One of Asia’s leading financial industry media companies, The Asset, recently reported on the growth of the Ultra High Net Worth Individuals (UNHWI) market in Turkey.
According to the report, the number of UHNWIs – defined as those with at least $30 million in assets – is expected to grow by 57% in the next four years in Turkey. High Net Worth Individuals – those whose assets are between $1 and $10 million – grew at an average of 7.4% from 2007 – 2012.
The cities of Istanbul, Ankara, Izmir and Bursa contain the highest percentages of UHNWIs with Istanbul leading the way, although Bursa’s rate of UHNWI growth was higher over the past 5 years.
Core industries which make up the source of wealth in Turkey include Textiles, Autmotive, Tourism and Fast Moving Consumer Goods. The report states that a large number of UHNWI are owners of financial multinational companies.
Turkish UHNWIs hold a substantial portion of their wealth internationally, with nearly 40% owning real estate abroad. The report states that foreign asset holdings are expected to reach $195 Billion by 2017. All this information points to a greater need for international wealth management. With Turkey’s progressive economy, stable government and dependable fiscal infrastructure, this represents a favourable time for international investment in Turkey as well as for wealth management companies to establish themselves in the region.
