The iPhone 15, Apple’s latest release, has quickly become a sought-after device. It comes in several variants: Ultra, Pro, and Pro Max. However, its affordability varies, especially in countries with lower average annual incomes.
This analysis highlights countries where the iPhone 15 consumes either the least or most of the average yearly earnings. We’ve sourced data on average monthly salaries from various countries online and also discuss economic trends influencing iPhone pricing.
Quick Highlight
- iPhone 15 affordability is influenced by average yearly salaries in different countries.
- Switzerland, Australia, and Singapore lead in affordability based on average annual salaries.
- In Switzerland, only 1.18% of the annual salary is needed to buy an iPhone 15.
- In Pakistan, the iPhone 15 costs a staggering 72.88% of the average annual salary.
- Sri Lanka, Nigeria, and Ghana also see significant portions of annual incomes going towards the iPhone 15.
Factors Influencing iPhone 15 Affordability
The cost of owning an iPhone 15 varies based on several factors:
- iPhone 15 Pricing Across Countries: Prices differ worldwide due to factors like import and tax duties, shipping and logistics expenses, and adherence to local regulations. For example, while Luxembourg has a VAT of 17%, the UAE charges only 5%.
- Average Annual Salaries: In countries with higher average incomes, like the U.S. and Luxembourg, the iPhone 15 might account for a smaller fraction of one’s yearly earnings. Conversely, in nations with lower average salaries, it could represent a significant portion.
- Currency Exchange and Purchasing Power: Currency fluctuations can influence the iPhone’s price. A robust local currency, such as the British pound against the dollar, might make the iPhone more accessible. In contrast, a weaker currency can elevate its price due to the dollar’s impact on the local currency.
Top 10 Countries Where the iPhone 15 Takes Up the Least of a Yearly Salary
The following ten countries reveal the highest average annual incomes and the respective iPhone 15 prices in these areas, all denominated in US dollars.
| Country Ranking | Average Annual Salaries (USD)1 | iPhone 15 Prices (USD)2 | Percentage of Income to Save |
| 1. Switzerland | $73,705 | $867 | 1.18% |
| 2. Australia | $50,627 | $867 | 1.71% |
| 3. Singapore | $52,210 | $907 | 1.74% |
| 4. United States | $44,660 | $875 | 1.96% |
| 5. UAE | $43,959 | $889 | 2.02% |
| 6. Canada | $40,063 | $833 | 2.08% |
| 7. Norway | $41,492 | $955 | 2.30% |
| 8. Netherlands | $38,586 | $928 | 2.41% |
| 9. Denmark | $39,537 | $967 | 2.45% |
| 10. Iceland | $38,845 | $1,238 | 3.19% |
Sept. 13, 2023: iPhone 15 currency conversion to USD
#10 Iceland
- Average Annual Salary: $38,845
- iPhone 15 Prices: $1,238
- Percentage of Income to Save: 3.19%
Iceland has the ninth lowest average annual salary on the list, behind the Netherlands. Iceland also has the highest price for an iPhone. The percentage of income to save is also the highest on the list. This indicates that Icelanders have a lower purchasing power compared to other countries on the list.
#9 Denmark
- Average Annual Salary: $39,537
- iPhone 15 Price: $967
- Percentage of Income to Save: 2.45%
In Denmark, buying an iPhone 15 requires about 2.44% of the average yearly income. If someone saves 2.45% of their annual salary, they would accumulate roughly $968.66 in a year. In other words, they would have saved enough to purchase the iPhone 15 with a small amount remaining.
#8 Netherlands
- Average Annual Salary: $38,586
- iPhone 15 Price: $928
- Percentage of Income to Save: 2.41%
In the Netherlands, where the average yearly income is $38,586, the iPhone 15 costs $928. This means a Dutch person would need to set aside 2.41% of their annual earnings to buy it. By saving just 2.41% of their yearly salary, a Dutch individual can purchase the iPhone and still have funds for other expenses.
#7 Norway
- Average Annual Salary: $41,492
- iPhone 15 Price: $955
- Percentage of Income to Save: 2.30%
In Norway, where the average annual income is $41,492, it’s a significant consideration for many workers. The cost of the iPhone 15 at $955 may make people ponder about importing it from countries where it might be cheaper. If you’re purchasing the iPhone 15 in Norway, you would need to set aside at least 2.30% of your yearly earnings.
#6 Canada
- Average Annual Salary: $40,063
- iPhone 15 Price: $833
- Percentage of Income to Save: 2.08%
Canada ranks sixth in terms of iPhone 15 affordability when compared to average salaries. With the iPhone 15 priced at $833, Canadians would need to allocate about 2.08% of their average annual salary to purchase it. This is notably lower than the percentage required in Norway. Even when Norwegians earn a higher average salary, Canadians will find it relatively more affordable to buy the iPhone 15.
#5 UAE
- Average Annual Salary: $43,959
- iPhone 15 Price: $889
- Percentage of Income to Save: 2.02%
In the UAE, the average annual salary stands at $43,959. The iPhone 15 is priced at $889, which means it would consume approximately 2.02% of the average annual income. Interestingly, if an individual were to save 2.02% of their yearly salary, they would accumulate roughly $889, which is the exact cost of the iPhone 15.
#4 United States
- Average Annual Salary: $44,660
- iPhone 15 Price: $875
- Percentage of Income to Save: 1.96%
In the U.S., where the average annual salary is $44,660, an iPhone 15 costs about 1.96% of a person’s yearly earnings. This means an American would set aside nearly 2% of their income to buy the iPhone. While the U.S. is recognized for its competitive workforce pay, it’s notable that the federal minimum wage is just $7.25 per hour3.
#3 Singapore
- Average Annual Salary: $52,210
- iPhone 15 Price: $907
- Percentage of Income to Save: 1.74%
Singapore ranks third globally when considering countries where the iPhone 15 consumes the smallest percentage of an annual salary. The iPhone 15, priced at $907, requires only 1.74% of the average yearly income of $52,210 for a Singaporean to purchase. Notably, the average monthly salary during the second quarter of 2023 was around $4,579.
#2 Australia
- Average Annual Salary: $50,627
- iPhone 15 Price: $867
- Percentage of Income to Save: 1.71%
In Australia, the average annual salary for an individual is a commendable $50,627. To acquire the latest iPhone 15, priced at $867, one would only need to save a mere 1.71% of this income. Interestingly, even though the Australian average salary is about $2,000 less than that of Singapore, Australia boasts a more favourable pricing advantage.
#1 Switzerland
- Average Annual Salary: $73,705
- iPhone 15 Price: $867
- Percentage of Income to Save: 1.18%
In the analysis, Switzerland has the highest annual salary at $73,705. Only Canada surpasses it in iPhone 15 affordability. With just 1.18% of their annual income, a Swiss can buy an iPhone 15 priced at $850. Interestingly, a Swiss can purchase two iPhones with what a Norwegian earns annually.
Sources: CEO World Magazine1, Android Authority2, USA Gov3, Take Profit4,
Top 10 Countries Where the iPhone 15 Takes Up the Most of a Yearly Salary
In this section, we look at the countries where the iPhone 15 takes up the most of annual salary.
| Country Ranking | Average Annual Salaries (USD)1 | iPhone 15 Prices (USD)2 | Percentage of Income to Save |
| 1. Pakistan | $1,958 | $1427 | 72.88% |
| 2. Sri Lanka | $1,723 | $867 | 50.32% |
| 3. Nigeria | $1,996 | $823 | 41.23% |
| 4. Venezuela | $2,391 | $850 | 35.55% |
| 5. Nepal | $2,381 | $799 | 33.42% |
| 6. Ghana | $2,939 | $935 | 31.81% |
| 7. Egypt | $2,637 | $799 | 30.30% |
| 8. Algeria | $2,996 | $864 | 28.84% |
| 9. Bangladesh | $3,222 | $914 | 28.37% |
| 10. Tunisia | $3,329 | $730 | 21.93% |
Sept. 13, 2023: iPhone 15 currency conversion to USD
For many, the ideal scenario is living in a place where buying an iPhone 15 only takes a small chunk out of their yearly income. However, it’s essential to note that each country has its own average yearly earnings, iPhone 15 pricing, and distinct currencies.
In Sri Lanka, the average yearly income is $1,723, which is the highest among these ten nations. Yet, when looking at the cost of an iPhone 15, it’s like comparing a Sri Lankan’s salary to the price of the phone in Pakistan. In Pakistan, the iPhone is priced at $1,427, which is almost double of the price, $867, in Sri Lanka.
Regarding countries where people spend a significant portion of their annual income on the iPhone 15, Pakistan and Sri Lanka are at the lower end. However, among African nations, Nigeria and Ghana lead the way. Specifically, a Nigerian would part with a substantial 41.23% of their yearly salary for this device, while a Ghanaian would allocate 31.81% of their annual earnings for the same.
Among the ranked countries, Tunisians boast the highest average annual salary at $3,329. Additionally, Tunisia offers a more competitive price for the iPhone 15 at $730. Only Nepal and Egypt approach this with their prices at $799.
While it might be tempting to visit a country offering the iPhone 15 at a lower price, it’s wiser to buy it in your own country. The travel expenses can outweigh the savings, and there might be additional costs for device configuration due to varying cellular settings in different countries.
Source: CEO World Magazine1,
Impact of Economic Trends on iPhone 15 Affordability
The release of iPhone in September 2023 is expected to impact the economy of the world should everybody in each country be buying. From our analysis, the effect of the iPhone 15 on the economy varies with countries. Countries like the United States, Australia and Switzerland have higher average yearly income which only takes almost nothing from their overall earnings.
Impact of Inflation on iPhone 15 Affordability
Inflation can be detrimental to an economy, resulting in increased prices for overall items. Sometimes, inflation can even cause prices to double or significantly contribute to their rise. For instance, in Tunisia, the iPhone 15 costs about 21.93% of the average annual income.
In 2022, inflation in Africa was 14.3%, while after the first half of 2023, it has grown to 15.5. This is 1.2% growth of inflation in Africa, and Tunisia as a country in the African continent has its iPhone price at $730. With 1.2% inflation from within the timeline, the price of the iPhone 15 would jump to roughly $739. Instead of the initial 21.93%, they’d have to allocate 22.20% of their yearly earnings to purchase the iPhone 15.
Impact of Economic Downturn on iPhone 15 Affordability
During an economic downturn, business activities stall. This negatively impacts the economy due to widespread job losses. The decline also affects citizens’ average annual salaries, making luxury purchases like the iPhone 15 less attainable for many.
In this analysis, the average U.S. salary is $44,660, with the iPhone 15 priced at $875. If the downturn leads to a reduced average salary of, say, $37,780 due to job losses, the percentage of income needed to save for the iPhone could rise from 1.96% to 2.32%. This shift is one of the challenges individuals face during economic hardships.
Impact of Consumer Spending Habits on iPhone 15 Affordability
Consumer behaviour greatly influences the feasibility of purchasing the iPhone 15. As indicated in the provided infographic, there’s a decreased emphasis on electronics or tech products in people’s spending. Instead, they tend to allocate more funds towards utilities, transportation, and education, either for themselves or their children.
If these spending patterns persist, the iPhone 15 might not be a top priority for many. Addressing immediate financial obligations can make procuring the iPhone 15 a tougher decision. Notably, in 2022, there was an 11% decline in consumer demand for electronics as they catered to other necessities.
Tips to Afford the iPhone 15
With the price of iPhone 15, incurring such a huge amount at once on it can be too expensive. If you are such a person that loves gadgets, there are tips to afford the iPhone 15. One option is to opt for an instalment plan, allowing you to make monthly payments. The exact amount will vary based on the retailer. Additionally, if you’re an Apple subscriber, the Apple Card offers a payment option.
Another avenue is the trade-in program. Some stores provide discounts when you trade in your existing phone for the iPhone 15. While it’s not a straightforward discount, you can reduce the cost by exchanging your old device. To get the best deal through this approach, it’s crucial to negotiate effectively with the retailer.
Alternatively, you can secure a good deal on the iPhone 15 by utilising promotional codes. These codes are often available for a short duration, and only a handful of retailers offer them. To take advantage of such promotions, it’s advisable to keep a keen eye on vendors that offer these deals.
Regularly checking their websites, signing up for newsletters, or following them on social media can alert you to these limited-time offers.
Understanding the Economics Behind iPhone 15 Pricing
Several elements, such as production costs, import/export tariffs, and market demand, play a role in determining the iPhone 15’s price. Apple also adjusts its pricing in response to demand, competition, and inflationary trends.
Notably, market demand significantly impacts the iPhone’s cost. For instance, the iPhone 15 has seen a remarkable 10-12% in pre-orders, surpassing the iPhone 14’s record, a figure that exceeded analysts’ predictions.
Conclusion
The iPhone 15’s affordability varies worldwide, influenced by average annual incomes, economic climates, and consumer spending patterns. While it’s a mere fraction of yearly earnings for some, others find it challenging due to economic differences.
Beyond individual earnings, broader economic trends and market demand also shape the iPhone’s cost. For those eager to own the device, options like instalment plans, trade-ins, and promotional offers can provide financial ease.
FAQs
The amount of a yearly salary you need to spend on an iphone 15 varies across countries of the world. Most countries have different prices for the newly released gadget. So the amount a person needs to spend on an iPhone 15 depends on the price of the iPhone and the expected average yearly salary.
Different countries have their prices. Between, an iPhone 15 price for the Ultra lies from 850-1250 USD across different countries. This report does not account for the iPhone 15 Pro and Pro Max.
From the analysis, the cheapest countries to buy an iphone 15 are Canada, Switzerland, and Australia. These three countries have their iPhone prices set at $833 for Canada and $867 for Switzerland and Australia.
From the analysis, Iceland, $1,238, is the most expensive country to buy an iphone. While the country is the most expensive for an iPhone 15, its average annual salaries make it one of the top countries where you spend a few chunks of your total income.
In the U.S., you only need 1.96% of your yearly salary to afford an iPhone 15. This is the fourth least country regarding the percentage of yearly salary needed to obtain the device.
