Number of Turkey’s millionaires to double by 2014

Today’s Zaman - There will be 20,000 more people with a total wealth of more than USD 1 million in Turkey by 2014, the Dutch ING bank said on Monday.

ING Bank Personal and Private Banking Assistant General Manager Cenk Tabakoglu appeared at a press conference to announce the results of an analysis by the bank based on International Monetary Fund (IMF) and World Bank data. In its analysis, the bank suggests that the number of millionaires (in US dollar terms) in Turkey will see a substantial increase from the present 25,000 to exceed 45,000 over the next three years.

According to this analysis, Tabakoglu said last year the number of people with total liquid capital of over TRY 100,000 was 652,000 and this is expected to climb to 739,000. The total liquid capital they possess, on the other hand, is expected to increase from last year’s TRY 193.4 billion to over TRY 220 billion in 2011 and TRY 357 billion by the end 2014.

Turkey has experienced rapid economic growth in the past few years and the per capita gross domestic product (GDP) has increased from just above USD 2,000 in 2003 to over USD 10,000 last year. In 2010, the country became the fastest growing economy worldwide following China and Argentina.
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