By looking at a number of different factors, such as how currencies are valued in comparison to each other, as well as the most used, and traded in currencies across the globe. We are able to identify the best currencies in the world.
Furthermore, the ever-growing impact of cryptocurrencies on the financial markets of the world has not been ignored, consequently, the best cryptocurrencies have also been identified.
1
Value of 100
The Kuwaiti dinar is the most valuable currency in the world and is worth over three times the value of the US dollar. Kuwait is one of the smallest nations in the world, but also one of the richest due to its bountiful supply of oil.
2
Value of 100
Another small nation in the Arabian peninsula is Bahrain, and it has the second most valuable currency in the world. Despite 100 BHD being worth over $60 less than the same in Kuwait, it is nevertheless incredibly well-performing.
3
Value of 100
100 OMR is only worth around $6 less than the same amount in Bahraini dinar, placing it in third in the rankings. It also makes it one of the three currencies worth more than double that of the dollar.
4
Value of 100
Yet another Arabic nation comes in next, as Jordan has the fourth-strongest currency in the world. The Jordanian dinar is worth just over $1.41, so 100 is around $141. Jordan’s economy is boosted by a strong tourism sector, as visitors flock to such sites as the ancient city of Petra.
5
Value of 100
The most valuable national currency outside of the Middle East is the British pound or pound sterling. Despite taking a post-Brexit hit, the pound is still the strongest currency in Europe and is currently worth about $1.30.
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Currency |
Currency code |
Number of countries/ territories used in |
1 US dollar is equal to |
Value of 1 in US dollars |
Value of 100 in US dollars |
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1
Unsurprisingly, as it was designed to strengthen a number of countries' economies in unity, the euro is the most used currency in the world. 35 nations and territories currently use the euro, the biggest economies driving it being that of Germany and France, as well as smaller wealthy nations such as Luxembourg and Andorra.
2
The US dollar is the second most used currency by countries and territories around the world. There are some places that you’d expect to be using it such as Puerto Rico and Guam, But other surprising inclusions are East Timor, Ecuador, and more recently, Zimbabwe.
3
The British pound is the third most used currency across the globe, and as you would expect, most of the countries and territories using the pound are British overseas locations such as Gibraltar, the Falkland Islands, and South Georgia.
1
Of global FOREX daily turnover
By far the most traded currency on the FOREX market is the US Dollar, with almost 90% of the daily turnover being trades involving the currency, it should be noted that the measures are out of a total of 200%.
2
Of global FOREX daily turnover
The next most traded currency is the euro, the European Union’s currency of choice accounts for just over 31% of the global daily FOREX turnover. Despite being considerably less than half the amount traded in US dollars, it is good enough for second place.
3
Of global FOREX daily turnover
Japanese yen is the third most traded currency every day. The Asian countries’ currency accounts for just over 21% of the daily global turnover, the next highest in the region is China’s yuan renminbi at just under 4%.
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Currency |
Currency code |
Percentage of global daily turnover |
Average daily turnover |
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1
in FOREX reserves
The most allocated FOREX reserves in the world are in US dollars, there is just over $7 trillion worth of reserves in this most traded of currencies. This is more than all the reserves in other currencies combined.
2
in FOREX reserves
The only other currency to have a thirteen figure amount in FOREX reserves is the euro, at just under $2.5 trillion dollars worth. Despite only being around a third of the amount kept in US dollars, it is over $1 trillion more than is kept in any other currency.
3
in FOREX reserves
Despite paling in comparison to the amount of reserves of the two currencies above it, an awful lot is stored in Japanese Yeni. The $697 billion total is the highest amount held in an asian currency.
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Currency |
Forex Reserves in the currency ($ billion) |
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The top cryptocurrencies are worth far more than national currencies, with the thirteen most expensive coins being worth more in US dollars than the Kuwaiti dinar is. The most famous and expensive cryptocurrency is Bitcoin. Today one Bitcoin is worth more than $40,000, compared to $0.0008 when it was launched in 2010. This means that $100 worth of investment in Bitcoin would now be worth a cool $5.1 billion.
1
= 1 coin
2
= 1 coin
3
= 1 coin
Bitcoin once again tops the rankings for the cryptocurrency with the highest market cap (value of the entire currency), it is worth just over three-quarters of a trillion dollars. The second most valuable coin market is that of Ethereum, which has a market of over $300 billion. Third-placed was Tether, a coin with a market cap just north of $80 billion.
1
= Market cap
2
= Market cap
3
= Market cap
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Currency |
Currency code |
Value of 1 in US dollars |
Value of 100 in US dollars |
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Currency |
Currency code |
Market cap ($) |
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All data was collected on 16/03/2022.
Data on the currency used by each country and territory was sourced from CountriesOfTheWorld.com.
The duplicates were added together to see how many places used each currency. (Note, pegged currencies such as the Gibraltar Pound and Bermudan Dollar were included in the counts for their mother currency, GBP and USD respectively).
Data for the most traded currencies was also sourced from CountriesOfTheWorld.com.
Foreign exchange reserve data was sourced from the IMF.
All cryptocurrency data was sourced from CoinMarketCap.