Assuming you can get iPhone 5 at exactly Apple's retail price, then yes. It saves money to get the phone at full price and pay your carrier independently. 2 years contract is including installment for the phone alone. There's this interest factor and all. So yes it costs more.
But in reality? How much an unlocked iPhone 5 costs in countries you mentioned? Does it exactly cost $649, $749, and $849 like Apple advertises?
Or more like $900 - $1500? Or even $1800?
In emerging countries (mostly Asians), iPhone is a luxury item. Getting the newest iPhone earlier makes you the boss, and this particular item comes with hefty marked up dollars. Strangely enough people would buy them.
So yes, at some narrow point, paying iPhone upfront may saves you a bit of dollars. But in reality, you hardly get a full retail iPhone at theoretical price. Renders your saving calculation obsolete.
Thus, to the main question.. Nope .. I wouldn't pay for a full retail iPhone more than Apple asks.