What Does 1GB of Mobile Data Cost in Every Country?
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What Does 1GB of Mobile Data Cost in Every Country?

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What Does 1GB of Mobile Data Cost in Every Country?

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What Does 1GB of Mobile Data Cost in Every Country?

Billions of people around the world rely on their mobile phones every day.

Even in a saturated market, mobile networks have continued to expand their reach. In the last five years alone, almost one billion additional people have gained access to mobile data services.

Despite the growing prevalence of these networks worldwide, the cost of gaining access can vary greatly from country to country—particularly when it comes to the price of mobile data.

Today’s chart uses figures from Cable.co.uk to showcase the average cost of one gigabyte (GB) of mobile data in 155 different countries and jurisdictions. Despite the vast global reach of the mobile economy, it’s clear it still has a long way to go to reach true accessibility.

Discrepancies in Mobile Data Costs

Researchers have identified several key elements that help explain the cost variation for mobile data between countries:

  1. Existing infrastructure (or lack thereof): This might seem counterintuitive, but most mobile networks rely on a fixed-line connection. As a result, countries with existing infrastructure are able to offer mobile plans with more data, at a cheaper price. This is the case for India and Italy. Countries with minimal or no infrastructure rely on more costly connection alternatives like satellites, and the cost typically gets passed down to the consumer.
  2. Reliance on mobile data: When mobile data is the primary source of internet in a particular region, adoption can become nearly universal. This high demand typically leads to an increase in competing providers, which in turn lowers the cost. Kyrgyzstan is a good example of this.
  3. Low data consumption: Countries with poor infrastructure tend to use less data. With mobile plans that offer smaller data limits, the overall average cost per GB tends to skew higher. Countries like Malawi and Benin are examples of this phenomenon.
  4. Average income of consumer: Relatively wealthy nations tend to charge more for mobile services since the population can generally afford to pay more, and the cost of operating a network is higher. This is apparent in countries like Canada or Germany.

The Cheapest Countries for 1 GB of Data

Even among the cheapest countries for mobile data, the cost variation is significant. Here’s a look at the top five cheapest countries for 1 GB of data:

Overall RankCountryAverage price of 1GB (USD)
1🇮🇳 India
2🇮🇱 Israel11¢
3🇰🇬 Kyrgyzstan 21¢
4🇮🇹 Italy 43¢
5 🇺🇦 Ukraine46¢

India ranks the cheapest at $0.09 per GB, a 65% decrease in price compared to the country’s average cost in 2019.

Why is data so cheap in India? A significant factor is the country’s intense market competition, driven by Reliance Jio—a telecom company owned by Reliance Industries, one of the largest conglomerates in India. Reliance Jio launched in 2016, offering customers free trial periods and plans for less than a $1 a month. This forced other providers to drop their pricing, driving down the overall cost of data in the region.

Because these prices are likely unsustainable for the long term, India’s cheaper-than-usual prices may soon come to an end.

Another country worth highlighting is Kyrgyzstan, which ranks as the third cheapest at $0.21 per GB, ahead of Italy and Ukraine. This ranking is surprising, given the country’s minimal fixed-line infrastructure and large rural population. Researchers suspect the low cost is a result of Kyrgyzstan’s heavy reliance on mobile data as the population’s primary source of internet.

The Most Expensive Countries for 1 GB of Data

On the other end of the spectrum, here are the top five most expensive countries for one gigabyte of mobile data:

Overall RankCountryAverage price of 1GB (USD)
155🇲🇼 Malawi$27.41
154🇧🇯 Benin$27.22
153🇹🇩 Chad$23.33
152🇾🇪 Yemen$15.98
151🇧🇼 Botswana$13.87

A striking trend worth noting is that four out of five of the most expensive countries for mobile data are in Sub-Saharan Africa (SSA).

A significant factor behind the high cost of data in SSA is its lack of infrastructure. With overburdened networks, the data bundles offered in the region are generally smaller. This drives up the average cost per GB when compared to countries with unlimited packages.

Another element that contributes to SSA’s high costs is its lack of market competition. In countries with multiple competing networks, such as Nigeria, the cost of data skews lower.

The Full Breakdown

The below table has a full list of all 155 countries and jurisdictions included in the data set. It helps demonstrate the stark contrast in the cost of mobile data between the most expensive and cheapest countries globally.

RankCountryAverage price of 1GB (USD)
1India
2Israel11¢
3Kyrgyzstan21¢
4Italy43¢
5Ukraine46¢
6Kazakhstan46¢
7Somalia50¢
8Sri Lanka51¢
9Russian Federation52¢
10Vietnam57¢
11China61¢
12Sudan63¢
13Indonesia64¢
14Algeria65¢
15Australia68¢
16Pakistan69¢
17Poland70¢
18Bangladesh70¢
19Chile71¢
20Turkey72¢
21Tanzania73¢
22Dominican Republic74¢
23Mongolia74¢
24Iran75¢
25Kuwait77¢
26Myanmar78¢
27Denmark80¢
28France81¢
29Nepal86¢
30Belarus89¢
31Georgia93¢
32Ghana94¢
33Monaco98¢
34Western Sahara99¢
35Morocco99¢
36Brazil$1.01
37Romania$1.03
38Jordan$1.03
39Kenya$1.05
40Armenia$1.05
41Austria$1.08
42Egypt$1.09
43Moldova$1.12
44Malaysia$1.12
45Thailand$1.23
46Estonia$1.27
47Uzbekistan$1.34
48Ireland$1.36
49Zambia$1.36
50Tunisia$1.37
51Nigeria$1.39
52United Kingdom$1.39
53Philippines$1.42
54El Salvador$1.45
55Argentina$1.45
56Rwanda$1.48
57Slovenia$1.48
58Cambodia$1.50
59Afghanistan$1.55
60Uruguay$1.58
61Serbia$1.60
62Uganda$1.62
63Nicaragua$1.71
64Macedonia$1.75
65Spain$1.81
66Lithuania$1.85
67Azerbaijan$1.86
68Congo$1.94
69Sweden$2.07
70Guinea$2.08
71Timor-Leste$2.08
72Saudi Arabia$2.12
73Burundi$2.12
74Peru$2.13
75Lesotho$2.13
76Finland$2.14
77Guatemala$2.17
78Bulgaria$2.22
79Bahrain$2.27
80Paraguay$2.30
81Ethiopia$2.44
82Singapore$2.47
83Burkina Faso$2.47
84Croatia$2.48
85Mauritius$2.48
86Hong Kong$2.55
87Haiti$2.74
88Costa Rica$2.74
89Cameroon$2.75
90Albania$2.83
91Netherlands$2.98
92Bosnia and Herzegovina$3.04
93Honduras$3.12
94Côte d'Ivoire$3.20
95Ecuador$3.24
96Liberia$3.25
97Palestine$3.26
98Niger$3.30
99Senegal$3.30
100Mozambique$3.33
101Colombia$3.46
102Sierra Leone$3.69
103United Arab Emirates$3.78
104Latvia$3.79
105Lebanon$3.82
106Slovakia$3.84
107Jamaica$3.88
108Japan$3.91
109Germany$4.06
110Qatar$4.12
111Guinea-Bissau$4.12
112Mali$4.12
113Lao PDR$4.16
114Iraq$4.20
115South Africa$4.30
116Togo$4.50
117Oman$4.58
118Mauritania$4.63
119Tajikistan$4.65
120Libya$4.73
121Mexico$4.77
122Namibia$4.78
123Belgium$4.88
124Gabon$4.89
125Portugal$4.97
126Bolivia$5.09
127Gambia$5.10
128Norway$5.28
129Angola$5.29
130Hungary$5.32
131Papua New Guinea$5.40
132Taiwan$5.91
133Trinidad and Tobago$5.92
134New Zealand$6.06
135Syria$6.55
136Panama$6.69
137Czech Republic$7.95
138United States$8.00
139Central African Republic$8.25
140Switzerland$8.38
141Madagascar$8.81
142Puerto Rico$9.17
143South Korea$10.94
144Turkmenistan$11.44
145Greece$12.06
146Canada$12.55
147Equatorial Guinea$12.78
148Eswatini$13.31
149Cuba$13.33
150Cyprus$13.56
151Botswana$13.87
152Yemen$15.98
153Chad$23.33
154Benin$27.22
155Malawi$27.41

Interestingly, the highest average cost is 30,000% more than the cheapest average price.

The Technology Gap

Will we reach a point of equal accessibility across the globe, or will the technology gap between countries continue to widen?

With 5G networks on the rise, just seven countries are expected to make up the majority of 5G related investments. Time will tell what this means for adoption worldwide.

Editor’s Note: The methodology used by Cable.co.uk represents a region’s national average, based on both pre-paid and post-paid plans. While the data correctly represents each region’s average cost on 1 GB based on the chosen methodology, Cable.co.uk acknowledges that it may not reflect the way most people in a country consume data.

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Technology

Mapped: The Fastest (and Slowest) Internet Speeds in the World

Internet speeds vary depending on your location. Here’s a look at the countries with the fastest—and slowest—internet speeds worldwide.

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Internet Speeds

Mapped: The World’s Fastest (and Slowest) Internet Speeds

How quickly did this page load for you?

The answer depends on the device you’re using, and where in the world you’re located. Average internet speeds vary wildly from country to country.

Which countries have the fastest internet connection? Using data from the Speedtest Global Index™, this map ranks the fastest (and slowest) internet speeds worldwide, comparing both fixed broadband and mobile.

What Factors Affect Internet Speed?

Before diving in, it’s important to understand the key factors that impact a country’s internet speed. Generally speaking, internet speed depends on:

  1. Infrastructure or the type of cabling (copper or fiber-optic) that a country’s utilizing to support their internet service. Typically, the newer the infrastructure, the faster the connection.
  2. Proximity/connection to submarine cables is important, as these massive undersea fiber-optic cables transmit about 97% of the world’s communication data.
  3. The size of a country, since landmass affects how much it costs to upgrade infrastructure. The smaller the country, the cheaper it is to upgrade cabling.
  4. Investment makes a difference, or how much a country’s government prioritizes internet accessibility.

Of course, other factors may influence a country’s internet speed too, such as government regulation and intentional bandwidth throttling, which is the case in countries like Turkmenistan.

Ranked: Fixed Broadband Internet Speeds

The Speedtest Global Index uses data from hundreds of millions of people, in more than 190 countries, to measure both fixed broadband and mobile connections.

When it comes to the fastest fixed broadband, Singapore comes in first place, with a download speed of 262.2 mbps—more than double the global average.

#CountryGlobal Speed (Mbps)
1🇸🇬 Singapore262.2
2🇭🇰 Hong Kong254.4
3🇲🇨 Monaco242.9
4🇨🇭 Switzerland222.0
5🇹🇭 Thailand221.0
6🇷🇴 Romania217.9
7🇰🇷 South Korea216.7
8🇩🇰 Denmark216.13
9🇨🇱 Chile209.8
10🇫🇷 France201.6
11🇭🇺 Hungary201.55
12🇺🇸 United States199
13🇦🇪 United Arab Emirates195.11
14🇱🇮 Liechtenstein194.77
15🇨🇳 China193.15
16🇪🇸 Spain187.36
17🇯🇵 Japan180.35
18🇨🇦 Canada176.46
19🇱🇺 Luxembourg173.16
20🇲🇴 Macau (SAR)170.84
21🇸🇪 Sweden167.29
22🇮🇱 Israel164.24
23🇳🇿 New Zealand164.16
24🇳🇱 Netherlands161.85
25🇳🇴 Norway161.61
26🇹🇼 Taiwan152
27🇵🇱 Poland147.45
28🇵🇹 Portugal145.96
29🇦🇩 Andorra145.18
30🇲🇹 Malta142.07
31🇰🇼 Kuwait141.42
32🇲🇩 Moldova139.61
33🇱🇹 Lithuania135.65
34🇱🇻 Latvia133.91
35🇵🇦 Panama131.35
36🇫🇮 Finland131.02
37🇩🇪 Germany130.76
38🇧🇪 Belgium121.81
39🇮🇪 Ireland117.4
40🇸🇲 San Marino114.24
41🇸🇮 Slovenia111.74
42🇧🇧 Barbados110.25
43🇶🇦 Qatar109.57
44🇧🇷 Brazil108.88
45🇸🇰 Slovakia106.12
46🇲🇾 Malaysia103.28
47🇬🇧 United Kingdom95.79
48🇮🇹 Italy94.3
49🇦🇹 Austria93.77
50🇷🇺 Russia93.37
51🇸🇦 Saudi Arabia91.65
52🇹🇹 Trinidad and Tobago87.42
53🇨🇿 Czechia86.29
54🇦🇺 Australia85.57
55🇪🇪 Estonia82.82
56🇯🇴 Jordan82.44
57🇷🇸 Serbia80.59
58🇧🇬 Bulgaria79.19
59🇻🇳 Vietnam75.3
60🇧🇭 Bahrain74.21
61🇺🇦 Ukraine73.89
62🇵🇾 Paraguay72.94
63🇵🇭 Philippines72.56
64🇧🇾 Belarus68.84
65🇨🇴 Colombia68.44
66🇴🇲 Oman65.3
67🇬🇾 Guyana63.2
68🇮🇳 India62.45
69🇺🇾 Uruguay61.23
70🇰🇿 Kazakhstan61.05
71🇽🇰 Kosovo60.86
72🇵🇪 Peru57.97
73🇦🇷 Argentina57.49
74🇨🇷 Costa Rica57.27
75🇬🇩 Grenada56.44
76🇧🇸 The Bahamas55.89
77🇭🇷 Croatia55.36
78🇿🇦 South Africa53.6
79🇲🇽 Mexico53.04
80🇻🇨 Saint Vincent and the Grenadines50.8
81🇲🇳 Mongolia50.52
82🇨🇾 Cyprus50.45
83🇬🇭 Ghana49.55
84🇱🇨 Saint Lucia49.5
85🇰🇬 Kyrgyzstan47.91
86🇲🇪 Montenegro47.39
87🇱🇦 Laos47.01
88🇲🇬 Madagascar45.98
89🇪🇬 Egypt44.09
90🇧🇦 Bosnia and Herzegovina43.1
91🇲🇭 Marshall Islands42.6
92🇦🇱 Albania41.47
93🇧🇿 Belize41.45
94🇺🇿 Uzbekistan40.64
95🇹🇷 Turkey40.58
96🇯🇲 Jamaica40
97🇧🇩 Bangladesh38.98
98🇲🇰 North Macedonia38.84
99🇪🇨 Ecuador37.53
100🇦🇲 Armenia37.21
101🇨🇮 Côte d'Ivoire35.41
102🇬🇷 Greece35.03
103🇸🇳 Senegal34.68
104🇩🇲 Dominica34.42
105🇧🇳 Brunei33.94
106🇹🇯 Tajikistan33.85
107🇸🇨 Seychelles33.27
108🇮🇶 Iraq33.13
109🇰🇳 Saint Kitts and Nevis32.78
110🇩🇴 Dominican Republic31.85
111🇳🇵 Nepal30.49
112🇳🇮 Nicaragua30.26
113🇧🇴 Bolivia27.06
114🇮🇩 Indonesia26.95
115🇬🇪 Georgia26.73
116🇸🇻 El Salvador26.41
117🇲🇦 Morocco26.4
118🇭🇳 Honduras26.17
119🇱🇰 Sri Lanka26.05
120🇰🇭 Cambodia25.82
121🇱🇷 Liberia25.65
122🇱🇸 Lesotho25.59
123🇧🇫 Burkina Faso25.52
124🇦🇿 Azerbaijan25.36
125🇵🇸 Palestine25.02
126🇨🇬 Congo (Brazzaville)24.12
127🇲🇺 Mauritius23.87
128🇪🇭 Western Sahara23.84
129🇬🇹 Guatemala23.82
130🇨🇻 Cape Verde23.78
131🇲🇻 Maldives23.72
132🇻🇪 Venezuela22.33
133🇧🇹 Bhutan21.79
134🇮🇷 Iran21.35
135🇫🇯 Fiji21.28
136🇬🇦 Gabon20.62
137🇹🇬 Togo20.61
138🇲🇱 Mali19.99
139🇲🇲 Republic of the Union of Myanmar19.78
140🇷🇼 Rwanda18.45
141🇳🇦 Namibia18.16
142🇳🇬 Nigeria18.15
143🇹🇿 Tanzania17.93
144🇩🇯 Djibouti17.75
145🇰🇪 Kenya17.41
146🇦🇬 Antigua and Barbuda17.11
147🇱🇧 Lebanon16.9
148🇧🇯 Benin16.81
149🇨🇲 Cameroon16.6
150🇫🇲 Micronesia16.56
151🇱🇾 Libya16.53
152🇵🇬 Papua New Guinea16.4
153🇻🇺 Vanuatu15.44
154🇦🇴 Angola15.04
155🇭🇹 Haiti14.93
156🇸🇷 Suriname14.93
157🇿🇼 Zimbabwe14.86
158🇸🇴 Somalia14.66
159🇺🇬 Uganda14.62
160🇪🇹 Ethiopia14.44
161🇲🇼 Malawi13.72
162🇵🇰 Pakistan13.5
163🇬🇶 Equatorial Guinea12.17
164🇸🇱 Sierra Leone12.13
165🇨🇩 DR Congo11.46
166🇲🇷 Mauritania11.08
167🇸🇾 Syria10.73
168🇿🇲 Zambia10.69
169🇸🇿 Swaziland (Eswatini)10.62
170🇧🇼 Botswana10.35
171🇹🇳 Tunisia10.3
172🇬🇲 The Gambia10.09
173🇩🇿 Algeria9.95
174🇧🇮 Burundi9.72
175🇦🇫 Afghanistan9.23
176🇸🇩 Sudan9.02
177🇲🇿 Mozambique8.84
178🇾🇪 Yemen5.95
179🇹🇲 Turkmenistan4.49
180🇨🇺 Cuba3.46

Size could be a factor in Singapore’s speedy internet, as it’s one of the smallest
and also densest countries in the world. With a landmass of just 280 square miles, it’s around the same size as Austin, Texas.

The country’s government has also prioritized investment in digital infrastructure, especially in recent years. In 2020, the Singaporean government promised to invest $2.52 billion towards digital innovation, with a portion dedicated to upgrading the country’s telecom infrastructure.

At the opposite end of the spectrum, Cuba has the slowest fixed broadband, with a speed of 3.46 mbps. Along with poor government funding, Cuba also has limited access to submarine cables. While most countries are connected to several, Cuba is only connected to one.

Ranked: Mobile Internet Speeds

Mobile internet uses cell towers to wirelessly transmit internet to your phone. Because of this extra element, the ranking for mobile internet speeds varies from fixed broadband.

#CountryGlobal Speed (Mbps)
1🇦🇪 United Arab Emirates195.52
2🇰🇷 South Korea192.16
3🇳🇴 Norway173.54
4🇶🇦 Qatar169.17
5🇨🇳 China163.45
6🇸🇦 Saudi Arabia149.95
7🇰🇼 Kuwait141.46
8🇨🇾 Cyprus136.18
9🇦🇺 Australia126.97
10🇧🇬 Bulgaria126.21
11🇨🇭 Switzerland115.83
12🇱🇺 Luxembourg110.67
13🇩🇰 Denmark103.35
14🇳🇱 Netherlands100.48
15🇴🇲 Oman97.81
16🇸🇪 Sweden97.06
17🇺🇸 United States96.31
18🇸🇬 Singapore91.75
19🇨🇦 Canada87.65
20🇫🇮 Finland83.01
21🇧🇭 Bahrain81.54
22🇹🇼 Taiwan81.32
23🇬🇧 United Kingdom80.82
24🇭🇷 Croatia78.91
25🇭🇰 Hong Kong78.75
26🇩🇪 Germany75.67
27🇳🇿 New Zealand73.17
28🇫🇷 France72.47
29🇬🇷 Greece70.71
30🇪🇪 Estonia70.44
31🇧🇪 Belgium70.24
32🇦🇹 Austria66.38
33🇱🇹 Lithuania63.03
34🇲🇴 Macau (SAR)62.43
35🇲🇹 Malta62.1
36🇧🇳 Brunei61.85
37🇯🇵 Japan61.32
38🇭🇺 Hungary58.9
39🇨🇿 Czechia58.46
40🇲🇻 Maldives58.3
41🇸🇮 Slovenia57.52
42🇲🇰 North Macedonia57.37
43🇷🇴 Romania55.93
44🇮🇪 Ireland55.39
45🇵🇱 Poland52.28
46🇸🇰 Slovakia51.49
47🇿🇦 South Africa50.44
48🇷🇸 Serbia50.34
49🇦🇱 Albania49.82
50🇹🇭 Thailand49.37
51🇪🇸 Spain48.14
52🇮🇹 Italy47.51
53🇹🇷 Turkey47.43
54🇮🇱 Israel46.02
55🇱🇻 Latvia45.29
56🇵🇹 Portugal43.41
57🇻🇳 Vietnam41.16
58🇲🇩 Moldova40.64
59🇹🇬 Togo40.32
60🇮🇶 Iraq40.21
61🇸🇷 Suriname39.54
62🇦🇿 Azerbaijan39.25
63🇺🇾 Uruguay39.04
64🇲🇱 Mali38.84
65🇲🇦 Morocco37.63
66🇹🇹 Trinidad and Tobago37.54
67🇯🇲 Jamaica36.77
68🇬🇪 Georgia36.53
69🇧🇼 Botswana35.38
70🇧🇦 Bosnia and Herzegovina34.97
71🇲🇽 Mexico34.49
72🇨🇷 Costa Rica34.39
73🇵🇭 Philippines33.77
74🇦🇲 Armenia33.71
75🇧🇷 Brazil33.47
76🇲🇺 Mauritius33.32
77🇹🇳 Tunisia33.01
78🇧🇸 The Bahamas32.63
79🇨🇲 Cameroon32.46
80🇮🇷 Iran32.3
81🇱🇧 Lebanon32.06
82🇱🇦 Laos32.04
83🇰🇿 Kazakhstan31.81
84🇺🇦 Ukraine31.2
85🇩🇴 Dominican Republic31.07
86🇬🇹 Guatemala30
87🇦🇷 Argentina29.6
88🇲🇪 Montenegro29.14
89🇲🇾 Malaysia29.14
90🇭🇳 Honduras28.69
91🇽🇰 Kosovo28.5
92🇷🇺 Russia28.16
93🇲🇲 Republic of the Union of Myanmar27.94
94🇯🇴 Jordan26.51
95🇫🇯 Fiji26.45
96🇳🇮 Nicaragua26
97🇵🇪 Peru25.46
98🇨🇺 Cuba25.21
99🇸🇻 El Salvador25.17
100🇪🇨 Ecuador24.98
101🇰🇬 Kyrgyzstan24.95
102🇪🇬 Egypt24.48
103🇦🇴 Angola23.98
104🇰🇭 Cambodia23.71
105🇳🇬 Nigeria23.59
106🇪🇹 Ethiopia23.19
107🇧🇴 Bolivia23.17
108🇲🇳 Mongolia23.11
109🇭🇹 Haiti22.52
110🇸🇳 Senegal22.48
111🇰🇪 Kenya22.22
112🇮🇩 Indonesia21.96
113🇨🇱 Chile21.28
114🇳🇵 Nepal20.9
115🇵🇾 Paraguay20.8
116🇳🇦 Namibia20.74
117🇲🇿 Mozambique20.55
118🇵🇦 Panama20.44
119🇸🇾 Syria20.09
120🇵🇰 Pakistan19.79
121🇺🇬 Uganda18.97
122🇺🇿 Uzbekistan18.92
123🇨🇴 Colombia18.67
124🇧🇾 Belarus18.66
125🇨🇮 Côte d'Ivoire18.37
126🇮🇳 India17.96
127🇩🇿 Algeria17.31
128🇱🇾 Libya17.22
129🇿🇲 Zambia16.05
130🇱🇰 Sri Lanka16.02
131🇹🇯 Tajikistan15.7
132🇸🇩 Sudan15.66
133🇹🇿 Tanzania14.48
134🇸🇴 Somalia14.23
135🇿🇼 Zimbabwe13.71
136🇬🇭 Ghana13.17
137🇧🇩 Bangladesh12.92
138🇵🇸 Palestine8.11
139🇻🇪 Venezuela7.41
140🇦🇫 Afghanistan7.07

The United Arab Emirates (UAE) is first on the list, with a download speed of 195.5 mbps. Not only is mobile data fast in the UAE, it’s also relatively cheap, compared to other countries on the ranking. The average cost of 1 GB of data in the UAE is around $3.78, while in South Korea (#2 on the list) it’s $10.94.

The Future is 5G

Innovation and new technologies are changing the digital landscape, and things like 5G networks are becoming more mainstream across the globe.

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Ranked: Big Tech CEO Insider Trading During the First Half of 2021

Big Tech is worth trillions, but what are insiders doing with their stock? We breakdown Big Tech CEO insider trading during the first half of 2021.

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Big Tech CEO Insider Trading During The First Half of 2021

When CEOs of major companies are selling their shares, investors can’t help but notice.

After all, these decisions have a direct effect on the personal wealth of these insiders, which can say plenty about their convictions with respect to the future direction of the companies they run.

Considering that Big Tech stocks are some of the most popular holdings in today’s portfolios, and are backed by a collective $5.3 trillion in institutional investment, how do the CEOs of these organizations rank by their insider selling?

CEOStockShares Sold H1 2021Value of Shares ($M)
Jeff BezosAmazon (AMZN)2.0 million$6,600
Mark ZuckerbergFacebook (FB)7.1 million$2,200
Satya NadellaMicrosoft (MSFT)278,694
$65
Sundar PichaiGoogle (GOOGL)27,000$62
Tim CookApple (AAPL)0$0

Breaking Down Insider Trading, by CEO

Let’s dive into the insider trading activity of each Big Tech CEO:

Jeff Bezos

During the first half of 2021, Jeff Bezos sold 2 million shares of Amazon worth $6.6 billion.

This activity was spread across 15 different transactions, representing an average of $440 million per transaction. Altogether, this ranks him first by CEO insider selling, by total dollar proceeds. Bezos’s time as CEO of Amazon came to an end shortly after the half way mark for the year.

Mark Zuckerberg

In second place is Mark Zuckerberg, who has been significantly busier selling than the rest.

In the first half of 2021, he unloaded 7.1 million shares of Facebook onto the open market, worth $2.2 billion. What makes these transactions interesting is the sheer quantity of them, as he sold on 136 out of 180 days. On average, that’s $12 million worth of stock sold every day.

Zuckerberg’s record year of selling in 2018 resulted in over $5 billion worth of stock sold, but over 90% of his net worth still remains in the company.

Satya Nadella

Next is Satya Nadella, who sold 278,694 shares of Microsoft, worth $234 million. Despite this, the Microsoft CEO still holds an estimated 1.6 million shares, which is the largest of any insider.

Microsoft’s stock has been on a tear for a number of years now, and belongs to an elite trillion dollar club, which consists of only six public companies.

Sundar Pichai

Fourth on the list is Sundar Pichai who has been at the helm at Google for six years now. Since the start of 2021, he’s sold 27,000 shares through nine separate transactions, worth $62.5 million. However, Pichai still has an estimated 6,407 Class A and 114,861 Class C shares.

Google is closing in on a $2 trillion valuation and is the best performing Big Tech stock, with shares rising 60% year-to-date. Their market share growth from U.S. ad revenues is a large contributing factor.

Tim Cook

Last, is Tim Cook, who just surpassed a decade as Apple CEO.

During this time, shares have rallied over 1,000% and annual sales have gone from $100 billion to $347 billion. That said, Cook has sold 0 shares of Apple during the first half of 2021. That doesn’t mean he hasn’t sold shares elsewhere, though. Cook also sits on the board of directors for Nike, and has sold $6.9 million worth of shares this year.

Measuring Insider Selling

All things equal, it’s desirable for management to have skin in the game, and be invested alongside shareholders. It can also be seen as aligning long-term interests.

A good measure of insider selling activity is in relation to the existing stake in the company. For example, selling $6.6 billion worth of shares may sound like a lot, but when there are 51.7 million Amazon shares remaining for Jeff Bezos, it actually represents a small portion and is probably not cause for panic.

If, however, executives are disclosing large transactions relative to their total stakes, it might be worth digging deeper.

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