By: Eric Reyes

About the Author

Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.

In 2019, the average property buyer took seventy-three days before buying property. As a property owner, sometimes you can wish to sell your property faster than usual due to urgent reasons such as financial difficulty, relocation, divorce, and lifestyle changes. [Read more…]

Between the creation of the new currencies, such as cryptocurrencies, what will tomorrow’s banking look like? While people worldwide are demanding more transparency and simplicity of their transactions, the emergence of blockchain and bitcoins raises the questions of the future of the banking sector. [Read more…]

Celebrities are among the highest-paid people in the world. Their lives are luxurious, and they are free to do as they wish. They are not bound by the constraints of nine-to-five work like we, unfortunately, are.

Celebrities are paid a lot of money, and if you are going to be paid a lot of money, you will want to be paid in the strongest currency you can to ensure maximum profit. If you are paid in a weak currency, then you will not have as much international spending power. This is why most celebrities demand that they are paid in the strongest currencies available to them at that time.

Here are some of the currencies that celebrities love to get paid in above all, and how they establish what to get paid in.

How Do They Decide on A Currency?

Celebrities decide on a currency by viewing the present exchange rates relevant at that time. If you have struggled to find out information on currency exchange in the past, then you can find more here as this page will seek to help you understand it all. It is not as complicated as you may have thought.

The exchange rate differs all of the time, and currencies are constantly fluctuating. Celebrities use online exchange rate websites to establish which currency is the strongest, and then advise their agent to request payment in that currency. By requesting a currency that is strong, they improve their spending power.

Choosing to be paid in a weak currency would be a very foolish decision. There can be huge differences between weak currencies, such as the dollar, and strong currencies, such as the Great British Pound. To be paid in the former would mean you would take huge losses when converting your money from USD to GBP.

Here are some strong currencies favoured by the world’s elite.

The Kuwaiti Dinar

The Kuwaiti Dinar is the strongest currency in the entire world and has the highest value of any currency. Kuwait is a Middle Eastern country that has made its fortune from its huge natural abundance of oil. The currency’s foreign exchange symbol is KWR.

The Bahraini Dinar

The Bahraini Dinar is the currency of the Middle Eastern country of Bahrain. It is the second strongest currency in the entire world and has the second-highest value. A single Bahraini Dinar is equal to three US dollars.

Omani Rial

The Omani Rial is the currency of Oman. Oman is another oil-rich Middle Eastern nation, although in recent years its natural oil supplies have been dwindling, and the currency is beginning to weaken, as is the financial infrastructure of the nation.

The Jordanian Dinar

The Jordanian Dinar is the currency of Jordan, another oil abundant and wealthy Middle Eastern nation. It is the last Middle Eastern currency to feature on this list and is the fourth most valuable and strongest currency in the entire world. Jordan is one of the safest countries in the Middle East, and one of the most visited by tourists for its ancient ruins.

The Great British Pound

The pound of Great Britain is one of the most famous currencies in the world and recognized internationally. It is the fifth strongest currency in the world and has the fifth-highest value. This is one of the most common currencies for celebrities to want to be paid in, as quite a lot of celebrities have holiday homes in Britain or are British.

The Gibraltar Pound

Gibraltar is a British overseas territory in the northernmost part of the Iberian Peninsula. The Gibraltar pound has a similar exchange rate to the British pound and is the sixth strongest currency in the entire world.

The Caymanian Dollar

The Caymanian Dollar is the currency of the Cayman Islands. The Cayman Islands are a very popular tax-free banking haven located in the Caribbean Sea. Many of the world’s elite and the super-rich have bank accounts with Cayman Island banks and spend a lot of their time vacationing and lounging around the islands. The islands are another British overseas territory.

They are also a very popular tourist destination with a vast range of aquatic life and exotic birds. Scuba diving on the Cayman Islands is a very popular international attraction.

The Euro

The Euro is the currency circulated in European Union countries. There are twenty-six European Union states that stretch from Ireland to Russia. However, some countries have refused to adopt the Euro. Russia and Great Britain are two of those countries. Russia still retains the rouble to this day.

Now you know a few of the most popular currencies for celebrities to be paid in. This list compiles the top eight strongest currencies in the world. Currencies, however, are constantly fluctuating, and this list is only a representation of the time in which it was compiled.

Wide avenues abounded with palm-trees and exotic sports cars, multi-million-dollar mansions, and art collections that rival the Louvres. It would be an understatement to say that the lives of the rich and famous are simply luxurious. With so many assets to keep track of, some wonder how the rich and famous are able to maintain their care-free and frivolous lifestyles. This page will seek to tell you everything that you may need to know about how the world’s elite keeps track of its wealth. You must also remember that their lifestyle is not unattainable; with ingenuity and determination, you too can live the way that they do.

Here is how the rich and famous manage their assets, and who they have to help them do this.

Accountants

An account is an absolute necessity. Everybody needs an accountant, whether for your needs, or the needs of the rich and famous. Accountants are able to keep track of expenditure and outgoing finances. When you live a luxurious lifestyle, frivolous purchases will likely be a staple of your day-to-day life. These purchases add up. If you do not have an accountant to keep track of them, then there will be a huge money pit you are unable to account for.

Spending Accounts

It would be very silly for the super-rich to keep all of their money in a single account, wouldn’t it? Fortunately for them, they are not quite that stupid. The super-rich will have multiple bank accounts, some for small purchases, others for large. In an ordinary small purchase account, they will keep between a thousand to a hundred thousand dollars, on average, for anything they may need to buy. These spending accounts enable them to ensure nobody can get the details to the accounts that hold much larger sums.

Liquid Funds

Liquid funds are held in a bank account that has no debit card nor checkbook. Purchases from these accounts often take at least two days to clear and are transferred to another account before purchase, ensuring that nobody can get the accounts sort code and account number. There could be anywhere from a hundred thousand dollars to a hundred million in one of these accounts. There are many safeguarding measures in place to ensure that no money can be removed without the owner’s approval and that nobody can gain access to it. They are, in their own way, a veritable Fort Knox.

Assistants

The rich and famous often pay their small bills themselves and rely upon an assistant to pay regular, expensive bills. The assistant will have access to another bank account that the person will fund depending on the sum outlined in the invoices sent to them. If the bills are many, then there will be two or three assistants there to ensure everything is in order. The invoices will be sent over once or twice a month to guarantee there are adequate funds in the bank account designated to paying bills, and to make sure the accounts do not default.

Investments

A majority of the assets owned by the super-rich are long-term investments. They may own a few short-term investments as well. These short-term investments are moved around and sold quite often, with a financial advisor handling the sales of these investments and the super-rich person seldom involving themselves in that aspect. The advisor will, of course, work in contact with the owner of the assets to make sure that they want to sell them, and communicate any important news. Other than that, the advisor will handle everything.

As for long-term investments they can be anything from a boat to a house. The long-term investments will seldom be sold unless there is an offer of purchase which warrants it. Financial advisors will likely handle these as well.

The rich and famous spend a lot of their money on investments, meaning that they always have something to fall back on if their liquid cash begins to dwindle. It is not uncommon for the super-rich to own many, many houses, and businesses at one time. They often also own companies and charities.

Charity Donations

The super-rich very often donates a lot of their money to charity. Many of them also own their charities. By donating to charity frequently they can get tax relief.

It is not uncommon for the super-rich to be the owner of at least three or four charities, and if they do not own them, then they fund them generously. It is no surprise that this is the case as if you have enough money to throw around, why not help others, and many of the world’s super-rich share this sentiment.

Now you know a few ways that the rich and famous manage their money. Their lifestyles comparatively to our own are very fascinating, and it is no surprise that we should want to know how they spend their money.