Turkey becomes the world's 'Millionaire Record-Holder' country
According to the UBS Global Wealth Report, the number of dollar millionaires in Turkey increased by 8.4 percent in one year, exceeding 236 thousand and showing the fastest growth in the world. While global wealth growth remained limited, Turkey took the top spot by a wide margin.
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A significant rise in the number of dollar millionaires was recorded in Turkey throughout 2024. According to the Global Wealth Report 2025 data published by the Swiss bank UBS, the number of people with dollar millionaire status in the country increased by approximately 7 thousand, growing by 8.4 percent. With this growth rate, Turkey has reached a remarkable position in the world rankings.
TURKEY IS IN FIRST PLACE BY A WIDE MARGIN
According to the data, the number of dollar millionaires worldwide increased by only 1.2 percent in 2024. The 8.4 percent rise in Turkey was recorded as the highest increase by a wide margin, leaving other countries behind.
With this rate, Turkey surpassed the United Arab Emirates, which recorded 5.8 percent growth, and India, which experienced a 4.4 percent increase, to take the top spot.
The report reveals that Turkey experienced a significant increase among medium-sized economies with 236 thousand 363 dollar millionaires. This situation indicates that wealth accumulation has continued despite high inflation and exchange rate fluctuations.
684 THOUSAND NEW MILLIONAIRES ADDED GLOBALLY
On a global scale, the number of dollar millionaires increased by 684 thousand people in 2024. The largest increase in terms of individuals was seen in the USA. It was stated that more than a thousand people were added to the ranks of millionaires in the country every day.
Similarly, 141 thousand new dollar millionaires were identified in China throughout 2024. The report states that these two countries continue to hold more than half of the total global wealth.
Another data point that stands out in the report for Turkey was the debt ratio. It was noted that the country's debt level relative to total wealth is extremely low.
Turkey was among the countries with the lowest debt ratios, along with Saudi Arabia, Mexico, Italy, and Spain.
INFLATION ERODED WEALTH
However, it was reported that wealth growth in local currency terms in Turkey has declined sharply. It was reported that median and average wealth fell by 21 percent due to inflation.