governed by a lot of factors: the government’s stringent currency controls, shortages in supply, high consumer prices, and the soaring crime rate.
Dubai took quite a beating from years of economic crisis before it was finally able to recover to become the global city it is today — with amazing skyscrapers, luxurious amenities, and man-made islands. Dubai is not only a city to do business, but it’s also emerging as one of the leading tourism hubs in the Middle East. The government hopes to double the number of tourists by 2020 by planning to build several new hotels, parks, and a shopping mall, which they intend to be the biggest shopping mall in the world.
As implied before, Switzerland is one of the most expensive countries on earth. And Geneva is ranked as the most expensive city for business not only in all of Switzerland but also the whole of Europe. Geneva, a global city, is also a diplomatic hub because of several international organizations being based there, apart from being an important global financial center. So you know what to expect in Geneva: businessmen and diplomatic officials armed with crisply tailored suits and high-end Swiss watches. A typical day in Geneva will cost you about $547.
Compared to other cities on this list, Hong Kong offers affordable hotel rooms and food. However, business travelers are looking for something up a notch or appropriately “business class” quality compared to what tourists expect. So if you’re doing business with HSBC or the Hong Kong Stock Market, you certainly don’t want to settle for anything less. This wealthy financial hub in Asia boasts world-class luxury hotels and restaurants especially catered to the business elite.
London’s cost of living has seen a slight decline in recent years compared to other cities, but it’s still notoriously high. If you’re doing business in the English capital, it may cost you around $508-$516 a day. It can be lower if you are able to cut corners, like opting to take a double-decker bus instead of a cab. If you’re out for a break, you must be aware that London’s entertainment expenses are considered one of the costliest in the world.