The bank’s 2019 edition of the “Mapping the World’s Prices” places the Kingdom at 33 out 40 cities with the smartphone priced at $1,333, just seven percent more expensive than at official Apple stores in the United States where it retails at $1,251.
The smartphone sells at costs $1423 in China and $1,386 in Singapore, the report said, which sourced prices of the phone from official Apple store websites or alternatively from online retailers when the official figures were not available.
While the costliest place to buy is Brazil ($2,050), the cheapest is $1,178 in Nigeria, according to the survey.
“Don’t lose or damage your iPhone on holiday in Brazil, Turkey, Argentina, India or Greece as iPhones are 25-65 percent more expensive than in the US — still the cheapest place to buy outside of Nigeria which we can’t quite explain,” the Bank wrote in its report.
When it came to buying a pair of Levi’s 501 jeans or similar, Saudi Arabia is ranked 36 out of 55 cities surveyed. The report showed prices of jeans in Riyadh at $61.1 in 2019, nine percent more expensive than a purchase in the US. However, the prices have nearly doubled from $37.30 from last year.
According to the survey, Riyadh is the 28th most expensive city to buy two litres of Coca Cola. Prices stand at $1.95 this year, up from $1.31 in 2014 and $1.73 last year.
Saudi Arabia was the first country in the Middle East to introduce an excise tax, which included 50 percent tax on carbonated soft drinks and 100 percent on tobacco products and energy drinks in June 2017.
The Deutsche Bank annual survey compares global prices and living standards from various countries and cities around the world, with a focus on 55 cities relevant to global financial markets.