Indonesian Rupiah IDR banknotes

Go to Iran, Be A Millionaire for Just 31 USD

Travelling between countries can be disorientating. Changes in currency values can be a major contributing factor. A bottle of Coca-Cola might be $1 USD in America, but ﷼14,000 IRR in Iran (only $0.43 USD).

Much of this can be solved using a simple currency conversion app on your phone. After a few days you’ll master the mental arithmetic to perform currency conversions instantly in your head.

Thinking about the value of different currencies, I started to wonder; where could I be a millionaire, or even billionaire?

Methodology

I collected worldwide currency values against the USD from XE.com at 14:00 GMT 19/01/2017 for comparison.

Results

Strongest currencies – GBP vs USD

I couldn’t start this post without mentioning Brexit. Specifically the negative impact it has had on my worldwide purchasing power (I get paid in GBP).

GBP USD Feb 2017

Latest data.

And it’s not just Brexit. My trips to the US are 80% more expensive when compared to 2007, before the housing crisis. As of writing this,  1 USD = 0.8 GBP. Either way, I’m a millionaire in neither currency.

Strongest currencies vs USD

The GBP is one of the strongest currencies against the USD at the moment,

Value rank vs USD US Dollar 1 USD feb192017 1 USD inverse feb192017 1000000 USD feb192017 1000000 USD inverse feb19 2017
1 Kuwaiti Dinar 0.305627 3.271965 305627 3271965
2 Bahraini Dinar 0.377039 2.652243 377039 2652243
3 Omani Rial 0.385253 2.595695 385253 2595695
4 Latvian Lat 0.661973 1.510636 661973 1510636
5 British Pound 0.805704 1.24115 805704 1241150
6 Euro 0.941908 1.061675 941908 1061675

Full table.

You probably won’t be a USD millionaire in Kuwait, Bahrain, Oman, Latvia, or the Euro-zone countries either. In Kuwait 1 million USD is worth around 306K Kuwaiti Dinar. You’d need 3.27 million USD to be a Kuwaiti Dinar millionaire. These are the only 6 major currencies that are currently stronger than the USD.

Weakest Currencies – IRR vs USD

usd to irr feb 2017

Latest data.

The Iranian Rial is currently the weakest currency against the USD. The currency has an interesting story. The Iranian Rial was devalued in July 2013 to half its previous value as the government reduced subsidisation of the exchange rate against the dollar. Recently, in December 2016, the Iranian government announced the country’s currency will be changed from the rial to the commonly used Toman. As of writing this decision still needs Parliament’s approval.

1 USD will buy you 32420 IRR. 31 USD will buy you 1 million USD. 1 million USD will buy thirty-two billion four hundred twenty million IRR!

Weakest currencies vs USD

Value rank vs USD US Dollar 1 USD feb192017 1 USD inverse feb192017 1000000 USD feb192017 1000000 USD inverse feb19 2017
51 Chilean Peso 644.1 0.001553 644100000 1553
52 South Korean Won 1150.45 0.000869 1150450000 869
53 Colombian Peso 2886.5 0.000346 2886500000 346
54 Indonesian Rupiah 13341.1 0.000075 13341100000 75
55 Iranian Rial 32420 0.000031 32420000000 31

Full table.

The Iranian Rial is by far the weakest currency versus the USD. The Indonesian Rupiah comes out second worst with an exchange rate of 1 USD = 13300 IDR. 75 USD would buy you millionaire status in Indonesia.

Improvements

I have completely ignored purchasing power of a currency. As discussed a bottle of Coke in Iran will cost you 14,000 IRR — it wouldn’t be hard to blow 1 million in a single day.

tl;dr

Go to Iran with 31 USD, become a IRR millionaire.

Footnotes

  1. Data sources + data used in this post.

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