Global research firm IBISWorld said the figure is based on predicted spending across the construction sector ($26 billion), retail sector ($1.9 billion) and licensed venues ($2.7 billion).

"Football's World Cup and summer editions of Olympic Games vie for the title of the biggest sports event on the planet," said Robert Bryant, general manager of IBISWorld. "However, when it comes to spending, there is a clear winner.

"IBISWorld forecasts that the 2022 World Cup in Australia would, in real terms, generate four times more spending than the 2000 Olympics."

FIFA will announce the hosts of the 2018 FIFA World Cup and the 2022 FIFA World Cup on December 2.