Travel freedom for Singaporean holders’ passports as the city-state reclaim the top spot on the Henley Passport Index last Tuesday, July 23. Singapore sets a new record, allowing its citizens to travel and enjoy the free access to 195 travel destinations out of 227 countries around the world visa-free.
France, Germany, Italy, Japan, and Spain and other seven unprecedented nations join the second place with access to 191 destinations without a prior visa while Austria, Finland, Ireland, Luxembourg, Netherlands, South Korea, and Sweden sit in third place.
The UK together with the US held first place on the index 10 years ago in 2014.
The US, on the other hand, continues to fall down the index, dropping to the 8th spot, with access to just 186 destinations visa-free. Afghanistan remains the world’s weakest passport and has the lowest score ever recorded in history of the 19-year-old index with only 26 countries.
“The general trend over the past two decades has been towards greater travel freedom, with the global average number of destinations travelers are able to access visa-free nearly doubling from 58 in 2006 to 111 in 2024. However, the global mobility gap between those at the top and bottom of the index is now wider than it has ever been, with top-ranked Singapore able to access a record- breaking 169 more destinations visa-free than Afghanistan” says Dr. Christian H. Kaelin, Chairman of Henley & Partners.
The International Air Transport Association (IATA) stated that the airlines will connect 5 billion people over 22,000 routes on 39 million flights in 2024. The air cargo will transport 62 million tonnes, facilitating around 8.3 trillion in trade. Despite the immense value generated by the aviation industry, the margins are incredibly tight.
“Our industry expects to record revenues of almost $1 trillion this year. Expenses, however, will also be at a record high of $963 billion. Net profit will be $30.5 billion. This translates to a modest net margin of around 3%, making the profit per passenger just $6.14 barely enough for a single espresso in a typical hotel cafe. Additionally, this year, the return on invested capital is projected at 5.7%, significantly below the average 9% cost of capital. Despite this, the real cost of air travel has fallen 34% over the last decades.