World

It costs $63,440 to get an iPhone 6 in this country

A 128GB iPhone 6 costs $1,288 in Singapore.

While that may seem pricey, it's a steal compared to what Venezuelans have to pay for the device – 300,000 bolivars (S$63,440).

The outrageous sum is about 41 times the country’s minimum monthly wage of 7,325 bolivars, reported Bloomberg.

A lower-end smartphone is still costly in Venezuela, but it's a fraction of the price of the Apple phone.

But with inflation in triple digits, Venezuelans aren't exactly flocking to buy the device.

Business Insider reported that the annual inflation rate hit 510 per cent last month. The country has the unwanted honour of having the world's highest inflation.

Venezuela's major export is oil, and local crude prices have fallen by 50 per cent in the second half of last year, reported Bloomberg.

This has resulted in difficulties in getting enough US dollars to pay for imports.

The cost of food and basic necessities has been rising fast, but the price of smartphones has been shooting up even more quickly, reported Fortune.

The sky-high prices of the phones have made their owners the target of thieves.

Bloomberg quoted a consultant as saying: "If you have a nice phone, they will steal it at some point if you ever show it in the street.

"And if you want to buy one, it’s going to cost you an arm and a leg."

Sources: Bloomberg, Business Insider, Fortune

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