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Who Has To Work The Longest To Afford An iPhone?

How many hours must you work to buy a new iPhone? It varies dramatically around the world, reflecting disparities in productivity and purchasing power.

According to a recent report by UBS that aims to measure well-being by estimating how many minutes workers in various countries must work to afford either an iphone, a Big Mac, a kilo of bread or a kilo of rice, the average worker in Zurich or New York can buy an iPhone 6 in under three working days.

In Kiev, by contrast, it would take 13 weeks (or 627 hours) to buy the same phone.

Time Required for Iphone 6

Time Required for Iphone 6

- Click to enlarge

The report also shows how in Kenya it would take three hours of labour to buy a Big Mac, while in the United States, it would take just ten minutes. It only takes five minutes to earn enough to buy a kilo of rice in Zurich, while in Nairobi it would take 62 minutes.

To reach these conclusions, UBS completed a standardized survey on prices of 122 services and goods, and the earnings for 15 professions in 71 cities around the world. Over 68,000 data points were collected and included in the report’s calculations.

To compare the cities effectively, all prices and earnings were converted in local currencies to the US Dollar (USD). To minimize the effect of daily price fluctuations the researchers used average exchange rates from the data collection period, which was between March and end of April 2015.

Working Time Required to buy...

- Click to enlarge

 

Full story here
Tyler Durden
ZeroHedges' Tyler Durden is the hero of Fight Club, the 1999 movie based on Chuck Palahniuk's novel that reflected Chuck's experience in the Cacophony Society Quote: "Goddamn it, an entire generation pumping gas, waiting tables, slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off." --> see more about Tyler on snbchf
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Permanent link to this article: https://snbchf.com/2016/12/durden-purchasing-power-iphone/

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