UBS Report: Türkiye Tops Global List in New Millionaires, But Ranks Last in Wealth Equality

According to the 2024 Global Wealth Report by Swiss banking giant UBS, Türkiye leads the world in the increase of new dollar millionaires, yet ranks last among 56 countries in real average wealth per person. The findings reveal a stark contrast between elite wealth accumulation and widening income inequality in the country.

Türkiye Sees Fastest Growth in Dollar Millionaires

While the global number of dollar millionaires rose by 1.2% to reach 684,000, Türkiye saw an 8.4% increase, adding nearly 7,000 new millionaires in just one year. The country now approaches a total of 68,000 individuals with a net worth of $1 million or more, surpassing both the United Arab Emirates and Russia to claim the top spot globally in millionaire growth.

But the Public Gets Poorer: Wealth Declines for Majority

Despite this millionaire boom, average and median household wealth in Türkiye has dropped significantly when adjusted for inflation. The UBS report shows:

• Real average wealth fell by 14.6%

• Median wealth dropped by 21%

These figures place Türkiye last among all 56 countries analyzed for changes in real wealth. By contrast, countries like Hungary (+18%), Sweden, and Italy (each above +15%) saw notable increases in median household wealth. Only Russia (-8.2%) and China (-6.3%) came close to Türkiye’s decline.

Inequality Deepens: Gini Index Signals Worsening Divide

The report also highlights Türkiye’s worsening income inequality, ranking it 9th globally in terms of inequality, as measured by the Gini coefficient. The results confirm that the benefits of economic growth are concentrated in the hands of a narrow elite, while the broader population experiences declining prosperity.

In short, while Türkiye is producing more millionaires than any other nation, the average citizen is getting poorer, and wealth inequality is becoming more entrenched.