Turkey’s ultra-wealthy population has nearly doubled over the past five years, growing more than three times faster than the global average, while high inflation and falling real wages eroded purchasing power for much of the population, according to The Wealth Report 2026 by London-based Knight Frank and figures cited by the Karar daily.
The number of people in Turkey with assets of more than $30 million rose 93.6 percent over the past five years, reaching 4,208, according to Knight Frank, a global real estate consultancy and estate agency. Knight Frank projects the figure will reach 4,772 by 2031.
The number of Turkish billionaires is forecast to rise from 35 to 46 between 2026 and 2031.
The increase placed Turkey third globally for growth in its ultra-wealthy population, behind Poland, where the figure rose 109 percent and Qatar, where it increased 107 percent. Romania ranked fourth, with 93 percent growth.
Globally, the ultra-wealthy population rose about 29 percent over the same period, from 551,435 to 713,626, adding more than 162,000 people to the group.
More than 40 percent of the global increase came from the United States, while China strengthened its position as a major center of wealth creation and India continued to stand out as an emerging hub. North America remained the leading region for ultra-wealthy individuals, while the Asia-Pacific region recorded the fastest growth.
Although Turkey is not considered a major global financial center, the report shows that it stands out for the pace of wealth accumulation among its richest segment.
The growth in wealth at the top has coincided with a decline in purchasing power for much of the population, Karar reported. Real wages have fallen since 2021, when high inflation took hold in Turkey.
The monthly minimum wage rose from 2,825 lira in 2021, roughly $320 to $330 at the time, to 28,075 lira in 2026, or about $550 to $620 depending on exchange rates. But using the price of a cup of tea, a benchmark often cited in Turkish media to show everyday purchasing power, Karar said the minimum wage bought 1,883 cups of tea in 2021 but only 935 in 2026, a drop of about 50 percent.
A minimum wage earner could buy 76 Big Mac menus in 2021, compared to 70 in 2026, while a retiree’s holiday bonus, a payment made to pensioners before the Eid al-Fitr and Eid al-Adha holidays, which could buy 440 simits in 2021, now buys about 200.
Karar also said the lowest pension rose 693 percent over the period, while even the lowest estimated price of a cup of tea increased by 1,900 percent, showing how price increases in basic goods outpaced income gains.
Turkey has grappled with double-digit inflation since 2019, with annual inflation remaining above 30 percent for the past four years.
Inflation peaked above 75 percent in May 2024 before starting to ease.
The richest 20 percent of households in Turkey earned about eight times as much as the poorest 20 percent, putting the country among the most unequal members of the Organization for Economic Cooperation and Development, according to the daily.
Karar, citing Revenue Administration data, said holding companies and financial institutions account for only 15 percent of every 100 lira in tax revenue, while lower-income groups shoulder most of the overall tax burden.
The daily said the imbalance reflects Turkey’s reliance on indirect taxes such as value-added tax and special consumption taxes, which take a larger share of income from low- and middle-income households.
The figures point to a growing divide between rapid wealth accumulation at the top and declining purchasing power for much of the population. While Knight Frank’s data show that Turkey’s richest segment has expanded at one of the fastest rates in the world, the indicators suggest that the gains have not been shared broadly, with wage earners, retirees and lower-income households bearing the heaviest burden of inflation and tax policy.