We know from before that countries like Russia, India and Brazil sell the most expensive iPhones in the world, both in relative and absolute terms. While the iPhone 5 is yet to launch in these markets (Apple plans to have the gizmo available in 100 countries across 240 carriers by year’s end), with today’s addition of 22 new countries the iPhone 5 is now officially available in 31 major territories around the world.

One thing becomes readily apparent just glancing at Apple’s localized online stores: the iPhone 5 prices vary depending on the region, based on local policies, taxes and other factors influencing price calculations…

A handy chart from the guys behind the Italian Apple site SetteB.IT analyzes prices of the no-contract iPhone 5 across 25 different localized online Apple Stores that as of this writing carry the handset.

Perhaps surprisingly, Italy has become home to the most expensive iPhone 5 that will set you back about €949 (approximately $1,220) for the 64 gigabyte version (via The Next Web).

The sum includes a 21 percent tax.

Chart courtesy of SetteB.IT via Twitter. Click to enlarge.

Per usual, Hong Kong buyers still get the best deal overseas because this special administrative region of the People’s Republic of China has a major capitalist service economy with low taxation and its currency, the Hong Kong dollar, is the eighth most traded currency in the world.

The 64GB iPhone 5 in Hong Kong is a €720 value, or approximately $920. The entry-level 16GB model is a $721 value. It’s interesting that Apple has raised the unlocked iPhone 5 retail prices in Hong Kong and some other countries by about ten percent over the previous generation.

ZDNet has more on that.

In comparison, the same 64GB iPhone 5 model will run US buyers an estimated €715, or $924 after tax. This is just an estimate because Apple currently is not offering the unlocked iPhone 5 in the US.

Even the most pricey iPhone 5 sold officially can’t hold a candle to China, where grey market resellers are selling the device with over a 100 percent markup.

By the way, here’s a nice iPhone 5-related prank to make your day.

Apple hasn’t revealed plans to launch the device in China, but it shouldn’t be too long.

The iPhone maker is thought to be close to cutting a landmark deal with China Mobile, the world’s biggest carrier. China Mobile counts 700 million subscribers and offering the iPhone to such a large audience could double sales of the iPhone in China, according to Brian Marshall of ISI Group.

As for the unlocked iPhone 5, are Apple’s prices in your country the same versus the previous generation or slightly higher?