Turkey Sees Sharp Rise in Ultra-Wealthy Population
Turkey’s Ultra-Wealthy Population Nearly Doubles Amid Rising Inequality
The number of ultra-wealthy individuals in Türkiye has nearly doubled over the past five years, while rising inflation and declining real incomes continue to weaken the purchasing power of a large share of the population.
According to The Wealth Report 2026 published by London-based consultancy Knight Frank, Turkey stands out globally for the rapid growth of extreme wealth alongside widening income inequality.
Strong Growth in Ultra-Wealth Segment
The report shows that the number of individuals in Turkey with assets exceeding 30 million US dollars has increased by 93.6 percent over the past five years, reaching 4,208 people.
Forecasts suggest this figure will continue to rise, reaching approximately 4,772 individuals by 2031.
At the same time, the number of Turkish billionaires is expected to grow from 35 to 46 over the same period.
Turkey ranks third globally in terms of growth rate of ultra-wealthy individuals, after Poland and Qatar.
- Poland: 109 percent growth
- Qatar: 107 percent growth
- Turkey: 93 percent growth
- Romania: 93 percent growth
Global Wealth Expansion
Globally, the ultra-wealthy population increased by approximately 29 percent, reaching more than 713,000 individuals.
More than 40 percent of this growth came from the United States, while China continues to strengthen its position as a major wealth hub and India remains one of the fastest-growing emerging markets.
Inflation Pressure and Declining Living Standards
Despite rapid wealth accumulation at the top, Turkey has been facing persistent inflationary pressure since 2019, with annual inflation rates remaining in double digits and exceeding 30 percent in recent years.
The peak was recorded in May 2024, when inflation surpassed 75 percent before beginning a gradual decline.
Economists note that rising prices have significantly outpaced income growth, eroding real purchasing power across large segments of society.
Although the minimum wage in Turkey increased from 2,825 Turkish lira in 2021 to 28,075 Turkish lira in 2026, its real purchasing power has declined due to rising costs of basic goods.
For example, the minimum wage now buys approximately 50 percent fewer cups of tea compared to 2021, reflecting a sharp decline in everyday affordability.
- Purchasing power of fast food baskets has declined
- Pension bonuses cover fewer basic food items
- Food and essential goods prices have increased faster than wages
Rising Inequality in Income Distribution
Income distribution data shows that the richest 20 percent of households in Turkey earn roughly eight times more than the poorest 20 percent, placing the country among the most unequal economies within the Organisation for Economic Co-operation and Development.
Tax structure analysis further highlights the imbalance. A significant portion of government revenue comes from indirect taxes such as value-added tax and excise duties, which disproportionately affect lower and middle-income groups.
At the same time, holdings and financial institutions account for only about 15 percent of total tax revenue, while wage earners carry a larger share of the tax burden.
Widening Economic Gap
Overall, the findings indicate a growing divide in Turkey’s economy: while extreme wealth continues to expand rapidly, the benefits remain highly concentrated.
For most households, inflation and taxation continue to outweigh income growth, deepening economic inequality across the country.
