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As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

While high inflation and income loss deepen in Turkey, the number of new millionaires is rising rapidly. The number of depositors with 1 million TL or more in their accounts, which was 308 thousand at the end of 2020, has increased by 493 percent in 5 years, exceeding 2 million. During the same period, a record was also broken in credit card usage.

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As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

As economic imbalances grow in Turkey, millions of people are struggling to make ends meet on one hand, while the number of millionaires is rising rapidly on the other.

As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

High inflation and the erosion of purchasing power are reducing the real value of savings at the million TL level, while the number of depositors is increasing exponentially.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

NUMBER OF MILLIONAIRES HAS INCREASED FIVEFOLD IN 5 YEARS

According to data from the Banking Regulation and Supervision Agency (BDDK), while the number of people with 1 million TL or more in their accounts was 308 thousand 278 at the end of 2020, this figure rose to 1 million 828 thousand 934 by the end of 2024. Thus, the number of millionaires has increased by 493 percent in the last 5 years.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

The number of millionaires, which was 1 million 299 thousand 118 at the end of 2023 alone, increased by 529 thousand 816 people by the end of 2024, exceeding 1.8 million. While the number of domestic millionaires increased by 40 percent as of December 2024 compared to the previous year, the total number, including millionaires abroad, exceeded 2 million.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

SALARIES ERODED, POVERTY DEEPENED

This picture of the economy also reveals the inequality in income distribution. While a person with 1 million TL before the pandemic could buy a mid-range house, today, with this amount of money, it has become difficult to even buy a car, let alone a house.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

Wage increases remain insufficient in the face of rising inflation. While the minimum wage rose to 22 thousand 104 TL in January, according to Türk-İş data, the poverty line rose to the 72 thousand 88 TL level in the same period.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

EXPLOSION IN CARD EXPENDITURES

The loss in income and the decline in purchasing power are pushing citizens to borrow more. According to data from the Interbank Card Center (BKM), expenditures made with credit cards, debit cards, and prepaid cards in January increased by 66 percent compared to the same period of the previous year, reaching 1.61 trillion TL.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

Of the total card expenditures:

1 trillion 366.5 billion TL was made with credit cards,

207.8 billion TL was made with debit cards,

32.4 billion TL was made with prepaid cards.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

Card usage also continues to increase rapidly. As of January 2024, in Turkey there are:

130.2 million credit cards,

195.6 million debit cards,

113.1 million prepaid cards.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

When these figures are compared with the same period last year, they point to an increase of 9 percent in the number of credit cards, 3 percent in debit cards, and 24 percent in prepaid cards.
As poverty rises, so does the number of millionaires: Here is the number of millionaires in Turkey

AN ENRICHING SEGMENT, DEEPENING POVERTY

The gap in income distribution in Turkey continues to widen every day. On one side, hundreds of thousands of people are added to the ranks of millionaires every year, while on the other, there are millions struggling to survive below the hunger and poverty lines.