The number of Turkey’s millionaires is to almost double by 2014, the number rising by 20,000, said ING Bank Personal and  private banking assistant general manager Cenk Tabakoğlu at a conference this week, according to local media.

He is said to have been announcing the results of an analysis by the bank based on International Monetary Fund (IMF) and World Bank data, reports Today’s Zaman.

The bank’s analysis suggests that the number of millionaires (in US dollar terms) in Turkey will see a rise from the present 25,000 to exceed 45,000 over the next three years. Higher income individuals became 11.4 per cent wealthier on average between 2006 and 2010, says the report citing the aforementioned data.

In March State Street Global Advisors noted that the advance of emerging markets was not confined to Brazil, Russia, India and China, but that Turkey alongside, Chile, Colombia, the Czech Republic, Egypt, Hungary, Israel, Peru, Poland, the Philippines, and Thailand had outperformed the BRICs over the period between January 1997 to March 2011.