Dubai’s overnight visitors were the biggest spenders, with a total expenditure of $28.5 billion, according to Knight Frank City Wealth findings.
New York was in the second place, with visitors notching up a $17 billion spend.
In terms of average overnight visitor spend, Melbourne was on top with an average of $1,925 per person, followed closely by Dubai at $1,917.
London is top of the hotel rankings in the report with 75 five-star hotels as listed on reservations website Five Star Alliance, comfortably topping Dubai’s 61.
Meanwhile, New York swept the board in the ranking, coming out on top overall. London takes second place overall and is also runner-up in the investment and future rankings.
San Francisco takes third place overall, but scores the second most desirable lifestyle. Overall, North American cities dominate, taking 10 of the top 20 spots, with Asian cities occupying a further five.
WEALTH: New York is a dominant centre for HNWIs (based on households earning more than $250,000 annually), with almost double the population of Los Angeles in second place. The top nine places on this measure all go to North American cities, with London filling the tenth spot.
Over the next five years, this is expected to change, with Jakarta and Cairo seeing the biggest increase in this bracket, followed by New York, Los Angeles and Delhi.
INVESTMENT: While New York leads in terms of the largest annual average private investment into the property over the two-year period to the end of 2017, London takes top slot for the diversity of demand, measured by the number of different nationalities making investments. European centres compete closely with North American hubs on this measure, with Hong Kong leading the pack in Asia.
FUTURE: In terms of future GDP, measured in constant prices, New York again comes out on top, followed closely by Tokyo and Los Angeles. Looking to the future, North American cities look set to retain their supremacy, accounting for four of the top 10 cities for future GDP.