Irish must work a week to afford a new iPhone
Published 18/09/2015 | 02:30
It takes an Irish worker more than a week to earn enough to buy a new iPhone 6, but a Big Mac takes just 15 minutes.
The average worker in Dublin labours for 43.4 hours to buy an iPhone 6 with 16GB of memory - although that compares favourably with the global average of 119 hours.
The Prices and Earnings report, published every three years by Swiss bank UBS, examined 71 cities worldwide.
It looks at commodities that are available around the world - from bags of rice to Big Macs to iPhones - to work out how global purchasing power differs.
While it takes the average Hong Kong worker just nine minutes to earn enough for the McDonald's burger, this soars to almost three hours (173 minutes) in Nairobi.
To purchase a coveted iPhone 6, the same worker in Nairobi would need to put in 468 hours while in Kiev, a punishing 627 hours would be needed.
Dubliners have to cope with pricey haircuts, though, as the average for women is €43.25 and €13.24 for men.
The same report concluded that Zurich, Geneva and New York City are the most expensive cities in the world.
It looked at the prices for a standardised basket of 122 goods and services.
Workers in Zurich, Geneva and Luxembourg earn the highest gross wages.
Their gross salaries are on average 19 times those of workers in Nairobi, Jakarta and Kiev,
The average Dubliner spends 1,770 hours at work every year with 31 days of paid leave, which is similar to the global average for paid holidays.