A study by Swiss bank Credit Suisse shows Zermatt and St Moritz are the most successful winter sports areas in Switzerland.
Both spots are at high elevations.
The Tourism Switzerland study also said Zermatt and St Moritz were well oriented to the luxury customer, meaning a guest will spend more per day than if he or she were elsewhere.
The survey of 31 spots put Davos and Crans Montana towards the bottom of the list.
The survey said each resort brings in below average sales and hotels are disappearing to make way for vacation homes.