Think about it: in this world there are over 180 countries, but do you know which currency is actually the most expensive?

I kept collecting data until I compiled a list of the currencies with the highest values in the global market. The results turned out to be quite interesting.

Starting with first place: the Kuwaiti dinar (KWD). The exchange rate is 1 KWD = 3.26 USD. Why is it so expensive? Because Kuwait is a major oil exporter, producing about 3 million barrels per day—ranking 10th in the world. Wealth generated from oil has pushed GDP per capita to above $20,000 per year, and the economy is highly stable.

Second place: the Bahraini dinar (BHD). 1 BHD = 2.65 USD. Like Kuwait, Bahrain is known for oil exports, but in addition, its economy is even more diversified, with low inflation (0.8%), making it a truly stable currency.

Next is the Omani rial (OMR). 1 OMR = 2.60 USD. Oman is the 21st-largest oil producer, producing 1 million barrels per day. The economy grows 4.1% YoY, with a persistent current account surplus. The most expensive currency in this ranking is also highly stable.

Fourth place: the Jordanian dinar (JOD). 1 JOD = 1.41 USD. Here’s something interesting: Jordan is not an oil-producing country like its neighbors, but the currency is still strong, backed by international reserves of $135.33 billion (as of the end of 2023).

Then we move on to Western currencies. The British pound sterling (GBP). 1 GBP = 1.33 USD. The UK has used the pound since the Anglo-Saxon era, with a long history. London is a major global financial hub, and the technology sector is valued at more than $1 trillion, ranking third after the US and China. As a result, demand for the pound remains strong.

Gibraltar pound (GIP). 1 GIP = 1.33 USD. It is pegged to the GBP at a 1:1 ratio and is used in the UK’s overseas territories.

Swiss franc (CHF). 1 CHF = 1.21 USD. This is a well-known safe-haven currency. Switzerland has a law requiring a minimum of 40% gold reserves during times of financial crisis. That’s why the Swiss franc is in high demand among investors worldwide.

Cayman Islands dollar (KYD). 1 KYD = 1.20 USD. It has been pegged to the US dollar since 1970, and the Cayman Islands is a major offshore financial center.

Finally, the euro (EUR). 1 EUR = 1.13 USD. A new currency introduced in 1999, it is used in 20 member countries of the eurozone. The euro is a major reserve asset of the IMF and is the second most held international reserve currency.

However, the most expensive currency doesn’t necessarily mean it’s the safest. When deciding which currency to hold, take a look at how reliable that country’s economy is, the stability of its government, and long-term economic prospects. All of these matter just as much as the currency’s value.