The world’s highest-value currency has been revealed and it’s not what you might expect – with the British pound ranking in sixth place.
The world’s most valuable currency isn’t what you might expect (Image: Getty Images)
When it comes to the world’s most advanced currency, you might assume that it’s the Euro, British pound or even the US dollar, but surprisingly it’s not.
According to the United Nations, there are 180 official currencies across the world, with these being used as legal tender in 195 countries across the world. While you might assume that the highest-value currency is the one that’s used most around the world, that isn’t actually the case. So, what actually determines how strong a currency is considered to be?
Forbes reports that the strength of a currency is determined by evaluating the amount of goods and services that one unit of the currency, in addition to the currency’s foreign exchange value. The world’s strongest currency, according to Forbes, is the Kuwaiti Dinar (KWD), which currently holds the highest-valued currency across the world.
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The Kuwaiti Dinar may only have been introduced in 1960 but it has consistently held its position as the world’s most valuable currency. Its position has been aided by the fact that Kuwait is economically stable, with its economy strengthened by its large reserves of oil, in addition to its tax-free setup.
Second to the Kuwaiti Dinar currency is the Bahraini Dinar (BHD), which is the currency of Bahrain, which was introduced in 1965. This currency is also extremely stable as the island of Bahrain, which is situated off the Arabian Gulf and relies on oil exports, has a large, wealthy expat community. In third place is Omani Rial (OMR), which is the currency of Oman, which was introduced in 1970.
The economy in Oman is heavily dependent on oil exports, similar to both Kuwait and Bahrain, which is where it gets most of its economic stability from. The British pound is sixth on the list, the Euro is ninth, and the US dollar is tenth.
