1 Litre of Beer Costs Just 1 USD in Slovakia

Economists use a range of goods to gauge consumer prices in different countries around the world.

Beer is one consumable that can be used for such purposes, although not often omitted.

I believe this is because unlike a bottle of Coca-Cola, the local varieties of beer can result in significant price differences. Which left me wondering; where can you visit to find the cheapest beer?


I used GoEuro’s Beer Price Index (2015 and 2016) for beer costs around the world. This index includes both supermarket and bar costs for a 33cl beer. GoEuro’s data¬†also calculates a mean average beer price¬†using the calculation (supermarket cost + bar cost) / 2.


Cost of beer around the world 2016

Overall Average Price for Beer in USD 2016 Histogram

Download chart.

A 33cl beer will cost you anywhere between $1.14 and $6.59, on average. Lausanne, Switzerland is the most expensive where a beer at a bar will cost you $12.20. That’s over 6 times more expensive than the cheapest city for a beer at a bar, Kiev ($1.82).

Cheapest beers 2016

Beer Price Index 2016 map

Interactive map.

Overall rank (overall ave) City Country Average Price for 33cl Beer (Supermarket) in USD Average Price for 33cl Beer (Bar) in USD Overall Average Price in USD Bar – supermarket diff Bar – supermarket diff pc
1 Bratislava Slovakia 0.35 1.93 1.14 1.58 451.43%
2 Kiev Ukraine 0.47 1.82 1.15 1.35 287.23%
3 Cape Town South Africa 0.46 2.12 1.29 1.66 360.87%
4 Krakow Poland 0.57 2.02 1.30 1.45 254.39%
5 Mexico City Mexico 0.46 2.48 1.47 2.02 439.13%
6 Belgrade Serbia 0.30 2.73 1.52 2.43 810.00%
7 Cairo Egypt 0.69 2.61 1.65 1.92 278.26%
8 Warsaw Poland 0.60 2.79 1.70 2.19 365.00%
8 Ljubljana Slovenia 0.75 2.64 1.70 1.89 252.00%
10 Budapest Hungary 0.28 3.13 1.71 2.85 1017.86%

Full list.

Most of the cities in the top 10 (7) are all found in Eastern Europe. In Bratislava, Slovakia a 33cl beer can be bought for $0.35. At a bar in Bratislava the same beer might cost you $1.58 — a 451% increase! In Budapest the difference between supermarket ($0.28) and bar ($3.13) is 1018% (Paris is the worst — a 1270% increase).

Year-on-year beer price changes

2015 - 2016 beer price change

Download chart.

Price change rank City Country Overall Average Price % Change 15/16
1 Rio de Janeiro Brazil -43.27%
2 Geneva Switzerland -42.80%
3 Munich Germany -42.05%
4 Cape Town South Africa -39.72%
5 Bucharest Romania -37.81%
6 Ljubljana Slovenia -37.34%
7 Tel Aviv Israel -37.10%
8 Dublin Ireland -34.32%
9 San Francisco United States -34.01%
10 Barcelona Spain -33.90%

Full list.

GoEuro’s price index records beer prices falling in 63 of 64 cities between 2015 and 2016! Only Malaga in Spain saw beer prices increase, by 23% — sorry packaged holiday makers.

The fall in beer prices was actually fairly significant with an average price decrease of 24%. The top 10 cities ranked by falling beer price all saw price decreases of over 30%. In Rio De Janeiro, Geneva, and Munich average beer prices fell by over 40%! Oktoberfest is looking cheap in 2017!

Beer consumption 2016

Beer consumption 2016 map

Interactive map.

Did you know? Out of the 70 countries considered in GoEuro’s Beer Price Index, the top beer consumers in 2016 were: 1) Czech Republic (144 litres person / year), 2) Poland (127), 3) Serbia (119).

Biggest spenders on beer 2016

Average spend on beer consumption 2016

Download chart.

Av spend rank City Country Av. Annual Consumption Per Capita (litres) Av. annual spend per capita (Supermarket only) Av. annual spend per capita (Bar only) Av. annual spend per capita (average)
1 Lausanne Switzerland 56 166.30 2,070.30 1,118.30
2 Helsinki Finland 105 381.82 1,753.18 1,067.50
3 Sydney Australia 99 540.00 1,398.00 969.00
4 New York United States 85 265.30 1,645.91 955.61
5 Miami United States 85 182.88 1,602.12 892.50
6 Toronto Canada 116 376.12 1,395.52 885.82
7 Prague Czech Republic 144 318.55 1,444.36 881.45
8 Venice Italy 106 212.00 1,532.18 872.09
9 Moscow Russia 106 395.09 1,323.39 859.24
10 Frankfurt Germany 107 220.48 1,420.18 820.33

Full list.

Whilst Czech Republic, Poland, and Serbia have the highest beer consumption per capita, the relatively cheap price of beer means that they don’t spend as much ($881 per year, $652 and $546 respectively).

Unsurprisingly Lausanne, Switzerland Рwhere a beer at a bar can cost you more than $12 Рcomes out top for most spent per person on beer each year at $1,118 (even though consumption is relatively low at only 56 litres p/person p/year).


GoEuros dataset has aggregated beer prices. Having access to the raw dataset with prices by brand would be particularly useful in comparing like-for-like differences in prices around the world.


33cl of beer is cheapest in Bratislava, Slovakia at an average cost of $1.14 ($0.35 in a supermarket or $1.93 in a bar).


Data sources + data used in this post.

There Is Almost 2 Trillion USD of Planes in Our Skies

$1,911,494,699,999 USD to be exact.

I don’t need to tell you jet planes are expensive. Very expensive. Spoiler alert: you (probably) can’t afford one.

That said, commercial airliners are abundant as a quick look on Flightradar24 will confirm.

At hundreds-of-millions a piece; what is the value of the current fleet of commercial airliners in the sky?


I used the average cost of a commercial jet model as supplied by the manufacturers who dominate the commercial market, Airbus and Boeing.

Fleet data was obtained from AirFleets for the SkyTrax top 100 airlines (2015).

Total price values were calculated using average cost of model and most popular model variation in operation. For example, count of the more popular A350-800 was used over the A350-1000 variant.

Aircraft data (seat numbers) was obtained from Wikipedia.


Most expensive planes


Download chart.

Unsurprisingly the massive Airbus A380 is the most expensive commercial airliner. All of the top 10 planes by price are worth more than $300 million USD each.

Most expensive cost per seat


Download chart.

The A380 represents represents a high cost efficiency per seat (rank 15th @ 0.82$ million USD / seat).

The A350-1000, 777-9, and 777-200LR all have per seat values of over $1 million USD (cost / number of seats). This is a rough calculation assuming the maximum number of seats are installed (in many cases this does not happen).

Total value of planes by type

Total value of commercial airliners top 10 by cumulative total

Download chart.

Did you know? The cost of planes for all of SkyTraxs top 100 airlines (new) is $1,911,494,699,999 USD. 

The Boeing 777 ($340 million / each), 1214 in operation , have a cumulative new value of $412,274,400,000 USD (412 USD billion).

The cheaper 737s ($110 million / each), of which there are 3471 planes in the sky (25% of all commercial aircraft) (almost 3x the 777), have a total combined value of $381,810,000,000 USD (382 USD billion). Southwest operates 710 737s. Bought new these would cost $78,100,000,000 USD (78 USD billion).

Boeing versus Airbus

Boeing Airbus total value

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Although Airbus offers the most expensive plane for sale (the A380 @ $432 million USD), the new cost of all Boeing planes in the sky is much higher than Airbus.

There are over $1 trillion USD of planes flying from Boeing (one trillion sixty-eight billion seven hundred thirty-one million seven hundred thousand), whilst Airbus has just $800 billion USD (eight hundred forty-two billion seven hundred sixty-three million).


All the calculations and variable values (plane cost, seats on aircraft, ticket cost, etc) are nowhere near accurate and should only be taken as a generalisation.

Should true data be obtainable, values for these variables would greatly improve the accuracy of all data and calculations used in this post.


The cost of planes for all of SkyTraxs top 100 airline (new) is $1,911,494,699,999 USD. 


Data sources + data used in this post.

Go to Iran, Be A Millionaire for Just 31 USD

Travelling¬†between countries can be disorientating. Changes in currency values can be a major contributing factor. A bottle of Coca-Cola might be¬†$1 USD in America, but Ô∑ľ14,000 IRR in Iran (only $0.43 USD).

Much of this can be solved using a simple currency conversion app on your phone. After a few days you’ll master the mental arithmetic to perform currency conversions instantly in your head.

Thinking about the value of different currencies, I started to wonder; where could I be a millionaire, or even billionaire?


I collected worldwide currency values against the USD from XE.com at 14:00 GMT 19/01/2017 for comparison.


Strongest currencies – GBP vs USD

I¬†couldn’t start this post without mentioning Brexit. Specifically the negative impact it has had on my worldwide purchasing power (I get paid in GBP).

GBP USD Feb 2017

Latest data.

And it’s not just Brexit. My trips to the US are 80% more expensive when compared to 2007, before the housing crisis. As of writing this, ¬†1 USD = 0.8 GBP. Either way, I’m a millionaire in neither currency.

Strongest currencies vs USD

The GBP is one of the strongest currencies against the USD at the moment,

Value rank vs USD US Dollar 1 USD feb 192017 1 USD inverse feb 192017 1000000 USD feb 192017 1000000 USD inverse feb 19 2017
1 Kuwaiti Dinar 0.305627 3.271965 305627 3271965
2 Bahraini Dinar 0.377039 2.652243 377039 2652243
3 Omani Rial 0.385253 2.595695 385253 2595695
4 Latvian Lat 0.661973 1.510636 661973 1510636
5 British Pound 0.805704 1.24115 805704 1241150
6 Euro 0.941908 1.061675 941908 1061675

Full table.

You probably won’t be a USD millionaire in Kuwait, Bahrain, Oman, Latvia, or the Euro-zone countries either. In Kuwait 1 million USD is worth around 306K Kuwaiti Dinar. You’d need 3.27 million USD to be a Kuwaiti Dinar millionaire. These are the only 6 major currencies that are currently stronger than the USD.

Weakest Currencies РIRR vs USD

usd to irr feb 2017

Latest data.

The Iranian Rial is currently the weakest currency against the USD. The currency has an interesting story.¬†The Iranian Rial was devalued in July 2013 to half its previous value as the government reduced subsidisation of the exchange rate against the dollar.¬†Recently, in December 2016, the Iranian government announced the country’s currency will be changed from the rial to the commonly used Toman. As of writing this decision still needs Parliament’s approval.

1 USD will buy you 32420 IRR. 31 USD will buy you 1 million USD. 1 million USD will buy thirty-two billion four hundred twenty million IRR!

Weakest currencies vs USD

Value rank vs USD US Dollar 1 USD feb 192017 1 USD inverse feb 192017 1000000 USD feb 192017 1000000 USD inverse feb 19 2017
51 Chilean Peso 644.1 0.001553 644100000 1553
52 South Korean Won 1150.45 0.000869 1150450000 869
53 Colombian Peso 2886.5 0.000346 2886500000 346
54 Indonesian Rupiah 13341.1 0.000075 13341100000 75
55 Iranian Rial 32420 0.000031 32420000000 31

Full table.

The Iranian Rial is by far the weakest currency versus the USD. The Indonesian Rupiah comes out second worst with an exchange rate of 1 USD = 13300 IDR. 75 USD would buy you millionaire status in Indonesia.


I have completely ignored purchasing power of a currency. As discussed a bottle of Coke in Iran will cost you¬†14,000 IRR — it wouldn’t be hard to blow 1 million in a single day.


Go to Iran with 31 USD, become a IRR millionaire.


  1. Data sources + data used in this post.

Burn 12000 Calories A Week Skiing

Skiing is the greatest winter sport. End of discussion.

Enjoying the clean, fresh air whilst rushing down the side of the mountain is exhilarating. Who said exercise was boring?

Skiing 6 hours a day can make you very tired, and very hungry.

Which left me questioning; just how much food do you need to eat to replenish the calories burnt skiing?


Using GPS data collected from a recent 6 day ski holiday I was able to obtain the daily distances skied and then best guess my exertion level.

I was then able to use this data with standard exercise / calorie information available on CalorieLab to estimate how many calories I used up each day.


Calorie expenditure

Minutes Skiing by Exertion by Day

Download chart.

The data was collected using the Ski Tracks app (Android & iOS). Ski time only includes time spent descending. Ski exertion is best guess (40% time = light, 50% t = moderate, 10% t = vigorous).

According to NHS guidance the average male needs 2500 kCal per day to maintain their weight, or for the sake of this analysis have a kCal neutral balance. For simplicity, lets assume my daily energy requirements are 2500 kCal + energy spent skiing only.

My vital stats used to calculate calorie expenditure on CalorieLab: sex = male, weight = 70kg.

kCal Burned Skiing by Day

Download chart.

Did you know: A 70kg male can expend almost 3000 kCal moderately skiing for 5 hours (500 * 5.83 kCal p/min).

On Sunday 23rd January 2016, it is estimated I expended the¬†highest number of Kilo Calories (kCal) skiing (1777.4 kCal), with estimated daily kCal expenditure falling slightly with each day — something I put down to fatigue. My average estimated daily kCal¬†burned skiing was about 1676 kCal (8380 kCal week total).

Calorie intake

Food / Drink Serving Size kCal
Carlsberg (lager) 470ml (pint) 180
Cheese, Gruyere 10g 122
Red Wine 12.5cl (glass) 85
Domino’s Original Cheese & Tomato Large Classic Crust Pizza Slice 183
Oatmeal 100g 375
Krispy Kreme Original Glazed Doughnut Doughnut 222
Morrisons In Store Bakery Artisan Baguette 0.25 baguette 246

Full table.

To put this into perspective, you can see from the NHS Choices Calories Calculator how calorific classic skiing fare is.

A¬†particularly calorific¬†food diary from a skiing companion of mine saw an average intake of over¬†4000kCal, though I’m not naming anyone. On¬†one day this figure was¬†4727 kcal! In his¬†very weak defence, using my¬†calorie¬†neutral daily average of 4369 kCal this was¬†only a surplus of 358 kCal (4727 – 4369), or two pints of beers (360 kCal).¬†With a more controlled diet he could maintain a high daily kCal deficit and potentially lose weight.

Effects of altitude

There is not a huge difference in the amount of calories utilised at a higher altitude during exercise even though it may feel as though you are working much harder. The few extra calories burned will be a result of increased breathing to get more oxygen into the body, which means increased work by the rib cage and other muscles involved in ventilation (which are all relatively small).

Returning home

Some would argue the biggest danger is¬†continuing such a diet upon your return home. 4727 kCal is almost twice the daily recommendation of 2500 kCal,¬†a difference of 2227 kCal — one that¬†would¬†quickly¬†start resulting in weight gain.


The science behind calorific burn is a confusing area to research due to the many conflicting arguments. Clearly, this is a very inaccurate analysis for the most part. By adding in additional variables to my calculations – like heart rate, temperature, etc – rather than just time would likely produce some very different results.


5 hours of continuous moderate skiing can burn almost 3000 kCal. Or 16 pints of beer (@180 kCal p/pint).


Data sources + data used in this post.

Pay Off A Mortgage In Less Than 3 Years As An Airbnb Host

Micro-housing markets around the world change the shape of local communities. Those with skyrocketing costs, London or San Francisco for example, are starting to see an exodus of young people. Whilst Detroit, with comparatively low housing costs, is seeing an influx of younger people.

In San Francisco it will cost you on average $199 USD per night (April 2016) to rent a 1 bedroomed apartment in the city using Airbnb. If you’re spending this much a night on accommodation you quickly start doing some back-of-napkin maths. At 100% occupancy that’s a gross rental income of $6169. Even at 50% occupancy that’s still well over $3000 USD per month.

Now, anyone who lives in San Francisco will tell you long-term rent is expensive too. The average traditional rental price for a 1 bedroomed property is $2850 USD according to Zillow. In this case subletting on Airbnb at 50% occupancy would leave a gross profit of $150 USD (before taxes, utilities, etc are factored in). If you owned the property, the profit (even with a mortgage) would likely be much greater.

But where are hosts making the most money?


Using Airdna data I examined the average nightly cost of “Entire place” for studio, one, and two bedroomed rentals on Airbnb (house and apartment) during the month of April 2016 for 30 of the largest metro areas in the United States. My calculations factor in the Airbnb service fee, however ignore utility costs (and other associated fees) to the hosts (thus, returns should be¬†considered as gross).

Occupancy rates for Airbnb rentals are harder to find and vary significantly as a result of a number of factors, namely time and location. However, after researching a number of sources online I came up with average occupancy figures of between 50% Р75%, like this Quora answer for NYC and this SmartAsset blog post, as a base estimate.

I then turned to Zillow to obtain both average April 2016 rental values and average April 2016 property values for the same 30 metro areas.


Buy-to-Airbnb (1 bedroom)

Property prices in some cities have increased wildly over the last few years. Take San Francisco, CA, a new one bedroomed home will set you back over $500K USD. In Cleveland, OH you could buy 8 homes with that money with some left over (average 1 bedroomed cost = $63.3K USD).

Highest ROI Cities

1 BR purchase price rank (April 2016) 1BR ROI Rank (April 2016) 1BR Actual Earnings Rank (April 2016) RegionName Buy 1 BR ROI Yr @ 50% occ (April 2016) Buy 1 BR ROI Yr @ 75% occ (April 2016)
30 1 20 Cleveland, OH 22.72% 35.65%
27 2 15 Tampa, FL 21.52% 33.83%
26 3 23 Pittsburgh, PA 19.50% 31.19%
29 4 26 San Antonio, TX 18.74% 29.71%
28 5 28 Orlando, FL 18.04% 28.68%
24 6 21 Cincinnati, OH 17.88% 28.17%
22 7 10 Houston, TX 17.78% 27.87%
18 8 6 Miami-Fort Lauderdale, FL 16.48% 25.75%
21 9 17 Las Vegas, NV 16.40% 26.14%
23 10 27 St. Louis, MO 14.95% 23.79%

Full list.

Cleveland, OH, the cheapest city to buy a 1 bedroomed place on our list ($63.3K USD) gives a 26% yearly return at 50% occupancy. At 75% this increases to 36% — in 3 years the Airbnb revenues would exceed the purchase price of the property!

In comparison, San Francisco, CA, the most expensive place to by a property, offers average returns of around 6% – 9% yearly to homeowners renting property using Airbnb.

Own 1 BR Yearly Airbnb ROI @ 75% Occupancy

Download chart.

All owners hosting on Airbnb at 50% occupancy will make a gross profit. The best ROI for 1 bedroomed places is generally found in the cities with lower property values. The spread of returns at 75% occupancy is between 9% and 36% yearly. At 50% occupancy this drops to 5% and 22%.

Buy-to-Airbnb (2 bedroom)

Highest ROI Cities

2 BR purchase price rank (April 2016) 2BR ROI Rank (April 2016) 2BR Actual Earnings Rank (April 2016) RegionName Buy 2 BR ROI Yr @ 50% occ (April 2016) Buy 2 BR ROI Yr @ 75% occ (April 2016)
30 1 21 San Antonio, TX 30.62% 47.53%
22 2 23 Orlando, FL 29.72% 46.21%
20 3 11 Detroit, MI 29.45% 46.77%
27 4 15 Cincinnati, OH 27.78% 43.01%
16 5 7 Miami-Fort Lauderdale, FL 27.65% 42.51%
21 6 25 Tampa, FL 26.92% 41.92%
28 7 26 Pittsburgh, PA 25.81% 40.64%
24 8 17 Houston, TX 23.81% 36.92%
29 9 29 Cleveland, OH 23.42% 36.70%
17 10 18 Las Vegas, NV 23.25% 36.42%

Full list.

Detroit, a city that¬†has been in decline over the past few decades, is beginning to see somewhat of a resurgence. Whilst the city is not the cheapest to purchase a 2 bedroomed property (ranked 20/30), it ranks high for actual Airbnb dollar earning (11/30) and offers the third highest yearly ROI¬†at 30% and 46% at 50% and 75% occupancy respectively. I don’t have the data to back up wether these¬†occupancy statistics are¬†easily realised, but 50% occupancy seems relatively low to¬†me (for an average property in a big¬†city, competition not considered).

Own 2 BR Yearly Airbnb ROI @ 75% Occupancy

Download chart.

And such high returns are not unique. The median return for 2 bedroomed places at 75% occupancy is over 30% —¬†that equates to 15 properties out of 30 returning more than 30% of their value each year.

Buy-to-Airbnb (summary)

Median returns by occupancy and home size buyers (April 2016)

Download chart.

You can see the gross return on 1 bedroomed properties in most cities is roughly 10% less than 2 bedroomed properties.

Rent-to-Airbnb (1BR)

Highest ROI Cities

1BR rent rank 1BR actual earning rank 1BR ROI rank Region Name Rent 1 BR ROI Yr @ 50% occ USD Rent 1 BR ROI Yr @ 75% occ USD
30 21 1 Cincinnati, OH 99.21% 198.81%
27 21 2 Cleveland, OH 72.51% 158.77%
28 27 3 St. Louis, MO 66.93% 150.39%
24 13 4 Las Vegas, NV 66.80% 150.20%
25 20 5 Pittsburgh, PA 59.32% 138.98%
29 30 6 Detroit, MI 51.59% 127.39%
22 16 7 Tampa, FL 51.30% 126.96%
26 26 8 San Antonio, TX 49.30% 123.95%
3 1 9 Boston, MA 45.67% 118.51%
23 25 10 Phoenix, AZ 40.91% 111.36%

Full list.

Your first observation is that ROI will be much higher for renters (but remember we are only considering rent for a year which is significantly less than the cost of buying a property).

Returns of almost 200% can are obtainable if renters are able to sub-let their 1 bedroomed home for 75% of the year. The top ten cities above all have ROI greater than 100%.

1BR rent rank 1BR actual earning rank 1BR ROI rank Region Name Rent 1 BR ROI Yr @ 50% occ USD Rent 1 BR ROI Yr @ 75% occ USD
8 9 27 Seattle, WA -3.54% 44.69%
5 7 28 Washington, DC -5.04% 42.43%
4 4 29 Los Angeles-Long Beach-Anaheim, CA -6.42% 40.36%
1 2 30 San Francisco, CA -10.19% 34.71%

Full list.

Unlike buying, I have calculated that it is likely you could lose money subletting your home (based on rent paid for the year). In 4 cities, subletting with less than 50% occupancy yields¬†returns less than total rent paid. That means if you sublet on Airbnb in San Francisco and your occupancy rate is 50% for the month, you will have to cover 10.19% of the rent yourself — essentially you pay 10% of total rent to stay in the home 50% of the time. Not a bad deal.

Rent 1 BR Airbnb ROI @ 75% Occupancy

Download chart.

At 75% occupancy renters in all cities subletting their home will receive positive returns with a huge spread returns of between 35% and 200%.

Rent-to-Airbnb (2BR)

Highest ROI Cities

2BR rent rank 2BR actual earning rank 2BR ROI rank RegionName Rent 2 BR ROI Yr @ 50% occ USD Rent 2 BR ROI Yr @ 75% occ USD
28 15 1 Cincinnati, OH 122.09% 233.14%
25 9 2 Detroit, MI 114.77% 222.16%
26 17 3 Las Vegas, NV 99.41% 199.12%
29 27 4 St. Louis, MO 86.08% 179.12%
4 1 5 Boston, MA 85.27% 177.91%
24 21 6 San Antonio, TX 82.46% 173.70%
15 8 7 Baltimore, MD 73.43% 160.14%
19 14 8 Charlotte, NC 66.95% 150.42%
22 21 9 Phoenix, AZ 66.85% 150.27%
23 25 10 Pittsburgh, PA 61.67% 142.50%

Full list.

As was the case for property owners, sub-letters of 2 bedroomed homes¬†get better returns when compared with 1 bedroomed homes — in Detroit returns are 55% higher. All cities yield positive returns at both 50% and 75% occupancy for 2 bedroomed homes.

Again Cincinnati offer sub-letters the best returns for 2 bedroomed places, as was true for 1 bedroomed homes.

Rent 2 BR Airbnb ROI @ 75% Occupancy

Download chart.

Most returns are between the 60% – 180% range at 75% occupancy.

Rent-to-Airbnb (summary)

Median returns by occupancy and home size renters (April 2016)

Download chart.

Sub-letters see a larger difference in returns on property sizes. 2 bedroomed homes¬†offer much better returns than 1 bedroomed homes — at 75% occupancy returns for 2 bedroomed places are almost 40% higher.


I didn’t consider utilities — a major overhead for hosts. I have obtained numbers on Numbeo which puts average rents in these cities at about $2360 yearly, a range of between $1938 USD¬†(San Diego) – $3936 USD (Detroit).

That said, my calculation did not consider cleaning fees, which can amount to $100’s per month, and thus potentially offsetting utility costs incurred.

For a more accurate comparison, both of these factors should be considered.


Airbnb hosts renting 2 bedroomed homes make more money than 1 bedroomed homes. In many cases hosts subletting can pay their yearly rent twice over from Airbnb yields. Likewise many homeowners in the cities analysed could make the purchase price of their home in only a few years through Airbnb guests.


  1. Data sources + data used in this post.

Size Matters: How Airline Size Affects Customer Satisfaction

When I think of many large corporations I think of commodity products rather than quality. Most airlines these days are large corporations Рor part of a group of airlines Рwith thousands of staff around the world.

As a measure of size, it is the older carriers that have the largest fleets of aircraft (1. American, 2. Delta, 3. United).

Does the size of an airline affect brand image, or more importantly, passenger satisfaction?


Skytrax is arguably the most well know measure of airline rankings. Released every year since 2012, I am using the latest 2016 version. In their own words the Skytrax ranking is a: ¬†“Quality analysis across hundreds of categories for both airline product and service delivery, covering the Onboard and home-base Airport environments.”

Similarly Airhelp produces their own AirHelp Score that ranks airlines on three measures: quality and service, on-time performance, and the ease of making a claim (for delayed flights, etc).

Using data from Airfleets (April 2016) I was able to measure an airline by size of its fleet. My assumption is that airlines with larger fleets will have the more staff.

I did consider using market capitalisation as a measure of size but due to differences in company dynamics (airline groups, traded on different markets / volumes, etc) I decided against doing so.


Airlines with most aircraft

Count of aircraft top 10 by fleet size

Download chart.

The top 4 airlines by fleet size are all based in the US. They are also considerably larger than the next biggest airline, China Southern (who operate 200 fewer planes).

Airline Fleet Rank (04/16) Skytrax rank 2016 AirHelp Score rank (Autumn 16)
American Airlines 1 77 28
Delta Air Lines 2 35 31
United Airlines 3 68 16
Southwest Airlines 4 66 #N/A
China Southern Airlines 5 32 66
China Eastern Airlines 6 79 74
Air China 7 87 77
Turkish Airlines 8 7 60
Lufthansa 8 10 11
British Airways 10 26 12

Full list.

Only one of the top 10 airlines by fleet size is in the Skytrax top 10, Turkish (7th). None of the 10 airlines with the largest fleets make the AirHelp Score top 10.

Histogram of airline fleet size

Download chart.

The top 10 airlines by fleet size are considerably larger than the competition. Most airlines (83/100) operate less than 200 planes, 53 operate fewer than 100.

Skytrax 2016 Top 10

Skytrax ranking 2016 - Top 10 changes since 2012

Download chart.

Download the full Skytrax Top 100 ranking.

Qatar has held either the 1st or 2nd spot in the Skytrax ranking since 2012 (currently ranked 2nd). Emirates, currently ranked 1st, has seen a more turbulent rise to the top (placed 8th in 2012, 4th in 2014, and 5th in 2015).

Airline Fleet Rank (04/16) Skytrax rank 2016 AirHelp Score rank (Autumn 16)
Emirates 11 1 12
Qatar Airways 18 2 1
Singapore Airlines 40 3 4
Cathay Pacific Airways 31 4 7
ANA All Nippon Airways 16 5 #N/A
Etihad Airways 34 6 #N/A
Turkish Airlines 8 7 60
EVA Air 57 8 #N/A
Qantas Airways 38 9 #N/A
Lufthansa 8 10 11

Full list.

5 of the top 10 Skytrax ranked airlines are ranked 30th and below for fleet size. This suggests smaller airlines offer better service. Conversely, for the airlines where an AirHelp Score exists many rank fairly highly. The anomaly being Turkish Airlines who have the 6th largest fleet size, a Skytrax rank of 7th, but a very poor AirHelp Score ranked 60th.

AirHelp Score Autumn 2016 Top 10

Airscore ranking 2016 Top 10 changes

Download chart.

Download the full AirHelp Score ranking.

Qatar ranks perfectly in 1st for all periods of the AirHelp Score ranking, beating its Skytrax rankings. Virgin Atlantic has seen the best improvement of AirHelp Score rank moving from 38th – 6th position in just one year!

Airline Fleet Rank (04/16) Skytrax rank 2016 AirHelp Score rank (Autumn 16)
Qatar Airways 18 2 1
Austrian 54 19 2
Air Dolomiti #N/A #N/A 2
Singapore Airlines 40 3 4
KLM 23 24 5
Virgin Atlantic 76 28 6
Cathay Pacific Airways 31 4 7
Air Canada 15 31 7
Air Baltic #N/A #N/A 7
Finnair 70 27 10

Full list.

Again, most of the airlines in the AirHelp Score top 10 are smaller airlines (8 are ranked 30th and below by fleet size). That said, many of these airlines are brand names in the industry.


Skytrax and Airhelp rankings are good baselines to understand customer satisfaction, however, only give and aggregated of customer satisfaction. Delays, number of flights, food quality are raw metrics that will give a better view of where airlines perform best.


Larger airlines (by fleet size) tend to offer worse service than their smaller counterparts.


  1. Data sources + data used in this post.

Airlines Are Undercharging You For Fuel

Taxes, duty, surcharges… passenger facility charges.

Airline tickets are a lot more than just a standard fare. For most consumers the fare breakdown is a non-issue because the total fare is shown clearly at time of purchase (you may never even see the fare breakdown).

Some including taxes imposed by governments are fixed. Even if the airline thinks they’re unreasonable they still have to pay.

Items like Fuel Surcharge are less defined as they are set by individual airlines; but how closely do they correlate to actual fuel cost for the journey?


I recently flew from London to Qatar and was charged a Fuel Surcharge.

Using data about plane efficiency found on Wikipedia and fuel costs from IATA (Oct 2016 @ 1.42 USD / gal) I was able to estimate the amount of fuel used for the journey, the estimated total cost of fuel, and how it differed from the Fuel Surcharge charged.

Because airlines rarely share actual passenger numbers my calculations assume passenger load factor (percentage of seat capacity utilised) = 100% (even though aircraft rarely operate at 100% capacity). For example, the PLF for British Airways in 2014 was about 81% (although some of their popular routes operate at 99%!).

It is also worth noting, thousands of unique factors affect actual fuel economy: payload weight, weather conditions, delays, required additional fuel for safety regulations, etc that I could not account for.


Fuel Surcharges

Fuel Surcharges are often coded as YQ or YR on tickets. Fuel surcharges were introduced in the early to mid-2000s when the price of oil soared.

Many people incorrectly confuse the Fuel Surcharge as the actual fuel cost.

“A fuel surcharge is a way of adjusting the amount paid to move freight [persons] by taking into account significant variation in fuel prices, compared to historical levels. It is a method for sharing or transferring risk.”
Supply Chain 24/7

A Fuel Surcharge is designed to cover the varying fuel cost of flying you to your destination, but it is not the actual fuel cost.

If you think about this more deeply, charging an actual fuel cost would be impossible due to fluctuations in fuel price paid by the airline. Aircraft fuel has fallen by over 60% in the last two years alone. But are airlines passing these savings onto consumers?

Some sources claim¬†Fuel Surcharges are “not for fuel any more“, suggesting they account for¬†additional costs and operating margins. Other sources also claim airline Fuel Surcharges have no direct relationship to fuel cost.

Admission: This makes it almost impossible to calculate wether airlines are overcharging for fuel (because we don’t know what parts of the fare breakdown account for it). Though bear with me. Lets¬†hypothesises that¬†Fuel Surcharge has some relationship to fuel cost.


Airline Opex

Airline Opex 2008

Download chart.

In 2008 fuel accounted for the third largest share of airline operating expenses at¬†32.3% for all major airlines¬†— in 2001 it was only 13.6%! More recent data would suggest fuel now¬†accounts for 27.6% of an airlines operating expenditure.

Actual Fuel Cost

My flights:

Route Aircraft Miles
LHR – DOH Boeing 787-8 Dreamliner 3,259
DOH – BKK Airbus A380-800 3,288
BKK – DOH Airbus A380-800 3,288
DOH – BKK Boeing 787-8 Dreamliner 3,259

Full table.

I was charged $230.68 USD in Fuel Surcharges for the round-trip, or $115.34 USD one-way (the total for the ticket was $671 USD, fuel surcharge is 29% of total cost).

To obtain the additional data required to estimate actual fuel costs I used:

  • Wikipedia:¬†average fuel efficiency for both these aircrafts, and many more.
  • IATA: jet fuel costs.

Did you know:¬†The Airbus A380’s fuel tank has a capacity of 320,000¬†litres (84,500¬†US Gal) of jet fuel —¬†most of which is stored in the wings!¬†In comparison, my old car had a¬†50L (13 US Gal) tank.¬†

The estimated actual fuel costs for my journey:

US Gal Needed p/Pax US Gal Needed Total
Boeing 787-8 (one-way) 37.03 8,814.11
Airbus A380 (one-way) 45.67 23,975.00
One-way 82.70 32,789.11
Round-trip 165.40 65,578.23

Fuel Hedging

Fuel surcharges introduced when oil prices were high have remained in place because most airlines hedged their fuel purchases.

The International Air Transport Association (IATA) reckons the final hedges which locked airlines into higher than market oil prices will unwind by mid-2016, increasing the potential for cheaper airfare towards the end of the year.

Overcharging for fuel

Per Pax Actual and Per Pax Fuel Surcharge

Download chart.

My¬†ticket was booked within 3 weeks of outbound travel (7 weeks of return travel). Given a Fuel Surcharge¬†“takes into account significant variation in fuel prices”,¬†I did¬†expect the estimated actual fuel¬†cost to vary slightly¬†given the current market conditions.

Assuming Fuel Surcharge = fuel cost, calculations based on the current jet fuel price (Oct 2016) ($1.42 / US Gal), I am being undercharged for fuel by $3.04 USD ($230.68 fuel surcharge -$233.72 actual fuel cost).

Remember this assumes a 100% passenger load factor, so it is very likely the airline is receiving less in total in Fuel Surcharges (e.g 80% load factor would equal 20% drop in total Fuel Surcharge). In such a case, it means I am actually being undercharged by an even greater amount.

As discussed, many people believe a Fuel Surcharge != fuel cost. However, it is interesting to note the difference between the two is almost 0. Whilst this is not very solid proof of a correlation, it would definitely indicate one.

So lets stick with the assumption that Fuel Surcharge = fuel cost. If the airline hedged at the 5 Year high in 2011 ($3.27 / US Gal) I would actually be underpaying by a whopping $307.52 USD ($230.68 -$538.20). Assuming the planes are operating at full capacity, that would be a total fuel underpayment for the journey of around $30,000 USD!

To add some balance, assuming the airline purchased fuel at the average price of these two values ($2.35 / US Gal Р2014 prices) I am underpaying $156.10 USD for my fuel surcharge ($230.68 Р$386.78).


Instead of using fuel surcharge for comparison, I could use reported airline opex figures for fuel expenditure against ticket cost.


Your airline is¬†probably undercharging you¬†for fuel based on current¬†jet fuel prices (latest @ $1.36 – Nov 2016) — assuming fuel surcharge = fuel cost.¬†


  1. Data sources + data used in this post.

26 Percent Of All Commercial Airliners are Boeing 737s

New planes like A380s, 787s, or if you’re really lucky, an A350, are great to fly on.

If you fly regularly, switching between old and new planes can make the differences in comfort seem even more acute. It’s not surprising frequent travellers often¬†book flights based on planes serving the route.

But what planes dominate the sky? And how old are they?


I began by analysing airlines from Skytrax top 100 airlines 2015.

Using these 100 airlines, I then scraped data from Airfleets that documents every plane flown by each airline (April 2016).


Aircraft flown by airlines

count of aircraft by airline top 10

Download chart.

New planes are expensive. A new 787-8 costs between $157-167MM USD. Owning or leasing a plane is a significant cost on any balance sheet.

Unsurprisingly, older airlines typically have larger fleets.

Did you know? The airlines with the most planes in their fleet are all American: 3. United Airlines (717), 2. Delta Airline (833), 1. American Airline (943).

Most common manufacturers

count of aircraft by manufacturer

Download chart.

Of the planes operated by the Skytrax top 100 airlines (12841), 5872 (45.73%) are built by Airbus and 5880 (45.78%) by Boeing Рa difference of just 8 planes!

The other manufacturers have about an 8% share of the market (1089) — Embraer is the third largest manufacture of planes in operation (418 / 3.26%).

Aircraft in operation

age since aircraft introduced vs count in operation top 10

Download chart.

Rank by count Model Mfg Count of model Age since introduction (years) Percentage of total
1 737 Boeing 3337 34.45 25.99%
2 320 Airbus 2498 20.02 19.45%
3 777 Boeing 1131 15.62 8.81%
4 330 Airbus 1000 15.91 7.79%
5 321 Airbus 936 20.02 7.29%
6 319 Airbus 933 20.02 7.27%
7 170 – 195 Embraer 412 8.65 3.21%
8 767 Boeing 369 24.71 2.87%
9 757 Boeing 330 23.80 2.57%
10 747 Boeing 309 33.05 2.41%

Full ranking.

The most common models in operation are the Airbus 320 (19.5% / 2498 planes flying) and Boeing 737 (26% / 3337). They were first introduced 20 and 34 years ago respectively.

The Boeing 747 has long been the workhorse of the commercial airline industry (1543 orders, 1520 delivered). It is still commonly used by airlines (309 in operation / 2.41% market share) and some of these planes are over 20 years old (the 747-100 was first introduced in 1970, although none of these are still in service). Boeing has introduced newer iterations of the aircraft over the years, the most recent of which was the 747-8 in 2011 (although the model has received few orders).

Compare that to¬†Boeing’s newer 787¬†that has started to see an uptake in orders. The planes first commercial flight was in 2011 operated by ANA. That makes it just over 3 years old. That said, although the plane¬†might have better¬†entertainment systems and a smoother ride (boasting “Smoother Ride Technology”),¬†comfort in economy class on the 787 has received a significant amount of bad press.

Did you know? The most common models of planes in operation are: 3. Airbus A330 (7.79% market share / 1000 planes flying), 2. Airbus 320 (19.5% / 2498), 1. Boeing 737 (26% / 3337).

Airline fleets

The youngest plane in operation, the A350, is the only aircraft less then 1 year old. There are just 18 of these planes currently flying commercially.¬†Finnair has 4, Qatar Airways 8, TAM Airline 2, and Vietnam Airlines 4. Only the BEA Avro RJ100 (12), Airbus A310 (9), and Embraer 135 – 145 (6) are less common — and these are all planes approaching retirement.

Did you know? All of Southwest Airlines fleet is made up of Boeing 737s — that’s 710 planes. Only American Airlines (830 total / 269 are 737s) and United Airlines (717 / 311) have bigger fleets.

Full matrix.


Instead of just comparing aircraft models, it would be useful to consider model variations (i.e Boeing 747-400 vs. 747-8). This way the age of fleet could be better considered.


The most common aircraft model in operation is the Boeing 737 (26% market share / 3337 planes) and was first introduced in 1968.


  1. Data sources + data used in this post.

Go To Bangladesh And Never See Another Tourist

We’ve all been on holiday and complained¬†there are too many tourists (the British, anyway).

I once read¬†London was France’s 6th largest city. The Costa Del Sol on the Spain’s Southern Coast is a¬†mecca¬†for 300,000+ Brits seeking the sun each year.

Terms like tourist trap are now common among holiday makers. Though an increasing number of us are¬†actively seeking to avoid such traps.¬†Whole industries have sprung up around holidays “off-the-beaten-track”.

But where are the places with the fewest tourists numbers vs locals?


Every year the UN World Tourism Organisation publishes a report titled “Tourism Highlights“. For this post I used the 2015 version (figure reported from 2013). The report contains tourism statistics for 217 countries, including inbound tourist arrivals and receipts. Using this data I was able to identify the countries that report the fewest tourists.

Using population statistics reported by the World Bank for 2013 I was then able to work out the number of inbound tourists compared to the native population of each country.


Inbound tourism numbers

number of tourist arrivals 2013 map

Full size map.

top 10 countries with most inbound tourists 2013

Download chart.

10 countries with least inbound tourists 2013

Download chart.

Did you know? The 3 countries that received the most tourists in 2013 were: 1. France (83.6 mil arrivals), 2. United States (69.9), and 3. Spain (60.6).

Did you know? The 3 countries that received the fewest tourists in 2013 were: 191. Kiribati (6000 arrivals), 192. Marshall Islands (5000), 193. Tuvalu (1000).


population summary map

Full size map.

10 countries with largest populations 2013

Download chart.

10 countries with smallest populations 2013

Download chart.

China and India have a combined population of 2.5 billion. About one-third of the world’s population. India’s population is expected to grow larger than China’s by 2022.

On the other end of the scale Nieu, Montserrat, and the Cook Islands have less than 20,000 native citizens. In total the 10 smallest countries have a combined population of 187,933 people (about the size of Sao Tome and Principe).

Did you know? The 3 countries with the largest populations are: 1. China (1.36 people), 2. India (1.29B), 3. USA (319M). 

Did you know? The 3 countries with the smallest populations are: 214. Tuvalu (9863 people), 215. Montserrat (4900), 216. Niue (1190).

Native Population vs. Tourists

tourist population ratio

Full size map.

Rank Destination Population Tourists (2013) Population – tourist diff Tourist:Population
1 Bangladesh 159,077,513 148,000 158,929,513 1,075
2 Congo, Dem. Rep. 74,877,030 191,000 74,686,030 392
3 Nigeria 177,475,986 600,000 176,875,986 296
4 Guinea 12,275,527 56,000 12,219,527 219
5 India 1,295,291,543 6,968,000 1,288,323,543 186
6 Niger 19,113,728 123,000 18,990,728 155
7 Ethiopia 96,958,732 681,000 96,277,732 142
8 Chad 13,587,053 100,000 13,487,053 136
9 Mali 17,086,022 142,000 16,944,022 120
10 Madagascar 23,571,713 196,000 23,375,713 120

Full ranking.

Bangladesh receives just 1 tourist for every 1075 native Bangladeshis (159M pop / 148K tourists).

Rank Destination Population Tourists (2013) Population – tourist diff Tourist:Population
184 Guam 167,543 1,334,000 -1,166,457 0.13
185 Turks and Caicos Islands 33,740 291,000 -257,260 0.12
186 Monaco 37,623 328,000 -290,377 0.11
187 Aruba 103,441 979,000 -875,559 0.11
188 Cook Is 10,900 121,000 -110,100 0.09
189 St. Maarten 40,917 467,000 -426,083 0.09
190 Brit. Virgin Islands 28,054 366,000 -337,946 0.08
191 St. Martin (French part) 31,530 490,000 -458,470 0.06
192 Macao SAR, China 577,914 14,268,000 -13,690,086 0.04
193 Andorra 72,786 2,328,000 -2,255,214 0.03

Full ranking.

Compare that to Andorra, population 73K, has 2.3 million visitors every year — a difference of about 2.2 million! That’s 1 tourist for every 0.03 of the population. In Macao the difference between population and tourists is 13.69 million (1 tourist:0.04 population).


Comparing inbound tourists by nationality would add another dimension to this analysis.


The countries with the fewest tourists compared to native population: 1. Bangladesh (1 tourist: 1075 native population), 2. Democratic Republic of Congo (1:392), 3. Nigeria (1:296).


  1. Data sources + data used in this post.

Greenland Has Grown By Over 20% During The Last 50 Years

‚ÄúPlanting the flag‚ÄĚ usually means making a claim to something, usually territory or land.

Throughout history men have ‚Äúplanted the flag‚ÄĚ claiming ownership in the name of the king, queen, country, church, etc. marking the land as their own.

If you’re planning to “plant a flag” and claim an¬†area of earth, time is running out. Marie Byrd Land and Bir Tawil Triangle are the only two land areas on Earth not claimed by any country.

The size of a countries land mass can vary for a number of reasons. Historically territorial disputes have seen land won and lost. The biggest risk to a countries land mass in the modern day is the sea, in some cases threatening a countries very existence.

But which countries have changed the most in size over the past 50 years?


I used World Bank data that documents each countries land mass yearly since 1961.

To add additional context I used territorial disputes data found on Wikipedia.


Land mass changes

count of countries that have changed in size

Download chart.

Out of 223 countries, 37 decreased in land mass, 151 had no change and 20 grew.

land mass changes by sq km

Download chart.

Most land mass changes were small +/-1K sq. km —¬†about half the size of Monaco.

Overall, total land mass of all countries shrunk 94K sq. km between 1961 and 2014.

land area changes by country

Full size map.

Growing countries

10 countries that have grown most in land mass

Download chart.

Rank land area % change Country Name Land area diff (sq. km) 1961 – 2014 Land area % of total 1961 – 2014
1 Macao SAR, China 10.30 51.50
2 Greenland 68,750.00 20.12
3 Bahrain 80.00 11.59
4 Singapore 37.00 5.52
5 Hong Kong SAR, China 30.00 2.94
6 Korea, Rep. 1,006.00 1.04
7 Jordan 540.00 0.61
8 Hungary 490.00 0.54
9 Bosnia and Herzegovina 200.00 0.39
10 Uganda 710.00 0.36

Full ranking.

Greenland’s land mass has increased 68,750 sq. km since 1961 — about the size of the Republic of Ireland.¬†According to World Bank records the increase happened between 1996 and 1997 where land mass went from 341,700 sq. km to 410,450 — a 20% increase. I assume this is because of melting ice being officially recorded between these years.

Although Macao grew by only 10.3 sq. km this is a 50% increase in total land mass over the 53 year period.

Shrinking countries

10 countries that have shrunk most in land mass

Download chart.

Rank land area % change Country Name Land area diff (sq. km) 1961 – 2014 Land area % of total 1961 – 2014
199 St. Kitts and Nevis -90.00 -25.71
200 Bhutan -8,606.00 -18.42
201 Ecuador -28,480.00 -10.29
202 Ethiopia -101,000.00 -9.17
203 Vietnam -15,420.00 -4.74
204 Channel Islands -4.00 -2.06
205 Bulgaria -2,070.00 -1.87
206 Seychelles -5.00 -1.09
207 Cuba -951.00 -0.89
208 Macedonia, FYR -210.00 -0.83

Full ranking.

Ethiopia has lost over 100K sq. km of it’s land mass since 1961.¬†The change happened between 1992 and 1993 where land mass went from 1.1M sq. km to 1M — a loss of over 9%!

The list of shrinking countries has 4 small island nations: St Kitts and Nevis, Channel Islands, Seychelles and Cuba. This is probably a result of rising sea levels. St Kitts and Nevis lost over 25% (90 sq. km) of it’s total land mass between 1961 – 2014.

The income factor

land area diff sq km 1961 2014

Download chart.

It is low income areas that will feel the impacts the most from sea level rise as they are the least prepared (lots of settlements on coast, little funding for protection projects, etc.).

The World Bank’s income segmentation highlights how the low and middle income countries are¬†perhaps already suffering land losses as a result.

In total the world lost -34,218 sq. km of reported land mass between 1961 – 2014 — about a 0.07% total loss.

Territorial disputes

count of disputes by countries with more than 5 disputed territories

Download chart.

78 countries have multiple active disputes for land. The US has the most active disputes (13), 6 of which are with Canada.

Did you know? France and Italy still dispute ownership of the Mont Blanc summit

disputed territories by region

Download chart.

In total there are 159 active land disputes across the world.


This post offers a very basic look at changing land masses with little context. Significant changes in land mass should be analysed alongside any relevant contextual information – sea level change, conflicts, etc… – to provide information on causation.


Ethiopia has shrunk the most in total land mass between 1961 and 2014 (-101,000 sq.km). St. Kitts and Nevis has shrunk the most as a % of total land mass (-26%).


  1. Data sources + data used in this post.