"2021 licensing (non-royalty) revenues were up 61% to $1.13Bn as our expanded product portfolio and new business models such as Arm Flexible Access gave more customers more reasons and more ways to license Arm technology.

2021 royalty revenues were up 20% to a record $1.54Bn, helped by continuing strong growth of 5G smartphones, more ADAS and IVI chips going into cars, and price increases in 32-bit microcontrollers."

Source: https://www.arm.com/company/news/2022/05/arm-delivers-record...

The royalties are higher on the newer more complex designs, so the 29.2 billion chips number can't really be used to derive a proper price per chip.

Don't even get people started on the perpetual and architectural licensing too.