---
title: The iPhone 6 Costs $47,000 In This Country
description: Punishing inflation and extremely limited supply have made smartphones a rare commodity in Venezuela, where a brand new iPhone 6 costs about 300,000 bolivars—or nearly $47,700 dollars—while a lower-end Samsung model might cost about $3,000.
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published: '2015-06-23T15:51:31.000Z'
modified: '2024-04-16T06:03:42.000Z'
section: Economy and Politics
tags:
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  - theft
  - Travel
  - Venezuela
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![iphone-6-venezuela-inflation](https://img.money.com/2015/06/iphone-6-venezuela-inflation.jpg)

Punishing inflation and extremely limited supply have made smartphones extraordinarily rare and expensive in Venezuela, *Bloomberg* [reports](http://www.bloomberg.com/news/articles/2015-06-22/iphones-as-hard-to-find-as-dollars-in-venezuela-during-oil-slump).

Only two or three stores in the capital city of Caracas even stock high-end phones because vendors must go through the government to acquire inventory. Meanwhile, the country is suffering from a severe shortage of U.S. dollars—partly because of a drop in the price of crude oil, the country's main export—and an annual inflation rate in the triple digits.

As a result, [smartphone](https://money.com/best-smartphone/) prices have risen even faster than the cost of food and basic necessities. A brand new iPhone 6 on a local Venezuelan e-commerce site costs about 300,000 bolivars—or about $47,250, according to the official exchange rate—while a less sophisticated Samsung model might cost about $3,000.

Because of the limited supply, most Venezuelans who can afford a smartphone are forced to settle for cheaper Chinese models.

Unsurprisingly, thieves are increasingly targeting smartphone users, with hundreds of phone thefts in Chacao reported this past spring.

*Read next: The Most Amazing Thing About Apple? It Still Looks Cheap*

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