Türkiye Leads Global Surge in Dollar Millionaires Despite Wealth Gap Widening
Dollar
Türkiye recorded the world’s fastest growth in U.S. dollar millionaires in 2024, outpacing global trends by a wide margin, according to the 2025 Global Wealth Report released by UBS. The country’s millionaire population rose 8.4%, adding 7,000 new individuals with assets exceeding $1 million, bringing the total to nearly 68,000. That pace is seven times the global average increase of 1.2%.
Globally, the number of dollar millionaires expanded by 684,000, or roughly 2,000 new millionaires per day, with the United States accounting for more than half of that increase. The U.S. alone added 379,000 millionaires, reaffirming its position as the epicenter of global private wealth.
The United Arab Emirates (UAE) ranked second behind Türkiye, with a 5.8% rise in millionaires, adding 13,000 individuals to its elite ranks.
However, the wealth boom in Türkiye tells a tale of contrasts. While nominal per capita wealth jumped by over 35%, the report revealed that real per capita wealth actually declined by 14.6% due to the crippling effects of inflation. Türkiye’s inflation has dropped significantly from a peak of nearly 75%, following aggressive monetary tightening, yet its impact remains evident across broader economic metrics.
Worse still, the report highlighted a sharp drop in median wealth, falling nearly 21%, underscoring the growing divide between the country’s richest and the general population. While a narrow segment of high-net-worth individuals saw gains, the average Turkish citizen lost financial ground.
UBS noted that private wealth globally rose by 4.6% in 2024, with the U.S. now home to nearly 40% of the world’s millionaires. In contrast, the majority of adults worldwide remain far from this level: over 80% of those surveyed had a net worth under $100,000, and just 1.6% globally reached millionaire status.
In the mid-tier wealth bracket, Greater China—including mainland China, Hong Kong, and Taiwan—led the global count for individuals with net worths between $100,000 and $1 million, followed by Western Europe and North America.
Looking ahead, UBS projects that wealth per adult will continue to grow, particularly in the U.S. and Greater China, as economic shifts consolidate wealth among the world’s affluent.
