Richest Country Reports

Key Statistics Powering Global Wealth

Latest Inflation Rates for Top 50 Richest Countries

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The global average annual inflation rate encompassing all countries is an estimated 3.81 percent as of May 2022.

According to the latest statistics for 2022 from the International Monetary Fund, just 3 among the world’s 50 richest countries as ranked by Gross Domestic Product per person generated an annual inflation rate over 3 percent. Those countries are Turkey, Norway and Kuwait.

In contrast, the inflation rate in 2022 for the United States of America was 1.267 percent and 1.429 percent for Canada. The United Kingdom posted an even lower cost-of-living index score at 0.66 percent.

Inflation rate is a financial metric that typically measures the change in the general price level for a selected basket of goods and services year over year.

Another moniker for inflation rate is the Consumer Price Index (CPI). Mirroring the inflation rate, the CPI is a financial tool that highlights the weighted average of prices for a basket of specific consumer goods and services. Examples include food, medical care and transportation.

The CPI or inflation rate is calculated by collecting the price changes for each item in the predetermined basket of goods and services and then averaging those changes. The resulting average inflation rate is used to assess price changes associated with the cost of living faced by consumers.

Average Inflation Rates for World’s Richest Countries

Presented below are the inflation rates as of May 2022 for 50 of the wealthiest economies in terms of GDP per capita. The percentages shown represent average price changes.

The list is sorted in descending order starting with the geographic entities with the greatest GDP per capita scores.

The annual highest average inflation rates were experienced by consumers in Turkey (7.775 percent), Norway (3.55 percent), Kuwait (3.482 percent), Bahrain (2.789 percent), Qatar (2.689 percent), Hong Kong (2.409 percent) and Macao (2.369 percent).

  1. Luxembourg: 0.043% inflation rate for 2022
  2. Singapore: -0.532%
  3. Ireland: -0.175%
  4. Qatar: 2.689%
  5. Macao: 2.369%
  6. Switzerland: -0.434%
  7. United Arab Emirates: 1.617%
  8. Norway: 3.550%
  9. United States: 1.267%
  10. Brunei Darussalam: -0.383%
  11. Hong Kong: 2.409%
  12. San Marino: 0.574%
  13. Denmark: 0.017%
  14. Taiwan: 1.027%
  15. Netherlands: 0.111%
  16. Austria: 0.972%
  17. Iceland: 1.696%
  18. Andorra: -0.423%
  19. Germany: 0.367%
  20. Sweden: 1.137%
  21. Australia: 1.277%
  22. Belgium: 1.770%
  23. Finland: 0.389%
  24. Canada: 1.429%
  25. Bahrain: 2.789%
  26. France: 0.306%
  27. Saudi Arabia: 2.069%
  28. United Kingdom: 0.660%
  29. Malta: 0.900%
  30. South Korea: 0.972%
  31. Kuwait: 3.482%
  32. New Zealand: 0.646%
  33. Italy: -0.050%
  34. Israel: -0.546%
  35. Japan: -0.124%
  36. Slovenia: -0.053%
  37. Cyprus: -1.217%
  38. Czech Republic: 0.684%
  39. Lithuania: 0.678%
  40. Spain: -0.203%
  41. Estonia: 0.800%
  42. Puerto Rico: -0.294%
  43. Poland: -0.583%
  44. Hungary: 0.419%
  45. Portugal: 0.636%
  46. The Bahamas: -0.330%
  47. Aruba: -0.929%
  48. Slovak Republic: -0.472%
  49. Guyana: 0.827%
  50. Turkey: 7.775%

The lowest increases in annual inflation rates were enjoyed by residents of Denmark (0.017 percent), the world’s richest economy in terms of GDP per person Luxembourg (0.043 percent), Netherlands (0.111 percent), France (0.306 percent), Germany (0.367 percent), Finland (0.389 percent) and Hungary (0.419 percent).

Among the 50 wealthiest counties, 16 fell victim to deflationary forces by posting declines in their annual inflation rates for 2022.

Deflation refers to a general decline in prices for goods and services. Typically, that decline is associated with a country’s contraction in the supply of money and credit circulating in its economy.

Accumulated Inflation Rates 2021 to 2022 for the 50 Wealthiest Economies

Below, you will find the 50 richest countries ranked in descending order starting with the biggest GDPs per capita.

Entries for the inflation rates that correspond with each wealthy economy span the years 2021 to 2022.

Note that the global average inflation rate encompassing the latest 2-year period totaled 8.16 percent.

The severest inflation rates over the latest two-year period were endured by consumers in Turkey (80.056 percent), Lithuania (17.951 percent), Estonia (16.387 percent), Hungary (15.469 percent), Poland (13.968 percent), Czech Republic (12.804 percent) and the United States of America (12.367 percent).

  1. Luxembourg: 9.102% inflation rate for 2021/2 combined
  2. Singapore: 5.797%
  3. Ireland: 8.069%
  4. Qatar: 5.739%
  5. Macao: 2.819%
  6. Switzerland: 3.085%
  7. United Arab Emirates: 3.849%
  8. Norway: 6.984%
  9. United States: 12.367%
  10. Brunei Darussalam: 3.500%
  11. Hong Kong: 3.469%
  12. San Marino: 6.986%
  13. Denmark: 5.744%
  14. Taiwan: 4.122%
  15. Netherlands: 8.004%
  16. Austria: 8.338%
  17. Iceland: 11.349%
  18. Andorra: 4.607%
  19. Germany: 8.676%
  20. Sweden: 7.447%
  21. Australia: 6.757%
  22. Belgium: 11.240%
  23. Finland: 5.911%
  24. Canada: 9.032%
  25. Bahrain: 2.889%
  26. France: 6.139%
  27. Saudi Arabia: 5.573%
  28. United Kingdom: 9.998%
  29. Malta: 5.412%
  30. South Korea: `6.455%
  31. Kuwait: 8.152%
  32. New Zealand: 9.842%
  33. Italy: 7.238%
  34. Israel: 5.022%
  35. Japan: 0.728%
  36. Slovenia: 8.636%
  37. Cyprus: 7.528%
  38. Czech Republic: 12.804%
  39. Lithuania: 17.951%
  40. Spain: 8.397%
  41. Estonia: 16.387%
  42. Puerto Rico: 6.774%
  43. Poland: 13.968%
  44. Hungary: 15.469%
  45. Portugal: 4.970%
  46. The Bahamas: 10.566%
  47. Aruba: 5.374%
  48. Slovak Republic: 11.276%
  49. Guyana: 10.527%
  50. Turkey: 80.056%

Enjoying the lowest accumulated inflation rates encompassing 2021 to 2022 were people living in Japan (0.728 percent), Macao (2.819 percent), Bahrain (2.889 percent), Switzerland (3.085 percent), Hong Kong (3.469 percent), Brunei Darussalam (3.5 percent) then the United Arab Emirates (3.849 percent).

Inflation Rates for the 50 Richest Countries Totaled Over 7 Years

Combining the annual inflation rates from 2016 to 2022, the average global inflation rate for the latest 7-year period totals 24.33 percent.

Four countries extracted from the 50 richest economies–namely Turkey, Lithuania, Hungary and Estonia–accumulated inflation rates greater than the world average 24.33 percent cost-of-living increase.

The list below is ordered by the richest countries boasting the highest GDP per capita. Also shown are the corresponding non-compounded inflation rates for each entry accumulated from 2016 to 2022.

  1. Luxembourg: 14.931% inflation rate for 2016 to 2022 combined
  2. Singapore: 6.663%
  3. Ireland: 9.278%
  4. Qatar: 5.713%
  5. Macao: 12.983%
  6. Switzerland: 3.754%
  7. United Arab Emirates: 6.497%
  8. Norway: 18.629%
  9. United States: 21.264%
  10. Brunei Darussalam: 4.428%
  11. Hong Kong: 12.912%
  12. San Marino: 11.536%
  13. Denmark: 8.590%
  14. Taiwan: 8.105%
  15. Netherlands: 14.797%
  16. Austria: 16.545%
  17. Iceland: 23.348%
  18. Andorra: 9.057%
  19. Germany: 14.405%
  20. Sweden: 14.866%
  21. Australia: 14.440%
  22. Belgium: 19.222%
  23. Finland: 9.828%
  24. Canada: 16.992%
  25. Bahrain: 7.837%
  26. France: 11.531%
  27. Saudi Arabia: 10.614%
  28. United Kingdom: 18.461%
  29. Malta: 11.624%
  30. South Korea: 11.767%
  31. Kuwait: 16.929%
  32. New Zealand: 17.272%
  33. Italy: 10.246%
  34. Israel: 5.794%
  35. Japan: 2.521%
  36. Slovenia: 13.325%
  37. Cyprus: 7.228%
  38. Czech Republic: 24.097%
  39. Lithuania: 28.182%
  40. Spain: 12.202%
  41. Estonia: 25.884%
  42. Puerto Rico: 9.091%
  43. Poland: 22.668%
  44. Hungary: 27.835%
  45. Portugal: 8.509%
  46. The Bahamas: 16.534%
  47. Aruba: 9.668%
  48. Slovak Republic: 19.498%
  49. Guyana: 17.384%
  50. Turkey: 142.763%

The lowest total average inflation rates encompassing annual rates from 2016 to 2022 were posted by Japan (2.521 percent), Switzerland (3.754 percent), Brunei Darussalam (4.428 percent), Qatar (5.713 percent) then Israel (5.794 percent).

See also Top 100 Richest Countries by GDP, Top 50 Richest Countries by GDP per Capita and Wealthiest Continents per Person by Country

Research Reference Materials:

Board of Governors of the Federal Reserve System, Current FAQs: What is an acceptable level of inflation?. Accessed on May 11, 2022

Central Intelligence Agency, The World Factbook Country Comparison: Inflation Rate (Consumer Prices). Accessed on May 11, 2022

International Monetary Fund, Monetary Data: Inflation, average consumer prices, percent change. Accessed on May 11, 2022

Investopedia, Consumer Price Index (CPI). Accessed on May 11, 2022

Investopedia, How is a Cost of Living Index Calculated? Accessed on May 11, 2022

Investopedia, What Is Inflation? Accessed on May 11, 2022

Organisation for Economic Co-operation and Development, Consumer price indices (CPIs) – Complete database. Accessed on May 11, 2022

Statista, Global Inflation Rate from 2016 to 2026 (compared to previous year). Accessed on May 11, 2022

The Economist, Guide to Economic Indicators: Making Sense of Economics (7th Edition). Accessed on May 11, 2022

Wikipedia, List of countries by inflation rate. Accessed on May 11, 2022