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Turkey posted “incredible” personal wealth growth in 2023 and recorded an unprecedented 1,708 percent increase in personal wealth between 2008 and 2023 when measured in Turkish lira, marking the highest growth rate among all countries analyzed, according to an annual report by Swiss banking giant UBS Group AG released Thursday.
UBS Group AG, a Zurich-based Swiss bank, publishes its annual wealth survey tracking global wealth trends. The report provides comprehensive insights into wealth creation among individuals, institutions and economies through 2024 and beyond, analyzing transformations from emerging economies to growing millionaire populations.
Wealth per adult in Turkey surged by 157.78 percent last year alone, outpacing all other nations analyzed in the bank’s Global Wealth Report. When converted to US dollars, the growth rate moderates to 63 percent, reflecting lira depreciation.
The report, analyzing wealth trends across 56 markets representing over 92 percent of global wealth, does not specify drivers behind Turkey’s exceptional performance. This contrasts with other high-performing nations like Taiwan, where growth is explained by its booming microchip industry and wealthy immigrant inflows.
Qatar and Russia follow Turkey with roughly 20 percent growth each. South Africa posted just over 16 percent, while Israel recorded 14 percent.
Turkey’s millionaire class is set to expand significantly. UBS projects the number of dollar millionaires will jump 43 percent from 60,787 to 87,077 by 2028, ranking second globally in millionaire growth projections.
The trend reflects broader wealth shifts in emerging markets. UBS expects developing economies’ share of global wealth to exceed 30 percent in 2024 and reach 32 percent by 2028.
This comes as global wealth growth cools. Average annual growth rates fell from 7 percent in 2000-2010 to 4.5 percent in 2010-2023.
Turkey’s performance contrasts sharply with European peers. Two European nations posted only low double-digit growth, while Greece saw a wealth decline of 11 percent.