recent UN World Tourism Organisation data by HowMuch, a financial literacy and infographics agency, Thailand outranks every other nation in Asia when it comes to tourism spend.

Last year, it collected $57 billion in international tourism receipts, nearly doubling Macao ($36 billion), Japan ($34 billion), Hong Kong ($33 billion), and China ($33 billion). Globally, the only countries that out-earn Thailand in terms of tourism dollars are France ($61 billion), Spain ($68 billion), and the United States—which handily takes the gold medal, at $211 billion.

It all comes down to volume. Foreign arrivals could hit 40 million next year, which is more than half the country’s population.

Though gaps in the WTO’s data make it difficult to ascertain the per-visitor spend in each of these countries, given recent and forthcoming developments, that number is likely to be rising. “There’s no question that historically Bangkok—and Thailand in general—has always been perceived as a value destination,” says John Blanco, general manager of the forthcoming five-star Capella Bangkok, opening next spring with 101 suites facing the Chao Phraya River. “But there has been a real effort to shift that perception.”

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