Emerging Markets
The Rise Of Turkey’s Millionaires - WealthInsight
A new report shows that the number of high net worth individuals in Turkey is set to rise 60 per cent between now and 2017, reaching over 148,000 by that date.
Turkey, which has become one of the most rapidly growing emerging economies, saw its number of HNW individuals rise by 23 per cent in 2012, following a dip of 6.1 per cent in 2011.
The report focuses on millionaire HNW individuals’ performance between the end of 2007 and the end of 2012, and was conducted with 160 Turkish ultra high net worth individuals on the WealthInsight database.
Turkish HNW individuals outperformed the worldwide average during the review period (2007-2012) - worldwide HNW individual volumes decreased by 0.3 per cent while Turkish HNW individual numbers rose by 7.4 per cent.
There are currently over 94,000 HNW individuals in Turkey, holding $500 billion in wealth, which represents 43 per cent of the total individual wealth held in the country. This proportion is well above the worldwide average of 29 per cent, indicating a relatively uneven spread of wealth in the country, the report said.
Meanwhile, UHNW individuals - which the report counts as those with wealth of over $30 million - account for 2 per cent of the HNW individual population in Turkey. This is above the global average of less than 1 per cent and, with $259 billion in combined wealth, Turkish UHNW individuals hold 52 per cent of the total wealth of the country’s HNW individuals.
Rapid growth in UHNW individuals during the review period (2007 to 2017) has increased by more than a quarter, from 1,527 individuals in 2007, to 1,923 in 2012 - a faster rate than the 7.1 per cent rise seen among HNW individuals.
In a look ahead, the report forecasts that while “Turkey’s economic prospects appear strong”, HNW individuals’ wealth will see a smaller percentage increase, growing by 48 per cent to reach $738 billion by 2017.
There are currently 1,923 UHNW individuals in Turkey, with an average wealth of $135 million per person. Of this total, there are 41 billionaires, 471 centimillionaires and 1,410 affluent millionaires as of year-end 2012.
