UBS: Turkey Leads the World in Real Wealth Decline, Despite Surge in Millionaires
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According to the 2025 Global Wealth Report by UBS, Turkey experienced the largest decline in real wealth in 2024 among 56 countries analyzed. Despite an apparent rise in net worth, when adjusted for inflation, Turkish citizens lost significant purchasing power—making the country the worst performer in median wealth erosion.
Over 20% Drop in Median Wealth
UBS data shows Turkey’s median wealth per adult declined by 20.9% in real terms during 2024. Though average wealth rose nominally, the impact of high inflation reduced it by 14.6% when adjusted for real value.
“A country can appear to grow wealth nominally while suffering deep real losses. Turkey is a striking example,” UBS stated.
Wealth Concentrated in Real Estate
A large portion of Turkish wealth is held in non-financial assets, especially real estate, while financial assets account for less than one-third of total household wealth. Although debt levels remain low, high inflation continues to erode real asset value. This makes Turkey one of the countries with the sharpest disparity between total wealth and actual living standards.
Inequality Deepens Amid Millionaire Boom
With a Gini coefficient of 0.73, Turkey ranks among the top ten globally in wealth inequality, suggesting that a small elite controls the majority of resources. Still, the number of dollar millionaires in Turkey rose by 8.4% in 2024, adding roughly 7,000 new millionaires—the fastest growth rate globally, according to UBS.
Europe Diverges from Turkey
Turkey’s real wealth contraction stands in contrast to much of Europe. Only Belgium experienced a modest 5.6% drop in median wealth. In contrast, countries like Hungary (+18.6%), Lithuania (+16.9%), Sweden (+15.3%), and Italy (+15%) saw significant real-term increases.
“Even within the same region, countries show wide variations in wealth trends—tied closely to inflation, currency volatility, and financial market maturity,” UBS noted.
Global Trends: North America Soars
Worldwide, total personal wealth increased by 4.6% in 2024, driven mostly by gains in North America and Eastern Europe. Strong financial markets and a stable dollar fueled major gains in the U.S. and Canada, while real wealth fell across much of Western Europe, Latin America, and Oceania due to inflation.
UBS also observed a reallocation of global wealth. The number of so-called “everyday millionaires”—those with $1–5 million—rose to 52 million, collectively controlling $107 trillion in assets.
Interestingly, in countries like the U.S., France, Germany, and the UK, median wealth grew faster than average wealth, suggesting wealth accumulation was stronger among the middle class than the ultra-rich.
