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High-Yield for Whom? Rethinking Who Wins and Who Loses in the Pursuit of Quality Tourism In tourism policy and destination marketing, the term “high-yield” has emerged as a buzzword. It implies a more sophisticated type of tourism, one that emphasizes quality over quantity, minimizes environmental impact, and delivers greater returns with a lower negative impact on the destination. However, as more destinations adopt this approach, one crucial question is often overlooked: High-yield for whom? This question goes to the core of tourism ethics and sustainability. While “high-yield” sounds beneficial for businesses, governments, and the environment, the advantages are not always evenly distributed. In fact, they may exacerbate inequality, exclusion, and economic leakage. At High-Yield Tourism, we have developed and promoted a new definition of high-yield tourism, one that transcends daily spending or luxury metrics. In our framework, a high-yield tourist is defined as someone who creates lasting, inclusive value for