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Number of Turkish Millionaires Surges by 785,000 in One Year as Wealth Gap Widens

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Over 2.3 million people in Turkey now hold more than TRY 1 million in bank deposits, while 163 million accounts contain less than TRY 10,000—highlighting a deepening wealth divide.

Turkey is experiencing an unprecedented surge in the number of millionaires. According to the latest data from the Banking Regulation and Supervision Agency (BDDK), the number of individuals holding TRY 1 million or more in bank deposits rose by 785,000 year-on-year, reaching a total of 2.38 million as of April 2025.

Total Millionaire Deposits Near TRY 17 Trillion

The combined balance in these high-value accounts jumped from TRY 11.83 trillion a year ago to TRY 16.99 trillion. This sharp rise in millionaire wealth contrasts starkly with the broader population, where the majority of accounts struggle to reach even modest balances.

Of the 2.38 million millionaire depositors:

  • 2.17 million are domestic residents, a net increase of 744,548 in one year.

  • Their collective deposits rose from TRY 10.85 trillion to TRY 15.74 trillion.

  • The average deposit per millionaire now stands at TRY 7.23 million.

Composition of Domestic Deposits

The breakdown of domestic millionaires’ deposits in April 2025 is as follows:

  • TRY 10.05 trillion in Turkish lira

  • TRY 4.48 trillion in foreign currency accounts

  • TRY 1.21 trillion in precious metal deposit accounts

Non-Resident Millionaires Also on the Rise

The number of non-resident depositors with over TRY 1 million rose to 200,093, up by 40,802 year-on-year. Their combined deposits increased by TRY 278.5 billion, with TRY 391 billion of that held in lira-denominated accounts.

Total Bank Deposits Near TRY 19 Trillion

According to data from the Central Bank of the Republic of Turkey (CBRT), total banking sector deposits reached TRY 18.99 trillion during the week ending December 13, 2025—up by TRY 563.5 billion from the previous week.

Breakdown by currency:

  • TRY-denominated deposits increased by 4.12% to TRY 11.75 trillion

  • Foreign currency (FX) deposits rose by 1.19% to TRY 6.42 trillion

  • Total FX deposits stood at USD 192.8 billion, with USD 164.2 billion held by domestic residents

When adjusted for exchange rate effects, FX deposits held by domestic residents increased by USD 1.37 billion in the same period.

Credit Growth Continues

Credit volumes also expanded significantly:

  • Consumer loans rose by 1.47% to TRY 1.89 trillion

  • Commercial installment loans increased by 2.23% to TRY 1.96 trillion

  • Credit card balances grew by 1.17% to TRY 2.26 trillion

Total credit volume, including the CBRT, rose by TRY 155.2 billion in a week, reaching TRY 15.18 trillion—a 38.7% increase compared to the same week last year.

Stark Inequality: 2.1 Million People Hold 78% of All Deposits

 

The most striking aspect of the data is the concentration of wealth. According to BDDK statistics, 2.1 million individuals control 78% of all bank deposits in Turkey—equivalent to TRY 15.3 trillion.

Meanwhile, there are more than 163 million bank accounts with less than TRY 10,000 in them. Since many individuals hold multiple accounts, this implies that the true number of low-wealth individuals is likely even higher than the account count suggests.

Shrinking Share for Low-Deposit Holders

In 2020, depositors with under TRY 10,000 held 2.69% of total deposits. By 2025, that figure had dropped to just 0.7%. In contrast, the share held by millionaires has risen from 55.4% in 2020 to 78% in 2025—marking a dramatic concentration of wealth over just five years.

Monthly Interest Income Tops TRY 400 Billion

Economist İris Cibre pointed out on social media that the top 2.1 million depositors are likely receiving a combined TRY 400 billion per month in interest income. That’s an average of TRY 291,000 in monthly interest per person.

These figures further underscore how wealth inequality in Turkey is not only about income but also increasingly about asset accumulation, which is far harder to reverse through policy.

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