Turkey records world's sharpest growth in dollar millionaires: UBS
Agencies
Turkey recorded the fastest increase in the number of U.S. dollar millionaires last year, growing at a pace seven times higher than the global average, according to a report.
The number of dollar millionaires worldwide rose by 684,000 in 2024, a 1.2% year-over-year increase, the 2025 Global Wealth Report by UBS found.
That translates to nearly 2,000 new dollar millionaires every day across the globe.
Turkey saw an 8.4% increase as the number of individuals with assets exceeding $1 million rose by 7,000, reaching nearly 68,000, the report among 56 countries showed.
The United Arab Emirates (UAE) ranked second with a rise of 5.8% in millionaire numbers, or 13,000 new entrants.
While nominal per capita wealth increased by over 35% in Turkey, when adjusted for inflation, real per capita wealth declined by 14.6%, the report said.
Inflation has more than halved compared to the peak of about 75% a year ago amid aggressive monetary tightening as part of the Turkish authorities' efforts to rein in growth in prices.
The country also saw the median wealth drop by almost 21%, highlighting a growing divide between the wealthy elite and the rest of the population.Private individuals' net worth rose 4.6% worldwide in 2024, the Swiss bank said. The United States accounted for almost 40% of global millionaires.
In 2023, Europe, the Middle East and Africa led a rebound in global wealth after a decline in 2022.
Greater China, which the report defined as mainland China, Hong Kong and Taiwan, led last year for individuals with a net worth of $100,000 to $1 million, accounting for 28.2%, followed by Western Europe with 25.4% and North America with 20.9%.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Qatar Tribune
8 hours ago
- Qatar Tribune
Turkey records world's sharpest growth in dollar millionaires: UBS
Agencies Turkey recorded the fastest increase in the number of U.S. dollar millionaires last year, growing at a pace seven times higher than the global average, according to a report. The number of dollar millionaires worldwide rose by 684,000 in 2024, a 1.2% year-over-year increase, the 2025 Global Wealth Report by UBS found. That translates to nearly 2,000 new dollar millionaires every day across the globe. Turkey saw an 8.4% increase as the number of individuals with assets exceeding $1 million rose by 7,000, reaching nearly 68,000, the report among 56 countries showed. The United Arab Emirates (UAE) ranked second with a rise of 5.8% in millionaire numbers, or 13,000 new entrants. While nominal per capita wealth increased by over 35% in Turkey, when adjusted for inflation, real per capita wealth declined by 14.6%, the report said. Inflation has more than halved compared to the peak of about 75% a year ago amid aggressive monetary tightening as part of the Turkish authorities' efforts to rein in growth in prices. The country also saw the median wealth drop by almost 21%, highlighting a growing divide between the wealthy elite and the rest of the individuals' net worth rose 4.6% worldwide in 2024, the Swiss bank said. The United States accounted for almost 40% of global millionaires. In 2023, Europe, the Middle East and Africa led a rebound in global wealth after a decline in 2022. Greater China, which the report defined as mainland China, Hong Kong and Taiwan, led last year for individuals with a net worth of $100,000 to $1 million, accounting for 28.2%, followed by Western Europe with 25.4% and North America with 20.9%.
Qatar Tribune
8 hours ago
- Qatar Tribune
Temu launches in Turkey with one day delivery
Agencies Chinese e-commerce giant Temu has officially entered the Turkish market, launching local operations with an ambitious promise of one-day delivery through a new logistics hub in Istanbul, according to reports on Thursday. Temu, a subsidiary of PDD Holdings, has rapidly expanded globally in recent years by shipping low-cost products directly to consumers and taking advantage of customs exemptions for low-value goods. According to Turkish tech news outlet DonanımHaber, the company opened an operations office in Istanbul on Thursday and plans to establish a warehouse to facilitate direct domestic deliveries. Temu did not immediately respond to Daily Sabah's inquiry regarding the reported company has already relocated its billing and payment systems from Dublin, Ireland, to Türkiye, private broadcaster CNBC-e month, Temu representatives informed Turkish Trade Ministry officials that the company was taking steps to establish a representative office in Türkiye, according to Anadolu Agency (AA). The update followed a meeting between the ministry and company officials to address Temu's legal obligations and responsibilities related to e-commerce product safety. Officials reportedly told the company that, under new regulations, selling products without information about a locally established economic operator would not be permitted. Since last year, Türkiye has sought to rein in soaring imports amid surging demand for low-cost goods from platforms like government is now considering lowering the current 30-euro (about $34.50) customs-free threshold for international purchases to 22 euros, according to Mustafa Gültepe, chair of the Türkiye Exporters Assembly (TIM). The threshold was previously reduced from 150 euros in August last year. At the same time, import duties on packages from Europe were increased to 30% from 18%, while taxes on goods from outside the European Union were doubled to 60%.Current rules allow a maximum of five items per shipment, with no more than two of the same product, and limit each person to five purchases per month. According to data from the Interbank Card Center (BKM), spending on international shopping using Türkiye-issued cards rose by 40% last year, reaching TL 218 billion (over $5.5 billion).
Qatar Tribune
3 days ago
- Qatar Tribune
Wind, solar saved Turkey $12 bn in energy imports in 2024
Agencies Electricity generated from wind and solar energy helped Turkey curb $12 billion (TL 474.47 billion) in energy imports last year, Halil Demirdağ, head of the Solar Energy Industrialists and Industry Association (GENSED), said Wednesday. With limited oil and natural gas resources, Turkey has for years sought to rely more on cleaner energy resources in a drive to replace costly fossil fuel imports that have left it vulnerable to price volatilities and widened its current account deficit. Energy Minister Alparslan Bayraktar, meanwhile, on Monday said energy prices could rise further amid escalating attacks between Israel and Iran. But he said Turkey does not expect any issues regarding supply security. Renewable resources like wind and solar play a crucial role in diversifying Turkey's energy mix and shielding it from global supply shocks, GENSED's Demirdağ told an event in Ankara. 'If consumption rises unpredictably, you cannot control energy prices. Investments are essential for the sustainability of the sector,' he noted. The Turkish government has been incentivizing investments in renewable power plants since 2005 to reduce its high import bill and insulate itself from geopolitical risks. While Turkey's electricity consumption has tripled in the last two decades, it is expected to increase even faster in the coming years due to the long-term energy transformation. This year, the government is expected to allocate about TL 520 billion to subsidize imported energy resources – mainly natural gas used in electricity production, according to Demirdağ. 'We import natural gas, subsidize it, convert it into electrical energy, and sell it. Last year, electricity production from solar and wind helped prevent $12 billion in energy imports,' he said. He added that Turkey has now reached a stage where it can produce and store electricity at a lower cost than gas-based energy and deliver it back to the grid in under a third of a second, significantly boosting flexibility. 'Energy storage systems will become increasingly vital,' Demirdağ said. Halit Erol, a board member of the Ankara Chamber of Industry (ASO), cited the Ukraine war and the Israel-Iran conflict as stark reminders of the geopolitical fragility of energy supply chains. Erol emphasized that structural transformations reducing Turkey's energy dependency are key to limiting the economic impact of crises. 'Steps taken in the areas of energy diversification, domestic production and sustainability will strengthen our country's resilience against such geopolitical fluctuations. Black Sea gas, renewable investments and nuclear energy initiatives give hope for Turkey's journey toward self-sufficiency in energy,' he boasts more than 33 gigawatts (GW) of installed capacity in wind and solar energy. It plans to lift this figure to 120 GW by 2035, according to the government's targets. Erol emphasized Turkey's vast solar potential, urging coordinated efforts in technology, financing and regulation to unlock its full value. 'For this potential to translate into economic strength, strong coordination is needed in technology, financing and regulations. Our industrial sector must be at the heart of this transformation. The most effective way to reduce our dependence on foreign energy is to maximize the efficiency of our local and renewable resources,' he added.
