Top 10 Most Expensive World Currencies in 2019
What are the currencies? We use these valuable papers every day; we choose among Dollar, Naira, Euro, Franc, Dinar and many others. Some of them are cheaper, while some are extremely expensive. It does not matter if you are going to travel or to make investments, you will need to deal with them. Therefore, you will be excited to know what the highest currency in the world is.
There are about 180 currencies on the Earth, and only one of them is the most expensive currency. Many people may suggest that it is Dollar or Euro because they are extremely widespread. However, is it indeed so?
If you want to know, just go on reading!
No. 1 – Kuwaiti Dinar (1 KWD = 3.29 USD)
Currency code – KWD
1 KWD = 3.29 USD
The Kuwaiti Dinar is the world’s highest-valued currency against the US Dollar.
Kuwait is a small country with enormous wealth. The high value (rate) of its currency is explained by significant oil exports into the global market.
No. 2 – Bahraini Dinar (2.65 USD)
Currency code – BHD
1 BHD = 2.65 USD (pegged to dollar)
The Bahrain Dinar is the second most valuable currency.
Bahrain is a Persian Gulf island state with a population of just over 1 million people. As in the first case, this country’s largest source of income are the «black gold» exports.
It is interesting that the Bahrain Dinar is pegged to US Dollar exchange rate, and its rate against the US Dollar has remained stable since 2005 already.
No. 3 – Oman Rial (2.60 USD)
Currency code – OMR
1 OMR = 2.60 USD (pegged to dollar)
Oman is a country on the Arabian Peninsula. Thanks to its strategic location, it possesses a developed economy and a high quality of life.
The Oman Rial is also pegged to US Dollar as Bahrain Dinar.
It is remarkable that purchasing power of this currency is so high that the government had to issue 1/4 and 1/2 Rial banknotes. On the picture above, you can see 1/2 Rial (Half Rial).
No. 4 – Jordan Dinar (1.41 USD)
Currency code – JOD
1 JOD = 1.41 USD (pegged to dollar)
It is hard to explain the high value of Jordan Dinar. This country is not economically developed and it lacks essential resources, such as oil.
Nevertheless, one Jordan Dinar costs 1.41 US Dollar, what makes it one of 10 the strongest world currencies.
No. 5 – British Pound Sterling (1.26 USD)
Currency code – GBP
1 GBP = 1.26 USD
Most people think that British Pound is the strongest world currency, but it only closes the top five of this list.
British Colonies issue their own banknotes, which visually differ from banknotes issued by the Bank of England, but they are valued as 1 per 1.
Therefore, there are several of them: Scottish, North Ireland, Manx, Jersey, Guernsey, Gibraltar Pounds, as well as St. Elena Island Pound and Falkland Islands Pound.
Amusingly, native Britons do not always want to accept «other» Pounds as a means of payment.
No. 6 – Cayman Islands Dollar (1.20 USD)
Currency code – KYD
1 KYD = 1.20 USD (pegged to dollar)
Cayman Islands is one of the world’s best tax havens. These islands provided licences for hundreds of banks, hedge funds and insurance companies.
Thanks to its leadership among tax havens, Cayman Islands Dollar costs near 1.22 US Dollar.
No. 7 – European Euro (1.14 USD)
Currency Code – EUR
1 EUR = 1.14 USD
The euro currency has strengthened over the past few years. This allowed it to raise the list of the most powerful currencies. Partially, its strength is explained by the fact that it is the official world currency in European countries among which you will find several economically developed countries.
Besides, Euro is the second reserve world currency enveloping 22.2% of all world savings (US Dollar has 62.3%).
No. 8 – Swiss Franc (1.04 USD)
Currency code – CHF
1 CHF = 1.04 USD
Switzerland is not only one of the richest countries in the world, but it is also one of the most stable. Its banking system had long been known for its formerly resolute Bank Secrecy.
Besides, its high-tech goods are very well known all around the globe.
Pay attention when you see an original of this banknote. This is the only banknote I saw which has the vertical view.
No. 9 – US Dollar
Currency code – USD
1 USD = 1.00 USD
Owing to USA world economic leadership, its currency achieved such a title as World Reserve Currency. In other words, you can make dollar payments everywhere (in any country).
No. 10 – Canadian dollar (0.75 USD)
1 CAD = 0.75 USD
The Canadian dollar is the fifth largest reserve world currency. Canadian dollar is often called the «loonie» in honor of the bird depicted on the coin worth 1 dollar.
Kuwaiti Dinar is the strongest currency on the globe! The price of one Kuwaiti dinar equals approximately 1185.63 NGN. Statistically, the population of Kuwait is about 4,230,832, and it is continuously growing. Due to economic stability and a good level of life, more and more people immigrate to this state. It is unbelievable, but the number of millionaires there is predicted to reach 39,000 by the end of 2019!
This country is wealthy and prosperous, and it holds 8% of the world oil reserves. Besides, the currency was introduced in Kuwait only in 1961. It grew rapidly and kept on increasing every year. The country has peculiar rules of life that make it prosperous:
- There are no taxes in Kuwait
- The state exports mainly petroleum and oil
- The state trades with the richest world countries like Japan, South Korea, the USA, India, Singapore, the European Union, China, and Saudi Arabia
Now you know that the highest currency in the world is the Kuwaiti Dinar. It may be surprising because it is much more expensive than habitual Dollar or Euro. In the whole, there is a tendency: the most costly currencies circulate in countries where oil is produced.
So who knows, maybe these banknotes will replace Dollars in our wallets soon.
Is the high value of the currency a sign of a strong economy?
It is known that the currencies of not very successful countries tend to decrease in value. However, when everything is in order with the economy, we can hardly see the opposite effect.
Indeed, in practice, there were practically no cases when the value of a currency was constantly increasing. The reasons may be different, for a country the constant strengthening of the currency is not profitable, because the population is beginning to actively save funds instead of spending them.
Thus, the high value of the currency only says that inflation processes in the country are under control.
In the context of this article, mention should also be made of Japan and its being one of the strongest economies in the world. At the same time, the value of the Japanese yen is very small, $ 1 = ¥ 109.77.
Information about the highest value of currencies can hardly be used by investors to make any investment decisions. In this case, it is better to consider the most stable currencies.