Strongest currency: Top 10 highest currencies in the world in 2021
The U.S. dollar is the world reserve currency and one of the strongest currencies in the world but, it is not the highest currency in the world. . Every economist, entrepreneur or business owner should know the top 10 highest currencies in the world.
The highest currency in the world is the Kuwaiti Dinar. Also, contrary to what most people think, the British Pound is not the highest currency today; however, it is one of the top 10 highest currencies in the world.
You might be shocked to learn that few other currencies have higher values than the pound sterling and the U.S. dollar. In this article, we will list the top 10 highest currencies in the world in 2021.
The top 10 highest currencies in the world are:
- Kuwaiti Dinar
- Bahrain Dinar
- Oman Rial
- Jordan Dinar
- British Pound Sterling
- Cayman Islands Dollar
- European Euro
- Swiss Franc
- US Dollar
- Canadian Dollar
The currencies we have here can also be the strongest in the world today because of their high value and high purchasing power.
However, while going through our list of the top 10 highest currencies in the world, you would find out that these currencies are not even tied to the top 10 richest countries in the world.
That is to say, most countries with the highest currency values are not even the richest countries in the world by GDP per capita.
1. Kuwaiti Dinar
The Kuwaiti Dinar is the highest currency in the world in 2021. The code for this currency is KWD. One Kuwaiti Dinar equals 3.30 USD or 2.73 EUR.
1 KWD = 3.30 USD
1 KWD = 2.73 EUR
With one Kuwaiti Dinar being valued at above 3 US dollars, this currency is considered the highest and strongest in the world.
Kuwait is a country known for its great exploits in the oil industry. It has a globally stable economy. Even though a small country, Kuwait, has amassed a great deal of wealth.
Kuwait Dinar is the only currency in this list which its country (Kuwait) made it to the list of top 10 richest countries in the world based on GDP per capita. This goes a long way to show that this country is doing well for itself.
Kuwait also has a low unemployment rate and is one of the tax-free countries in the world today.
2. Bahraini Dinar
The Bahraini Dinar is the currency used in Bahraini, a small country in the Persian Gulf
The Bahraini Dinar is the second-highest currency in the world, with the currency code BHD. One Bahraini Dinar goes for 2.66 USD or 2.20 EUR.
1 BHD = 2.66 USD
1 BHD = 2.20 EUR
Bahrain is a nation located in the Persian Gulf and has a few populations (just over 1 million inhabitants).
The BHD is pegged to the USD dollar rate. The interesting part is that the exchange rate between these two currencies has remained stable since 2005.
The BHD came into existence in 1965. It has a fixed exchange rate, and for this reason, its high value doesn't really match the economy of Bahrain.
It is notable to add that while Bahrain does not make it to the list of the top 10 richest countries, it is the 5th richest Arab country, with its economy ranked as the 23rd in the world.
Bahrain's largest source of income is through exporting 'black gold'. Bahrain is also known for other natural resources like date palms, oils and beaches.
3. Oman Rial
Oman, a small Arabic country uses the currency, Oman Rial
Following the Bahrain Dinar is the Oman Rial as the third-highest or strongest currency in the world. Its currency code is OMR.
One Oman Rial is equivalent to 2.60 US dollar or 2.15 Euro.
1 OMR = 2.60 USD
1 OMR = 2.15 EUR
One Oman Rial is divided into 1000 Baizas. A baiza is the coin and monetary unit of Oman.
Oman is a small Arabic country located on the southeast coast of the Arabian Peninsula. With its display of arts and culture, it is a breath of fresh air.
The country generates most of its revenue from tourism and agriculture. Its economy is developed and offers its citizens a high quality of life.
The Oman Rial has a high purchasing power, and just like the Bahrain Dina, it is also tied to the US Dollar.
4. Jordan Dinar
The Jordan Dinar is the currency used in Jordan. It is the fourth highest currency in the world
Jordan Dinar with the currency code, JOD is the 4th highest currency in the world. One Jordan Dinar equals 1.41 US dollar or 1.16 EUR.
Jordan has a currency with a very high value, but interestingly, the country is not economically developed as it doesn't have some essential natural resources such as oil.
The Jordan economy is classified under 'emerging market economy'. As of 2019, the country had a GDP of $44.4 bn, thus, making it the 89th worldwide.
With one Jordan Dinar equivalent to 1.41 US Dollars, it is rated one of the world's strongest currencies.
5. British Pound Sterling
Many people would expect that the British Pound Sterling will top this list of the top 10 highest currencies in the world, but it is actually the 5th highest currency in the world in 2021.
The currency code for British Pound Sterling is GBP. One British Pound Sterling equals 1.37 US dollar or 1.13 Euro.
1 GBP = 1.37 USD
1 GBP = 1.13 EUR
British colonies give out their own currency, which is quite different from that issued by the Bank of England. However, they are all valued as 1 equal to 1.
This means there are different British pounds currencies such as the North Ireland, Scottish, Jersey, Manx, St. Elena Island Pound and Falkland Islands Pound, all bearing the same value.
6. Cayman Islands Dollar
One Cayman Islands Dollar is equal to 1.22 US dollar
The Cayman Islands Dollar also makes it to the list of the top 10 highest currencies in the world as the 6th strongest currency worldwide.
The currency code for the Cayman Islands Dollar is KYD. One Cayman Islands Dollar equals 1.22 US dollar or 1.01 Euro.
1 KYD = 1.22 USD
1 KYD = 1.01 EUR
The Cayman Islands is a British Overseas country located in the West Caribbean sea that governs itself. It consists of three Islands, Cayman Brac, Grand Cayman and Little Cayman.
These Islands are among the world's best when it comes to tax. They have provided licenses for numerous hedge funds, banks and insurance companies.
The value of the Cayman Island Dollar in the United States Dollar is determined by the governor. This is according to section 22 of the 2013 Revision of the Monetary Authority Law.
Today, thanks to Cayman Island's leadership, one Cayman Islands Dollar is approximately 1.22 US dollars; thus, putting the currency on the list of the top strongest currencies globally.
7. European Euro
Just like the British Pound Sterling, the European Euro is popular among nations of the world. This popular currency is the 7th highest currency in the world in 2021.
The European Euro's currency code is EUR. One European Euro is equivalent to 1.21 US dollar.
1 EUR = 1.21 USD
Actually, the value of the Euro has increased over the past years to the point where it rose to be enlisted as one of the most powerful world currencies.
However, this currency's high value is not surprising, considering that it is the official currency adopted by the European continent, where you will find many economically developed countries.
It doesn't end there; the Euro is the second reserve world currency (after the US Dollar taking up as much as 22.2 per cent of all world savings.
8. Swiss Franc
The Swiss Franc is another currency that has high value. In fact, it is the 8th highest currency in the world in 2021.
The Swiss Franc's currency code is CHF. One Swiss Franc equals 1.12 US dollar or 0.93 Euro.
1 CHF = 1.12 USD
1 CHF = 0.93 EUR
The Swiss Franc is the currency used in Switzerland. Switzerland has a stable economy and happens to be one of the richest countries in the world.
According to the United Nations data in 2016, Switzerland is the third richest landlocked country based on GDP.
The country is well-known for its high-tech products and has been running on a 'bank secrecy' banking system.
The Swiss Franc banknote has an extraordinary look. It is perhaps, the only banknote in the world that has a vertical view.
9. US Dollar
The US dollar is the world reserve currency which means it is accepted by all countries of the world
Almost every reader would have been scanning through to see where the US dollar falls in this list. Well, here we are. The US Dollar is the 9th highest currency in the world in 2021.
The currency code for the United State Dollar is USD. One US dollar equals 0.83 Euro.
1 USD = 0.83 EUR
Because the United States is seen as the world's economic leader (even though it is at loggerheads with other world powers like China), its currency has gotten the title of the 'World Reserve Currency'.
What this means is that the US dollar is accepted anywhere, and you can make payments in the US dollar in any country in the world.
10. Canadian dollar
Last on our list of the top 10 highest currencies in the world in 2021 is the Canadian dollar. Canadian currency is one of the most powerful and most valuable currencies in the world.
The currency code for the Canadian dollar is CAD. One Canadian dollar is equal to 0.79 US dollar and 0.65 in Euro.
1 CAD = 0.79 USD
1 CAD = 0.65 EUR
The Canadian dollar is informally referred to as the 'loonie' in honour of the birds displayed on its one-dollar coin.
Currently, the Canadian dollar is the fifth largest reserve world currency.
Because the times are changing and political and economic systems are not stable most countries are unable to retain their positions in this ranking of top highest currencies in the world.
In fact, some currencies which were once enlisted as the top 10 highest currencies globally have fallen off the top of the ladder in recent years.
Examples of such currencies with high value include the Australian dollar, Libyan dollar and Azerbaijani manat.