How many minimum wages do you need to buy an iPhone X in Mexico?

By Elliot Bullman

Apple has more cash than all of the annual GDP of Chile or Qatar

Consumer electronics giant Apple has announced in its most recent quarterly report that it has 269 billion dollars in 'the box'. If Apple were a country, it would be the 44th richest in the world. according to the International Monetary Fund.

iphone x mexico 2

The reserve, an increase of 7.4 billion against the cash available at the end of the previous quarter, exceeds the Gross Domestic Product of countries such as Chile, Finland, Greece and Qatar, according to the World Bank.

The iPhone X is now the most advanced and expensive Apple phone and in truth it is inaccessible to the vast majority of Mexico’s working population, because to buy it they would have to disburse all their income for several months.

The phone, which went on sale on Friday, November 3 in Mexico, costs 23 thousand 499 pesos in its most economical version of 64 GB of memory and 26 thousand 999 in the case of the iPhone 256 GB.

iphone x mexico

In Mexico there are 52.1 million employed people. Meanwhile, 7.5 million people earn only a minimum wage (sm), which is 2 thousand 401 pesos per month, and 14.1 million receive two sm totalling 4 thousand 802 pesos per month, according to data from the National Survey of Occupation and Employment of Inegi.

The 21. 6 million Mexicans who earn between one and two minimum wages would have to spend all their income between 5 and 10 months to buy an iPhone X in its most economical version.

salario minimo mexico

Some 17.4 million Mexicans, who earn between three and five sm, would have to spend 2 to 3 months of their salary to pay for the telephone.

In Mexico, as in many parts of the world, you do not need to have the cash to buy a telephone, a large part of the population resorts to credit or financing plans with mobile phone companies.

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