There are 1,923 UHNWIs in Turkey, with an average wealth of US$135 million per person
There are just over 94,000 HNWIs in Turkey in 2012. These HNWIs hold US$500 billion in wealth which equates to 43% of total individual wealth held in the country.
Core millionaires collectively account for only 48% of the wealth of Turkish HNWIs, well below the worldwide average of 70%.
There are 1,923 UHNWIs in Turkey, with an average wealth of US$135 million per person.
Inherited wealth accounts for a large share (39%) of Turkish UHNWIs in 2012. Entrepreneurs also accounted for a relatively high proportion of UHNWIs (33%).
Diversified is the most important industry from which Turkish UHNWIs have acquired their wealth – it is the primary source of wealth for 43% of local UHNWIs.
39% of Turkish HNWIs have second homes abroad. Destinations for these homes included: Geneva, Zurich, Paris and London.
The Turkish economy performed relatively well through the recent financial crisis; real GDP has averaged 3.6% over the last five years.
Turkish HNWIs also performed well over the review period: Turkish HNWI numbers rose by 7.4% while worldwide HNWI volumes declined by 0.3%.
The total number of Turkish HNWIs is forecast to grow by 58%, 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.
The low proportion of core millionaire wealth in Turkey reflects the underdeveloped nature of the core HNWI band in the country, as well as the overdeveloped nature of the ultra-band.
A significant proportion of Turkish UHNWIs are owners of vast industrial and/or financial conglomerates; as such they are likely to have assets and finances all over the world. At the end of 2012, Turkish HNWIs held 26.6% (US$138 billion) of their wealth outside their home country.