Money
Mapped: Which Countries Have the Highest Inflation?
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Mapped: Which Countries Have the Highest Inflation Rate?
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Inflation is surging nearly everywhere in 2022.
Geopolitical tensions are triggering high energy costs, while supply-side disruptions are also distorting consumer prices. The end result is that almost half of countries worldwide are seeing double-digit inflation rates or higher.
With new macroeconomic forces shaping the global economy, the above infographic shows countries with the highest inflation rates, using data from Trading Economics.
Double-Digit Inflation in 2022
As the table below shows, countless countries are navigating record-high levels of inflation. Some are even facing triple-digit inflation rates. Globally, Zimbabwe, Lebanon, and Venezuela have the highest rates in the world.
Country | Inflation Rate, Year-Over-Year | Date |
---|---|---|
🇿🇼 Zimbabwe | 269.0% | Oct 2022 |
🇱🇧 Lebanon | 162.0% | Sep 2022 |
🇻🇪 Venezuela | 156.0% | Oct 2022 |
🇸🇾 Syria | 139.0% | Aug 2022 |
🇸🇩 Sudan | 103.0% | Oct 2022 |
🇦🇷 Argentina | 88.0% | Oct 2022 |
🇹🇷 Turkey | 85.5% | Oct 2022 |
🇱🇰 Sri Lanka | 66.0% | Oct 2022 |
🇮🇷 Iran | 52.2% | Aug 2022 |
🇸🇷 Suriname | 41.4% | Sep 2022 |
🇬🇭 Ghana | 40.4% | Oct 2022 |
🇨🇺 Cuba | 37.2% | Sep 2022 |
🇱🇦 Laos | 36.8% | Oct 2022 |
🇲🇩 Moldova | 34.6% | Oct 2022 |
🇪🇹 Ethiopia | 31.7% | Oct 2022 |
🇷🇼 Rwanda | 31.0% | Oct 2022 |
🇭🇹 Haiti | 30.5% | Jul 2022 |
🇸🇱 Sierra Leone | 29.1% | Sep 2022 |
🇵🇰 Pakistan | 26.6% | Oct 2022 |
🇺🇦 Ukraine | 26.6% | Oct 2022 |
🇲🇼 Malawi | 25.9% | Sep 2022 |
🇱🇹 Lithuania | 23.6% | Oct 2022 |
🇪🇪 Estonia | 22.5% | Oct 2022 |
🇧🇮 Burundi | 22.1% | Oct 2022 |
🇸🇹 Sao Tome and Principe | 21.9% | Sep 2022 |
🇱🇻 Latvia | 21.8% | Oct 2022 |
🇭🇺 Hungary | 21.1% | Oct 2022 |
🇳🇬 Nigeria | 21.1% | Oct 2022 |
🇲🇰 Macedonia | 19.8% | Oct 2022 |
🇲🇲 Myanmar | 19.4% | Jun 2022 |
🇰🇿 Kazakhstan | 18.8% | Oct 2022 |
🇵🇱 Poland | 17.9% | Oct 2022 |
🇧🇬 Bulgaria | 17.6% | Oct 2022 |
🇹🇲 Turkmenistan | 17.5% | Dec 2021 |
🇧🇦 Bosnia and Herzegovina | 17.3% | Sep 2022 |
🇲🇪 Montenegro | 16.8% | Oct 2022 |
🇦🇴 Angola | 16.7% | Oct 2022 |
🇧🇫 Burkina Faso | 16.5% | Sep 2022 |
🇪🇬 Egypt | 16.2% | Oct 2022 |
🇰🇲 Comoros | 15.9% | Sep 2022 |
🇰🇬 Kyrgyzstan | 15.4% | Oct 2022 |
🇷🇴 Romania | 15.3% | Oct 2022 |
🇧🇾 Belarus | 15.2% | Oct 2022 |
🇨🇿 Czech Republic | 15.1% | Oct 2022 |
🇷🇸 Serbia | 15.0% | Oct 2022 |
🇸🇰 Slovakia | 14.9% | Oct 2022 |
🇲🇳 Mongolia | 14.5% | Oct 2022 |
🇳🇱 Netherlands | 14.3% | Oct 2022 |
🇦🇿 Azerbaijan | 13.7% | Oct 2022 |
🇦🇫 Afghanistan | 13.6% | Sep 2022 |
🇬🇲 Gambia | 13.3% | Sep 2022 |
🇭🇷 Croatia | 13.2% | Oct 2022 |
🇧🇼 Botswana | 13.1% | Oct 2022 |
🇸🇳 Senegal | 13.0% | Oct 2022 |
🇨🇱 Chile | 12.8% | Oct 2022 |
🇽🇰 Kosovo | 12.7% | Oct 2022 |
🇷🇺 Russia | 12.6% | Oct 2022 |
🇬🇳 Guinea | 12.4% | Jul 2022 |
🇧🇪 Belgium | 12.3% | Oct 2022 |
🇨🇴 Colombia | 12.2% | Oct 2022 |
🇺🇿 Uzbekistan | 12.2% | Oct 2022 |
🇨🇬 Congo | 12.2% | Oct 2022 |
🇳🇮 Nicaragua | 12.2% | Oct 2022 |
🇰🇾 Cayman Islands | 12.1% | Jun 2022 |
🇲🇺 Mauritius | 11.9% | Oct 2022 |
🇲🇿 Mozambique | 11.8% | Oct 2022 |
🇮🇹 Italy | 11.8% | Oct 2022 |
🇲🇱 Mali | 11.3% | Sep 2022 |
🇲🇷 Mauritania | 11.3% | Sep 2022 |
🇬🇧 United Kingdom | 11.1% | Oct 2022 |
🇦🇹 Austria | 11.0% | Oct 2022 |
🇸🇪 Sweden | 10.9% | Oct 2022 |
🇺🇬 Uganda | 10.7% | Oct 2022 |
🇬🇪 Georgia | 10.6% | Oct 2022 |
🇩🇪 Germany | 10.4% | Oct 2022 |
🇭🇳 Honduras | 10.2% | Oct 2022 |
🇩🇰 Denmark | 10.1% | Oct 2022 |
🇵🇹 Portugal | 10.1% | Oct 2022 |
🇯🇲 Jamaica | 9.9% | Oct 2022 |
🇸🇮 Slovenia | 9.9% | Oct 2022 |
🇬🇹 Guatemala | 9.7% | Oct 2022 |
🇿🇲 Zambia | 9.7% | Oct 2022 |
🇰🇪 Kenya | 9.6% | Oct 2022 |
🇦🇲 Armenia | 9.5% | Oct 2022 |
🇮🇸 Iceland | 9.4% | Oct 2022 |
🇲🇬 Madagascar | 9.3% | Aug 2022 |
🇮🇪 Ireland | 9.2% | Oct 2022 |
🇱🇸 Lesotho | 9.2% | Sep 2022 |
🇹🇳 Tunisia | 9.2% | Oct 2022 |
🇬🇷 Greece | 9.1% | Oct 2022 |
🇺🇾 Uruguay | 9.1% | Oct 2022 |
🇨🇷 Costa Rica | 9.0% | Oct 2022 |
🇧🇩 Bangladesh | 8.9% | Oct 2022 |
🇨🇾 Cyprus | 8.8% | Oct 2022 |
🇫🇴 Faroe Islands | 8.8% | Sep 2022 |
🇩🇿 Algeria | 8.7% | Sep 2022 |
🇳🇵 Nepal | 8.6% | Sep 2022 |
🇸🇧 Solomon Islands | 8.5% | Aug 2022 |
🇲🇽 Mexico | 8.4% | Oct 2022 |
🇬🇼 Guinea Bissau | 8.4% | Sep 2022 |
🇦🇱 Albania | 8.3% | Oct 2022 |
🇧🇧 Barbados | 8.3% | Aug 2022 |
🇫🇮 Finland | 8.3% | Oct 2022 |
🇲🇦 Morocco | 8.3% | Sep 2022 |
🇵🇪 Peru | 8.3% | Oct 2022 |
🇩🇴 Dominican Republic | 8.2% | Oct 2022 |
🇨🇻 Cape Verde | 8.2% | Oct 2022 |
🇵🇾 Paraguay | 8.1% | Oct 2022 |
🇹🇱 East Timor | 7.9% | Sep 2022 |
🇹🇬 Togo | 7.9% | Sep 2022 |
🇵🇭 Philippines | 7.7% | Oct 2022 |
🇺🇸 U.S. | 7.7% | Oct 2022 |
🇨🇲 Cameroon | 7.6% | Sep 2022 |
🇳🇴 Norway | 7.5% | Oct 2022 |
🇸🇬 Singapore | 7.5% | Sep 2022 |
🇿🇦 South Africa | 7.5% | Sep 2022 |
🇸🇻 El Salvador | 7.5% | Oct 2022 |
🇲🇹 Malta | 7.4% | Oct 2022 |
🇦🇺 Australia | 7.3% | Sep 2022 |
🇪🇸 Spain | 7.3% | Oct 2022 |
🇹🇩 Chad | 7.2% | Sep 2022 |
🇳🇿 New Zealand | 7.2% | Sep 2022 |
🇧🇿 Belize | 7.1% | Sep 2022 |
🇳🇦 Namibia | 7.1% | Oct 2022 |
🇦🇼 Aruba | 7.0% | Sep 2022 |
🇨🇦 Canada | 6.9% | Oct 2022 |
🇱🇺 Luxembourg | 6.9% | Oct 2022 |
🇸🇴 Somalia | 6.9% | Oct 2022 |
🇮🇳 India | 6.8% | Oct 2022 |
🇦🇪 United Arab Emirates | 6.8% | Jun 2022 |
🇬🇾 Guyana | 6.5% | Sep 2022 |
🇱🇷 Liberia | 6.5% | Jul 2022 |
🇧🇷 Brazil | 6.5% | Oct 2022 |
🇧🇸 Bahamas | 6.3% | Aug 2022 |
🇨🇮 Ivory Coast | 6.3% | Sep 2022 |
🇹🇹 Trinidad and Tobago | 6.3% | Aug 2022 |
🇫🇷 France | 6.2% | Oct 2022 |
🇩🇯 Djibouti | 6.1% | Sep 2022 |
🇵🇷 Puerto Rico | 6.1% | Sep 2022 |
🇧🇹 Bhutan | 6.1% | Sep 2022 |
🇧🇹 Qatar | 6.0% | Sep 2022 |
🇹🇭 Thailand | 6.0% | Oct 2022 |
🇸🇿 Swaziland | 5.8% | Aug 2022 |
🇮🇩 Indonesia | 5.7% | Oct 2022 |
🇰🇷 South Korea | 5.7% | Oct 2022 |
🇹🇯 Tajikistan | 5.7% | Sep 2022 |
🇵🇬 Papua New Guinea | 5.5% | Jun 2022 |
🇰🇭 Cambodia | 5.4% | Jul 2022 |
🇮🇶 Iraq | 5.3% | Sep 2022 |
🇯🇴 Jordan | 5.2% | Oct 2022 |
🇫🇯 Fiji | 5.1% | Sep 2022 |
🇮🇱 Israel | 5.1% | Oct 2022 |
🇳🇨 New Caledonia | 5.0% | Sep 2022 |
🇹🇿 Tanzania | 4.9% | Oct 2022 |
🇧🇲 Bermuda | 4.5% | Jul 2022 |
🇪🇷 Eritrea | 4.5% | Dec 2021 |
🇲🇾 Malaysia | 4.5% | Sep 2022 |
🇭🇰 Hong Kong | 4.4% | Sep 2022 |
🇵🇸 Palestine | 4.4% | Oct 2022 |
🇧🇳 Brunei | 4.3% | Sep 2022 |
🇱🇾 Libya | 4.3% | Sep 2022 |
🇻🇳 Vietnam | 4.3% | Oct 2022 |
🇪🇨 Ecuador | 4.0% | Oct 2022 |
🇧🇭 Bahrain | 4.0% | Sep 2022 |
🇯🇵 Japan | 3.7% | Oct 2022 |
🇰🇼 Kuwait | 3.2% | Sep 2022 |
🇳🇪 Niger | 3.2% | Sep 2022 |
🇲🇻 Maldives | 3.1% | Sep 2022 |
🇬🇦 Gabon | 3.0% | Jul 2022 |
🇱🇮 Liechtenstein | 3.0% | Oct 2022 |
🇸🇦 Saudi Arabia | 3.0% | Oct 2022 |
🇨🇭 Switzerland | 3.0% | Oct 2022 |
🇸🇨 Seychelles | 2.9% | Oct 2022 |
🇬🇶 Equatorial Guinea | 2.9% | Dec 2021 |
🇧🇴 Bolivia | 2.9% | Oct 2022 |
🇹🇼 Taiwan | 2.7% | Oct 2022 |
🇨🇫 Central African Republic | 2.7% | Dec 2021 |
🇻🇺 Vanuatu | 2.7% | Mar 2022 |
🇴🇲 Oman | 2.4% | Sep 2022 |
🇧🇯 Benin | 2.1% | Oct 2022 |
🇨🇳 China | 2.1% | Oct 2022 |
🇵🇦 Panama | 1.9% | Sep 2022 |
🇲🇴 Macau | 1.1% | Sep 2022 |
🇸🇸 South Sudan | -2.5% | Aug 2022 |
*Inflation rates based on the latest available data.
As price pressures mount, 33 central banks tracked by the Bank of International Settlements (out of a total of 38) have raised interest rates this year. These coordinated rate hikes are the largest in two decades, representing an end to an era of rock-bottom interest rates.
Going into 2023, central banks could continue this shift towards hawkish policies as inflation remains aggressively high.
The Role of Energy Prices
Driven by the war in Ukraine, energy inflation is pushing up the cost of living around the world.
Since October 2020, an index of global energy prices—made up of crude oil, natural gas, coal, and propane—has increased drastically.
Compared to the 2021 average, natural gas prices in Europe are up sixfold. Real European household electricity prices are up 78% and gas prices have climbed even more, at 144% compared to 20-year averages.
Amid global competition for liquefied natural gas supplies, price pressures are likely to stay high, even though they have fallen recently. Other harmful consequences of the energy shock include price volatility, economic strain, and energy shortages.
“The world is in the midst of the first truly global energy crisis, with impacts that will be felt for years to come”.
-Fatih Birol, executive director of the IEA
Double-Digit Inflation: Will it Last?
If history is an example, taming rising prices could take at least a few years yet.
Take the sky-high inflation of the 1980s. Italy, which managed to combat inflation faster than most countries, brought down inflation from 22% in 1980 to 4% in 1986.
If global inflation rates, which hover around 9.8% in 2022, were to follow this course, it would take at least until 2025 for levels to reach the 2% target.
It’s worth noting that inflation was also highly volatile over this decade. Consider how inflation fell across much of the rich world by 1981 but shot up again in 1987 amid higher energy prices. Federal Reserve chair Jerome Powell spoke to the volatility of inflation at their November meeting, indicating that high inflation has a chance of following a period of low inflation.
While the Federal Reserve projects U.S. inflation to fall closer to its 2% target by 2024, the road ahead could still get a lot bumpier between now and then.
Markets
Mapped: The Migration of the World’s Millionaires in 2023
Where do the world’s wealthiest people want to live? This map tracks the migration of the world’s High Net Worth Individuals (HNWIs).

Mapping the Migration of the World’s Millionaires 2023
Just like everyone else, High Net Worth Individuals (HNWIs) traveled less than usual during the pandemic, and as a result their migration numbers trended downwards. But millionaires and billionaires are on the move again and it is anticipated that 122,000 HNWIs will move to a new country by the end of the year.
Henley & Partners’ Private Wealth Migration Report has tracked the countries HNWIs have moved from and to over the last 10 years; this map showcases the 2023 forecasts.
In this context, HNWIs are defined as individuals with a net worth of at least $1 million USD.
The Countries Welcoming New Millionaires
The top 10 countries which are likely to become home to the highest number of millionaires and billionaires in 2023 are scattered across the globe, with Australia reclaiming its top spot this year from the UAE.
Here’s a closer look at the data:
Rank | Country | Projected HNWI Inflow 2023 |
---|---|---|
1 | 🇦🇺 Australia | 5,200 |
2 | 🇦🇪 UAE | 4,500 |
3 | 🇸🇬 Singapore | 3,200 |
4 | 🇺🇸 U.S. | 2,100 |
5 | 🇨🇭 Switzerland | 1,800 |
6 | 🇨🇦 Canada | 1,600 |
7 | 🇬🇷 Greece | 1,200 |
8 | 🇫🇷 France | 1,000 |
9 | 🇵🇹 Portugal | 800 |
10 | 🇳🇿 New Zealand | 700 |
Only two Asian countries make the top 10, with the rest spread across Europe, North America, and Oceania.
Despite historic economic challenges, Greece is projected to gain 1,200 High Net Worth Individuals this year. One reason could be the country’s golden visa program, wherein wealthy individuals can easily obtain residence and eventually EU passports for the right price—currently a minimum real estate investment cost of 250,000 euros is all that’s required.
Many of the leading millionaire destinations are attractive for wealthy individuals because of higher levels of economic freedom, allowing for laxer tax burdens or ease of investment. Singapore, which expects to gain 3,200 millionaires, is the most economically free market in the world.
The Countries Losing the Most Millionaires
China is anticipated to lose 13,500 High Net Worth Individuals this year, more than double as many as the second place country, India (6,500).
Here’s a closer look at the bottom 10:
Rank | Country | Projected HNWI Outflow 2023 |
---|---|---|
1 | 🇨🇳 China | -13,500 |
2 | 🇮🇳 India | -6,500 |
3 | 🇬🇧 UK | -3,200 |
4 | 🇷🇺 Russia | -3,000 |
5 | 🇧🇷 Brazil | -1,200 |
6 | 🇭🇰 Hong Kong SAR | -1,000 |
7 | 🇰🇷 South Korea | -800 |
8 | 🇲🇽 Mexico | -700 |
9 | 🇿🇦 South Africa | -500 |
10 | 🇯🇵 Japan | -300 |
In a number of these countries, strict regulatory bodies and corrupt governments can hinder the ease with which HNWIs can manage their own money.
In Russia, many wealthy individuals are facing personal tariffs and trade restrictions from Western countries due to the war in Ukraine. China’s crackdowns on Hong Kong have made it a less attractive place for business. And finally, the UK’s exit from the EU has caused many businesses and individuals to lose the easy movement of labor, finances, and investment that made operations across European borders seamless.
Some of these countries may still be adding homegrown millionaires and billionaires, but losing thousands of HNWIs to net migration does have a considerable economic impact.
Overall, millionaires are increasingly on the move. In the 10 years of reporting—despite a dip during the pandemic—the number of HNWIs moving away from their countries of origin has been growing every year.
Here’s a look at the numbers:
Year | Projected HNWI Migration |
---|---|
2013 | 51,000 |
2014 | 57,000 |
2015 | 64,000 |
2016 | 82,000 |
2017 | 95,000 |
2018 | 108,000 |
2019 | 110,000 |
2020 | 12,000 |
2021 | 25,000 |
2022 | 84,000 |
2023 (forecast) | 122,000 |
In a geopolitically fragile but more connected world, it’s no surprise to see millionaires voting with their feet. As a result, governments are increasingly in competition to win the hearts and minds of the world’s economic elite to their side.
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