Tourism plays an important role in economic development and therefore many countries try to develop tourism policies to maximize benefits from this sector. In this vein, it is very important to empirically investigate the determinants of tourism demand for the policy makers both in public and private sectors. The aim of this study is to examine the factors that affect the demand for tourism in the most attractive first 10 countries for tourist and propose policy implications based upon the empirical findings. The study, by employing panel unit root, panel cointegration, panel error cointegration approach and by utilizing the data for the period 1995-2011, tries to determine whether income, price stability, supply capacity, exchange rate and political stability have any impacts on demand for tourism in the selected 10 countries. Econometric results obtained from panel cointegration analysis show that macroeconomic factors as such income, prices, supply capacity, exchange rate and political stability play statistically significant role in determining the demand for tourism in top 10 countries.