Turkey Tops Global Wealth Ranking with 157% Growth

Turkey has seen exceptional growth in wealth, ranking first globally with a 157% increase in wealth per adult between 2022 and 2023, despite high inflation levels. This growth, primarily driven by real asset appreciation like housing, contrasts with the country's 71.6% inflation rate and significant drop in purchasing power. The Turkish lira's depreciation by 83% against the dollar in five years is notable. UBS's Global Wealth Report 2024 highlights Turkey's wealth surge, with Russia, Qatar, and South Africa following with lower growth rates. The relationship between inflation and wealth accumulation, especially for asset holders, explains the disparity between nominal and real wealth increases in Turkey.