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Türkiye has recorded the fastest growth in the number of dollar millionaires worldwide, with the number of individuals holding more than $1 million in assets rising by 8.4% in 2024, according to Switzerland-based UBS Group.
According to UBS’s 2024 Global Wealth Report, the increase in the number of Turkish millionaires far outpaced the global average of 1.2%.
The number of dollar millionaires in Türkiye rose by 7,000 over the past year, approaching a total of 68,000.
This increase translates into nearly 2,000 new millionaires being created globally each day, with Türkiye leading the trend among the 56 countries surveyed.
While nominal per capita wealth in Türkiye grew by more than 35% over the past year, the report points out a contrasting decline in real wealth when adjusted for inflation.
According to UBS, inflation-adjusted per capita wealth in Türkiye fell by 14.6%, underlining the distortion that rising prices have caused in actual purchasing power.
Türkiye's year-end average inflation rate stood at 58.51% in 2024, according to the Turkish Statistical Institute.
Despite the boom in millionaire numbers, Türkiye has also seen a significant rise in income inequality.
Median wealth dropped by nearly 21% over the last year, and the report notes that the gap between the richest and the rest has widened further.
Türkiye ranks 9th globally in income inequality, as measured by the Gini coefficient, a standard indicator of wealth distribution.
In terms of millionaire growth, the United Arab Emirates followed Türkiye with a 5.8% increase, while Russia came next on the list.
Globally, the United States remains the top country by millionaire count, with nearly 24 million dollar millionaires. China ranks second with 6.3 million, followed by France with about 3 million.
Looking ahead, UBS forecasts that more than 5 million additional people worldwide will become dollar millionaires by 2029.
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