In two years, Chinese tourists could be spending as much as $194 billion a year in Europe, the US, Asia and other vacation spots. That’s according to Morgan Stanley, in a research on luxury companies.

Last year, Chinese travelers became the world’s biggest spenders, shelling out about $102 billion overseas, according to the United Nations World Tourism Organization.

There will be an estimated 100 million Chinese traveling abroad by the end of 2015, according to the UNWTO. Morgan Stanley compared the spending of these Chinese travelers with estimates from McKinsey of the luxury goods market, and found a remarkable result: by 2015, total Chinese spending abroad will exceed total global luxury sales, having been only one-third of the total in 2008.