Wealth Inequality Deepens in Turkey as the Rich Grow Richer

Wealth inequality in Turkey has reached historic highs, echoing global trends. Drawing on Rousseau’s early critique of property ownership, economist Kansu Yıldırım argues that the current economic system continues to reproduce inequality by concentrating wealth in the hands of a shrinking elite while the broader population faces growing poverty.

Forbes Lists Highlight Consolidated Wealth

Recent Forbes rankings for 2024 and 2025 underscore how concentrated wealth has become. The total assets of Turkey’s 100 richest individuals now exceed $128.5 billion—roughly 10% of the country’s annual GDP. All individuals on the list are either owners or heirs of major conglomerates. According to various studies, more than 60% of their wealth is derived from inheritance, monopolistic practices, or political privilege.

Leading the list is Murat Ülker, chair of Yıldız Holding, with a net worth of $5.5 billion. His fortune grew by $400 million year-on-year, largely due to acquisitions in the food and snack industry that expanded his market dominance. BioNTech co-founder Uğur Şahin ranks second with $4.3 billion, followed by Cemil Kazancı of Kazancı Holding, also with $4.3 billion. Other prominent names include Rönesans, Koç, Doğuş, Limak, and Eczacıbaşı holdings.

The top 10 richest individuals now hold seven times more wealth than the bottom 10 on the same list, reflecting severe domestic monopolization.

Income and Wealth Gap Widens

According to the World Inequality Database, the richest 10% in Turkey control 68% of the country’s total wealth, while the bottom 50% hold only 2.6%. The top 1% alone owns 26% of the nation’s assets. These figures place Turkey at the top among 21 European countries in terms of wealth concentration.

Income inequality also remains severe. The richest 1% claim 23.9% of national income, while the bottom half earns just 14.1%. This disparity has persisted and widened over the past 18 years.

Poverty Persists Despite Surging Fortunes

While Turkey’s wealthiest families continue to grow their fortunes, large segments of the population are slipping deeper into poverty. According to TurkStat’s 2024 report on child poverty, one in every 10 households cannot afford to buy new clothes for their children. A similar number are unable to provide daily fresh fruits and vegetables.

Koç Holding alone reported a profit of TRY 18 billion in 2024 from Tüpraş, a formerly state-owned refinery acquired below market value. At the same time, 6 out of 10 workers in Turkey earn only the minimum wage or slightly above.

Over the past four years, the top 100 wealthiest Turks increased their collective net worth by $28 billion, while income stagnation has gripped the majority of the working class.

Policy Recommendations

Yıldırım argues that as long as current patterns of private ownership over productive assets persist, inequality and poverty will remain structural features of the economy. He calls for a shift toward public ownership and state control over key industries as a necessary first step in reversing the effects of large-scale privatization and wealth extraction.

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