Singapore world's third biggest spender on overseas trips

Australia leads the global ranking as the world's biggest tourist spender at $3,078 per trip, followed by South Korea at $3,040.

The rest of the top five were Icelanders, who spend an average of $2,470 per vacation, and Portuguese tourists at $2,166.

Chinese tourists, considered as the world's biggest outbound tourism market, ranked 10th globally with their spending at $1,886 per trip.

To compile the list, Merchant Machine analysts used UN Tourism data to reveal how much the typical holidaymaker in 94 countries spends while on an international vacation.

They analyzed the total outbound expenditure for each country, dividing it by the total departures reported by some countries as "overnight visitors."