Study Reveals The Number Of Work-Hours At Minimum Wage In The Americas Needed To Buy An iPhone?​

Rocket Internet venture and largest online retailer for Latin America, Linio, has conducted a study on the price of an iPhone compared to the minimum salary in 15 countries in the Americas. Observing that the price for the same tech items varied significantly from country to country, and often grossly out of proportion with wages, Linio undertook the research to understand and promote transparency around global access to technology. They present their findings in the 2017 Tech Price Index.

In the case of the iPhone, Linio looked at various iPhone 6 models without the cost of phone service in all online providers for the country, as well as at least four biggest retailers in the country’s five largest cities. The same process was followed for all items in the original Price Index study.

The research took into account a federal minimum wage when available. In the case of Canada, which offers statewide but not federal minimums, the lowest of the state’s minimum wages was used for calculations. Hourly wages were calculated based on an eight-hour work day and forty-hour work week in the free-trade zone. When differences applied, minimum wages were taken for that of an unskilled worker without extra allowances.

By number weeks, the countries in which workers need the most paid hours to earn the cost an iPhone rank as follows on the table below. In Canada, the minimum-wage workforce would need just over a third of a week, whereas Venezuelan employees need over 20 weeks. All prices are in USD.

#

Country

Price of iPhone

Hourly Minimum Wage

Hours to earn an iPhone

Weeks to earn an iPhone

1

Venezuela

$97,813.82

$25.42

3,847.29

20.68

2

Dominican Republic

$965.62

$1.11

866.19

4.66

3

Guatemala

$889.56

$1.45

612.44

3.29

4

Peru

$826.39

$1.61

512.08

2.75

5

Brazil

$843.30

$1.87

449.87

2.42

6

Uruguay

$815.94

$1.77

459.94

2.47

7

Colombia

$655.11

$1.57

416.47

2.24

8

Costa Rica

$852.94

$2.16

394.49

2.12

9

Chile

$761.66

$2.55

299.10

1.61

10

Argentina

$900.43

$3.17

283.98

1.53

11

Panama

$681.11

$2.60

261.97

1.41

12

Ecudaor

$675.63

$2.67

253.16

1.36

13

Mexico

$619.98

$3.85

161.12

0.87

14

United States

$625.88

$7.25

86.33

0.46

15

Canada

$555.25

$8.14

68.21

0.37

NB: Venezuelan technology tops list as least accessible due to inflation issues within the country.

For the full results of the ranking with the interactive table of findings, visit here.

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