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Many believe that the American Dollar and the British Pound hold the highest monetary value among world currencies. While these are very strong and popular currencies, neither is the strongest in the world.
The Kuwaiti Dinar is in fact the strongest currency, among a number of other Middle Eastern currencies, and…Cayman boasts the sixth strongest world currency– the strongest currency in the Americas for 2020.
Here is the list of the top ten.
1. Kuwaiti Dinar
1 KWD = 3.29 USD (Kuwaiti dinar to US dollar).
Kuwait is a small country. Given its significant oil exports into the global market, its currency is very strong. More than 80% of Kuwait’s revenue comes from the oil industry. It is a tax-free country with a very low unemployment rate.
2. Bahrain Dinar
1 BHD = 2.66 USD (Bahrain Dinar to US Dollar).
Bahrain’s wealth is from the export of petroleum products, which is the main source of revenue. The Bahrain Dinar is pegged to the US Dollar, although its rate of exchange against the US dollar has been stable since 2005.
3. Oman Rial
1 OMR = 2.60 USD (Oman Rial to US Dollar).
Oman has vast oil reserves which boost its diverse economy. Just like Bahrain Dinar, the Oman Rial is pegged to the US Dollar.
4. Jordan Dinar
1 JOD = 1.41 USD (Jordan Dinar to US Dollar).
Jordan does not have resources such as oil and is not economically developed. That said, its currency has been pegged to the US Dollar for the last couple of decades.
5. British Pound Sterling
1 GBP = 1.32 USD (British Pound Sterling to US Dollar).
Most people consider that British Pound is the strongest world currency despite the fact that it is only at number 5.
6. Cayman Islands Dollar
1 KYD = 1.22 USD (Cayman Islands Dollar to US Dollar).
Cayman’s currency was introduced in 1972 and the country’s strong financial services sector and economy have earned it a spot among the top 10 world currencies.
7. European Euro
1 EUR = 1.11 USD (European Euro to US Dollar).
The Euro is the official currency in European countries and is the second reserve world currency, at 22.2% of all world savings (US Dollar has 62.3%).
8. Swiss Franc
1 CHF = 1.01 USD (Swiss Franc to US Dollar).
Switzerland is one of the wealthiest and most stable countries in the world.
9. US Dollar
1 USD = 0.90 EUR (US Dollar to Euro).
Given the USA’s world economic leadership, its currency is the “World Reserve Currency” which means that consumers can make dollar payments everywhere (in any country). The US Dollar is also the most used and traded currency in the world.
10. Canadian dollar
1 CAD = 0.75 USD (Canadian dollar to US Dollar).
Canada is one of the safest countries in the world, due to the country’s economic stability. The market value and stability of the Canadian Dollar has attracted a lot of investors.
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The Russian ruble is the unique world currency which has the most gold backing among all world currencies. The gold accumulation of the Russian Central Bank is the largest given the amount of currency issued.
Spreading ones holding by investing in foreign currencies/stock, even in modest amounts makes great sense in these troubled times and for those that do so according to all applicable tax codes, should something happen in one country, at least part of their totally wealth should not only survive but possible do much better in the other countries!
For example, if the US$ took a dive, then all the currencies that are linked to the US$ would do the same, but all those currencies that are not linked to the US$ (like Norway’s krone) would probably not only trade upward but could very well leap upwards as investors globally seek to re-position themselves in financially safer currencies.
And where is the Chinese currency in all of this or does the author consider it insignificant and unworthy of mention?
To be stable, money should represent a store of value- i.e., it should represent labor. 95% of the US money supply is not even printed, it exists only on a computer screen. There is no intrinsic value. In any failing system, people naturally gravitate to the superior medium of exchange, whether it be some other fiat currency (which is doubtful), precious metals, or tally sticks. It also has to be desired in trade- an allure the “ol’ greenback ” is quickly losing. Any financial crash survival plan should include a variety of easily portable, divisible and valuable supplies on hand- seeds, cigarettes, toilet paper (invaluable) and so on.
Labor is a store of value, yes, but so are food, housing and guns. Mainly guns, I’m afraid – meaning, protection from those who would steal your stores of value. Hired guns. Actually, hired guns are what work now to protect our individual stores of value. We call them “police”, but really they are an armed gang in the pay of rich men. When any currency in the world loses its cachet, the dispossessed will find another. Did I say guns? I meant bullets. Someone with a gun and bullets will get however much toilet paper he wants, believe me.
I read you loud and clear, it is far better to read about social unrest in a distant land than to live through it first hand. One has only to read historical accounts of those the left Europe prior to WWI and/or WWII to see that they fared much better than the millions that decided to remain in place and ended up dying!
Another criteria that I believe is important when considering yet another country to invest in and or acquire a cabin lot in is has that country been overtaken by one of its large neighboring countries in the past. Annexing Norway would be a prize for Russia should global boundaries get redrawn after a international fiscal crisis, which is why many look to Switzerland as a safe haven!
p.s. I’ve enjoyed reading your comments and look forward to reading additional comments from you in the future here at munKNEE.com
If one is caught in the midst of a financial turmoil then it will get ugly quickly; far better to dedicate oneself to planning farther ahead and seek to be somewhere else long before things turn ugly.
Legally owning a bit of foreign land, having an additional legal passport and/or other investments “overseas” may provide you a method to relocate that all those without them will not have, if things start to get ugly where one lives now.
Being Prepared does not mean standing near the front of the line, waiting to buy what is remaining at your local market; in my mind it means reading about that situation from far, far away.
Good to know! By sheer good fortune, my son and his two daughters live in Norway. Being a semi-retired hippy [see link below], he doesn’t take full advantage of what Norway has to offer in the way of financial stability, but he does have a permanent residence there – a cabin built in the middle of a forest. And, my wife and I are hoping to buy the quarter-acre next door for our own cabin. It’s a pretty relaxed life in Norway. The Scandinavians in general are famous for having found the perfect work-life balance. I’m not sure it’s better than the Caribbean balance, where he was brought up and where his mother and I still live. But we are happy to invest some of our modest savings in Norway, and it’s good to read good things about the place and its currency.
I image that ever more people will start to acquire a small “cabin” sized holding in one or more countries like Norway, because they will offer a safe haven should times get tougher in the USA as many expect them to do!
Salute to your son and his daughters who are now well positioned to welcome you to all Norway has to offer!