The newest iPhone 16, unveiled this week at Apple’s annual showcase in California, has stirred excitement among tech enthusiasts worldwide. However, for most Venezuelans the flagship smartphone remains a pipe dream, as they endure the stark economic reality plaguing their country.

While US consumers might baulk at the $799 price tag for the base model and EU buyers need to dish out a whopping €950, the financial hurdle for Venezuelans is significantly steeper. According to recent economic data cited by El National, the average Venezuelan earning minimum wage would need to save a staggering 225 months' worth of pay just to purchase the entry-level iPhone 16.

The situation becomes even more challenging for those eyeing the top-tier iPhone 16 Pro Max. This premium model would require a saving equivalent to 451 minimum wage months - nearly three years of uninterrupted work and saving every penny.

Venezuela's economic landscape provides crucial context for these bleak figures. The country's minimum wage stands at a mere VEF130 per month, equivalent to approximately $3.54. This sobering statistic underscores the severe economic crisis stemming from years of mismanagement and corruption under the watch of President Nicolas Maduro, who looks set to remain in power for six more years as he claims to have won the disputed July 28 election. Over the last decade, more than 7.7mn Venezuelans have been forced to emigrate due to the unbearable situation there.

Still, interest in Apple products remains high among certain elite sectors of Venezuelan society. Unlike other US foes such as Russia and Iran, sanctions do not explicitly forbid the sale of Apple products in Venezuela. Yet the Cupertino giant has never had any official store in the South American nation.

Mundo Mac, the country's sole Apple-authorised retailer in Caracas, anticipates significant interest when the iPhone 16 range becomes available in October.

While many in the country face hyperinflation and food shortages, Venezuela's economy is multifaceted, with a significant informal sector and remittances from abroad playing a crucial role in sustaining livelihoods. Despite financial indicators painting a grim picture, there exists a segment of the population with higher purchasing power who may still consider investing in high-end technology.

It goes without saying, though, that for a large portion of Venezuelans purchasing the latest iPhone remains an unattainable goal. According to pollster Cendas-FVM, a family of five requires $542.94 monthly just to cover basic food needs – a far cry from the minimum wage.

The astounding disparity between salaries and the cost of living has led to creative solutions to improve affordability. Some tech stores reportedly offer instalment plans for purchasing smartphones, and a thriving market exists for refurbished and pre-owned Apple devices.

This shows how, despite long-running financial and political woes, the country’s tech market continues to adapt and evolve.