As of 2012, there are just over 94,000 millionaires (HNWIs) in Turkey. These HNWIs hold US$500 billion in wealth, 43% of the total individual wealth held in the country. This proportion is well above the worldwide average of 29%, indicating a relatively uneven spread of wealth in the country.
In 2012, Turkish HNWI numbers rose by 23.2%, following a drop of 6.1% in 2011.
Turkish HNWIs outperformed the worldwide HNWI average during the review period (2007-2012) – worldwide HNWI volumes decreased by 0.3% whilst Turkish HNWI numbers rose by 7.4%.
UHNWIs, those individuals with wealth of over $30m excluding primary residences, account for 2% of Turkey’s HNWI population, above the global average of less than 1%. And, with US$259 billion in combined wealth, Turkish UHNWIs hold a high 52% of the total wealth of the country’s HNWIs.
There are 1,923 UHNWIs in Turkey, with an average wealth of US$135 million per person. Of this total, there are 41 billionaires, 471 centimillionaires and 1,410 affluent millionaires as of year-end 2012.
Istanbul is the largest city for Turkish UHNWIs, accounting for 58% of total UHNWIs with 1,110 individuals. There are also sizable UHNWI populations in Ankara (200 UHNWIs), Izmir (50 UHNWIs), Antalya (40 UHNWIs) and Bursa (30 UHNWIs).
TURKEY: UHNWIs by City, 2012
| Ranked by UHNWIs | Number of UHNWIs 2012 | % of UHNWIs 2012 |
| Istanbul | 1,110 | 57.7% |
| Ankara | 200 | 10.4% |
| Izmir | 50 | 2.6% |
| Antalya | 40 | 2.1% |
| Bursa | 30 | 1.6% |
| Gaziantep | 25 | 1.3% |
| Mersin | 20 | 1.0% |
| Other | 448 | 23.3% |
| Total | 1,923 | 100.0% |
Source: WealthInsight HNWI Database © WealthInsight
Rapid growth in ultras during the review period has seen those individuals push ahead of core HNWIs: the number of UHNWIs in Turkey increased by more than a quarter, from 1,527 individuals in 2007, to 1,923 in 2012; a faster rate than the 7.1% rise seen in core HNWIs.
Looking ahead, with its strong fiscal backdrop, favourable demographics, and willingness to undertake structural reform, Turkey’s economic prospects appear strong. With favourable economic fundamentals in place, the total number of Turkish HNWIs is forecast to grow by almost 60% according to WealthInsight, to reach over 148,000 in 2017. HNWI wealth will see a smaller percentage increase, growing by 48% to reach US$738 billion by 2017.
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