What are the Highest Currencies in the World in 2024?

Have you ever wondered what the highest currency in the world is today? You might be thinking of the British Pound, US Dollar, or Euro. But guess what? There are a few currencies worth more than these.

Olga Protska Senior Content Writer & 2D Artist

We've made a list of the highest-valued currencies in 2024 compared to the US Dollar and Euro. You'll be surprised to see that the US Dollar isn't even in the middle of the list; it's almost at the bottom.

For a different perspective, you can also check out the top 10 of the weakest world currencies to see the big differences.

The Highest Currencies in the World

So, which country has the highest currency value? Let’s start with a quick look at the most valuable currencies to get the full picture:

* – pegged to US Dollar.

Now, let’s take a closer look at the top 10 currencies and see what makes them so valuable.

#1 – Kuwaiti Dinar ($3.27)

Currency code – KWD

Kuwaiti Dinar Exchange Rates:
1 KWD = 3.27 USD (Kuwaiti Dinar to US Dollar)
1 KWD = 3.00 EUR (Kuwaiti Dinar to Euro)

Today, the Kuwaiti Dinar is the highest-valued currency in the world, worth about $3.27 per Dinar. This high value comes from Kuwait's stable economy and its large oil exports, which make up almost 95% of the country's income.

According to estimates, about 6% of the world's proven oil reserves are located in Kuwait. Oil production here is relatively easy and inexpensive compared to other countries due to the country's favorable conditions.

Additionally, Kuwait is a tax-free country with a very low unemployment rate.

The Kuwaiti Dinar was first introduced in 1961 after the country gained independence from the United Kingdom, and it was initially pegged at a value equivalent to one Pound Sterling.

The Kuwaiti Dinar was pegged to the US Dollar from 2003 to 2007, after which it was pegged to a weighted basket of currencies.

#2 – Bahraini Dinar ($2.67)

Currency code – BHD

Bahraini Dinar Exchange Rates:
1 BHD = 2.67 USD (Bahraini Dinar to US Dollar)
1 BHD = 2.44 EUR (Bahraini Dinar to Euro)

The world's second most valuable currency is the Bahraini Dinar, with a conversion rate of about $2.67 per Dinar. It is pegged to the US Dollar, and its exchange rate against the USD has remained stable since 1980.

Bahrain is a Persian Gulf island state with a population of just over 1.7 million people. Like Kuwait, its largest source of income comes from the global oil and gas export.

Before Bahrain became a significant oil producer, pearl diving was a major industry. However, pearl diving declined in the 1930s due to the rise of cultured pearls from Japan.

Interestingly, the Saudi Riyal is also accepted in Bahrain, alongside the Bahraini Dinar. The exchange rate between the Dinar and Riyal is fixed at 1 Dinar = 10 Riyals.

#3 – Omani Rial ($2.60)

Currency code – OMR

Omani Rial Exchange Rates:
1 OMR = 2.60 USD (Omani Rial to US Dollar)
1 OMR = 2.39 EUR (Omani Rial to Euro)

The Omani Rial ranks among the top three most valuable currencies in the world, with a conversion rate of about 2.60 USD per Rial, making it more valuable than the British Pound.

The Omani Rial has been pegged to the US Dollar since 1973.

Due to its high value, the Omani government has issued smaller denomination banknotes, including 1/4 and 1/2 Rial notes.

Oman is working to diversify its economy by investing in gas production, metallurgy, and tourism, as oil reserves decline.

#4 – Jordanian Dinar ($1.41)

Currency code – JOD

Jordanian Dinar Exchange Rates:
1 JOD = 1.41 USD (Jordanian Dinar to US Dollar)
1 JOD = 1.30 EUR (Jordanian Dinar to Euro)

The Jordanian Dinar is ranked fourth among the highest currencies, holding a value of about $1.41 per Dinar. It has been pegged to the US Dollar for the last 20 years.

Despite Jordan's lack of significant natural resources and substantial external debt, the Dinar's high value is maintained, supported by financial aid and international organizations.

#5 – British Pound Sterling ($1.29)

Currency code – GBP

British Pound Sterling Exchange Rates:
1 GBP = 1.29 USD (British Pound Sterling to US Dollar)
1 GBP = 1.19 EUR (British Pound Sterling to Euro)

Most people think the British Pound holds the highest monetary value among currencies, but this is not the case. Its rate against the US Dollar places the GBP only in the 5th position among the most valuable currencies.

Nevertheless, it is still one of the oldest currencies in circulation and is among the most traded currencies globally. It is used in the UK and some British Overseas Territories.

#6 – Cayman Islands Dollar ($1.22)

Currency code – KYD

Cayman Islands Dollar Exchange Rates:
1 KYD = 1.22 USD (Cayman Islands Dollar to US Dollar)
1 KYD = 1.12 EUR (Cayman Islands Dollar to Euro)

The Cayman Islands Dollar is the only Caribbean currency among the highest-valued currencies, thanks to the Cayman Islands' status as a major tax haven and offshore financial center, issuing licenses for many banks, hedge funds, and insurance companies.

#7 – Swiss Franc ($1.12)

Currency code – CHF

Swiss Franc Exchange Rates:
1 CHF = 1.12 USD (Swiss Franc to US Dollar)
1 CHF = 1.03 EUR (Swiss Franc to Euro)

The Swiss Franc is one of the strongest and most stable currencies worldwide. It is the eighth most traded currency and is known for its low inflation.

Switzerland's economic stability contributes to the Franc's strength. The country is not only one of the wealthiest but also one of the most stable in the world.

#8 – European Euro ($1.09)

Currency Code – EUR

European Euro Exchange Rates:
1 EUR = 1.09 USD (European Euro to US Dollar)

The Euro has strengthened over the years, which has allowed it to maintain a strong position among the world’s most powerful currencies.

Part of its value comes from being the official currency of 20 European countries, including several economically developed ones.

Today, the Euro is the second most widely held reserve currency, making up about 20% of global reserves (with approximately 59% held in USD).

#9 – US Dollar

Currency code – USD

US Dollar rate:
1 USD = 0.92 EUR (US Dollar to Euro)

The US Dollar is the most traded currency and serves as the primary "World Reserve Currency."

It is involved in over 88% of daily forex trades. As of 2024, about $2.40 trillion USD is in circulation, with 60% circulating outside the US.

#10 – Canadian Dollar ($0.74)

Currency code – CAD

Canadian Dollar rates:
1 CAD = 0.74 USD (Canadian Dollar to US Dollar)
1 CAD = 0.68 EUR (Canadian Dollar to Euro)

The Canadian Dollar is the tenth highest-valued currency. It is influenced by global oil price fluctuations and is closely correlated with the US Dollar.

Is the High Value of the Currency a Sign of a Strong Economy?

It’s true that the currencies of economically struggling countries often decrease in value. However, a stable or high currency value doesn’t necessarily mean that the economy is thriving or that the currency will consistently appreciate. In fact, cases where a currency’s value continuously increases are rare.

A high currency value primarily reflects that inflation is under control in the country, but it does not guarantee overall economic success or ongoing currency appreciation.

Let’s take a look at Japan. It ranks third among countries with the highest GDP. Despite this, the value of one Japanese Yen is approximately 0.0063 US Dollars (1 USD = 157.49 JPY).

Although it might appear that the Japanese Yen has devalued, it has actually experienced both periods of strengthening and weakening against the USD over the years.

The Japanese government has occasionally intervened in the forex market to adjust the Yen's value. Their goal has often been to stabilize or lower the Yen to make Japanese exports more competitive, especially during tough economic times.

When judging a currency’s strength, it's also important to look at inflation rates. If the Yen's value is stable and inflation is kept under control, it usually means the currency is strong.

Summary

We hope you enjoyed our list of the top 10 most valuable currencies in the world. Let’s recap:

What Currency Has the Highest Value in the World?

The Kuwaiti Dinar is currently the strongest currency in the world, with an exchange rate of approximately 3.27 USD per Dinar. This position has been maintained for many years, largely due to Kuwait's stable economy and substantial oil wealth. The Kuwaiti Dinar is commonly used in oil transactions, particularly within the Middle East.

Why is the Kuwaiti Dinar so Expensive?

Kuwait has a lot of oil and makes a lot of money from selling it. Since many countries buy oil from Kuwait, they use the Kuwaiti Dinar for these transactions. This high demand helps make the Dinar very valuable.

Is British Pound the highest Currency?

Many people think the British Pound is the highest currency in the world, but that's not quite true.

While the British Pound is one of the strongest currencies due to its history, low inflation, demand for UK exports, and high purchasing power, it is not the highest-valued currency.

Is the Euro Stronger Than the Us Dollar?

Currently, the Euro is worth more than the US Dollar, with €1 equal to $1.09. However, this doesn’t mean the Euro is necessarily stronger than the Dollar. Currency strength is influenced by many factors, not just the exchange rate. It depends on things like inflation rates, interest rates, and the country’s debt levels.

Should One Invest in the Most Expensive Currencies?

A high monetary value doesn’t always mean a currency is strong in economic terms. It doesn’t necessarily help investors make smart decisions. If you’re interested in forex investing, it’s better to focus on currencies that are stable and strong.

BTW, we learned that it is not allowed to use images of banknotes without the "SPECIMEN" inscription. So, follow the law, friends.

Olga Protska Senior Content Writer & 2D Artist