Top 100 most valuable loyalty programs in the world: Delta dominates, Miles & More grows, but Avios remains king of Europe

If anyone still thinks loyalty programs are the little game by which companies give you a lounge, an upgrade or a boarding pass that says priority, On Point Loyalty's 2026 report. It puts things back in order.

Today, loyalty is not an accessory of the airline business: it is one of the most valuable assets of the entire industry. The report analyzed more than 170 companies and constructed a ranking of the 100 most valuable frequent flyer programs in the world, confirming something we have been telling on TFC for years: often the program is worth almost more than the planes.

The picture of 2026 is crystal clear. Leading the way is Delta SkyMiles, evaluated $31.783 billion, in front of American AAdvantage with 26.732 billion e United MileagePlus with 25.329 billion. Immediately behind comes the first European giant, IAG Avios, with 10.345 billion, while Miles & More is sixth with 8.709 billion e Flying Blue seventh with 7.473 billion. To understand: the podium remains American, but in Europe the three programs that really matter are the ones we already know well.

On Point Loyalty explains that ratings are constructed using. more than 50 variables for each program: company profile, financial health, weight in the domestic market, credit card dynamics, accumulation and redemption possibilities, breakage and multiples applied to an estimated EBITDA. Thus, it is not a "sympathy" ranking, but an attempt to estimate what the program might be worth in the event of a share sale, investor entry, or IPO.

The report also points out that the industry continues to grow: the average rating of programs has risen to 2.4 billion dollars in 2026, compared with the 2.0 billion 2023. In addition, 62 programs Have increased in value, 21 have reduced it and there have been 17 new entries. Loyalty, in short, is no longer marketing: it is real finance.

The 2026 ranking

Looking at the top 10, the distance between the U.S. giants and the rest of the world is very clear. Behind Delta, American and United we find IAG Avios fourth place, Rapid Rewards of Southwest in the fifth, Miles & More 6th, Flying Blue 7, Aeroplan to the eighth, Qantas Frequent Flyer to the ninth and PhoenixMiles Air China's tenth. It is a top 10 that is telling of two things: the enormous weight of the North American market and the strength of programs that have managed to transform themselves into commercial platforms, not just schemes to reward those who fly.

For us Italians, the most interesting point remains Europe. Avios is the most valuable European program, but Miles & More continues to be there, stably at the top, and today can also count on the contribution of ITA Airways In the new arrangement. Flying Blue is confirmed as Europe's third major hub and continues to be one of the strongest programs for those departing from our continent.

Who went up the most from 2023 to 2026

If, on the other hand, we look not only at who is worth more today, but Who has grown the most over the years, come the most interesting insights.

In absolute value, the program that gained the most ground was Delta SkyMiles, passed by 27,923 a $31.783 billion, with a growth of about 3.86 billion. Immediately behind is United MileagePlus, climbed from 22,002 a 25.329 billion, so over 3.3 billion extra. Third step for IAG Avios, raised by 7,084 a 10.345 billion, that is, about 3.26 billion additional. Also American AAdvantage gained almost 2.8 billion, while PhoenixMiles e Qantas Frequent Flyer have made very significant jumps of about 2,85 e 2.75 billion.

For the TFC audience, however, there are two names that deserve special emphasis. The first is Miles & More, which goes from 7,971 a 8.709 billion: it is not the most resounding exploit in the table, but it is concrete growth within a very high range of the market, and today this value is even more important because within that range there is also ITA. The second is Privilege Club of Qatar Airways, rising from 2,244 a 4.098 billion: almost a doubling, a sign that the Qatari program continues to strengthen quite a bit.

Not all, of course, have grown up. The report indicates 21 programs down compared with 2023. Some of the most notable names include. SKYPASS of Korean Air, descended from 4,594 a 3.001 billion, GarudaMiles, in sharp retreat from 598 a 263 million, and also Royal Orchid Plus of Thai Airways, passed by 663 a 395 million. Then there are also flexibilities for programs such as Asiana Club, Infinity MileageLands of EVA Air and Club Premier of Aeromexico.

What this ranking really tells us

The real lesson is one, and it is the same one we repeat every time we talk about loyalty programs: value to the company does not always coincide with value to the traveler. A program can be worth so much because it sells points to banks, generates recurring revenue, and has excellent margins, even if it has become less generous, more opaque, or more difficult for the frequent flyer to use. On Point Loyalty openly says that these programs are increasingly viewed as stand-alone businesses, that is, almost independent companies within the airline company.

And this is where we come back to our home. La in order to Flying and the passage of ITA Airways inside Miles & More Are not just a matter of alliance or new logo on the card. They are the transition from a program that never really expressed credible industry value to one of the world's leading loyalty platforms, now sixth overall in valuation. As a frequent flyer you can discuss rules, award charts, sweet spots and devaluations. As a market observer, however, the message is crystal clear: the big game is played there.

Conclusion

On Point Loyalty's 2026 report confirms that loyalty programs have become the real hidden treasure of the airline industry. Delta SkyMiles remains number one, Avios Is the European leader, Miles & More continues to grow and is now even more central after the absorption of ITA, while programs that have accelerated the most include both U.S. giants and several international players such as Qantas, Qatar e Turkish Airlines.

For those of us who play with points, status, and award tickets, however, the point remains the same: knowing what a program is worth to investors is useful, but knowing how much is it worth to us is even more important. Because it's one thing to be a billion-dollar asset, it's another to really allow those who accumulate points to use them well, without surprises or shenanigans.