World’s richest man, Elon Musk, is quadrillionaire in a country with one of world’s weakest currencies, reason is…
A weak currency is usually a sign of economic instability. Factors like high inflation, political turmoil, and declining export revenues contribute to depreciation
Lebanon’s currency, the Lebanese Pound (LBP), is one of the weakest in the world, with its value plummeting due to economic and political crises. The country has been struggling with inflation, a banking crisis since 2019, and the ongoing Israel-Hezbollah conflict, further damaging its economy.
Currently, 1 LBP is worth just £0.0000089 or $0.000011. This extreme depreciation means that billionaire Elon Musk’s net worth converts to an astonishing 35.4 quadrillion LBP. Musk, the world’s richest person, has a fortune estimated at $396.8 billion, thanks to his companies Tesla and SpaceX, according to The Daily Express.
A weak currency is usually a sign of economic instability. Factors like high inflation, political turmoil, and declining export revenues contribute to depreciation. Lebanon’s situation is worsened by its reliance on foreign financial aid and the lack of confidence in its banking system.
Iran’s Rial (IRR) is also one of the weakest currencies, with £1 converting to 0.000019 IRR. Iran’s economy has struggled under severe international sanctions, mainly due to its nuclear program. The country is now enriching uranium at near weapons-grade levels, raising concerns globally.
US President Donald Trump had reimposed strict sanctions on Iran, which Biden later attempted to ease to renegotiate a nuclear deal. However, Iran’s economy remains heavily reliant on petroleum and natural gas exports, limiting its financial stability.
