Turkey Wealth Report 2016

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The Turkish banking sector is regulated by the Central Bank of the Republic of Turkey. According to the World Economic Forum’s Competitiveness Ranking 2015–2016, Turkey’s banking system ranked 51st of 144 countries.

The Turkish banking sector proved resilient during the 2008–2009 financial crises due to various reforms implemented by the Turkish government during the country’s financial crisis in 2000–2001. These included the restructuring of state banks, the strengthening of private banks, the prompt resolution of savings deposit insurance funds, and improvements to the country’s regulatory and supervisory framework. These measures were instrumental in a foreign direct investment (FDI) inflow of US$48 billion in the financial services sector during 2000–2014.

The five largest Turkish banks by market capitalization are TC Ziraat Bankası, Türkiye İş Bankası, Türkiye Garanti Bankası, Akbank and Yapı Kredi Bankası. As of September 2015, what percentages of banking assets were owned by public, private and foreign banks?


• An evaluation of the local wealth management market.

• Analysis of HNWI volume, wealth and allocation trends between 2011 and 2015

• HNWI volume, wealth and allocation forecasts to 2020

• An examination of HNWI and UHNWI asset allocations in 13 asset classes

• A geographical breakdown of all foreign assets

• An alternative breakdown of liquid versus investable assets

• Data on the number of HNWIs in major Turkish cities

• An overview of the size of the local wealth management industry

• Insights into the key drivers of HNWI wealth in Turkey

• Independent market sizing of Turkey’s HNWIs across five wealth bands

• Information on private banks in Turkey

Key Highlights

How many HNWIs are there in Turkey? How much wealth do they collectively hold in US$ billions?

By how much did the Turkish HNWI population decrease in 2015? How does this compare to the preceding year?

What is the substantial growth forecast for the Turkish HNWI population by 2020? What is the projected total of HNWIs by 2020? By what percentage is their wealth forecast to grow? What is the anticipated total in US$ billions?

Which was the largest asset class for Turkish HNWIs in 2015? What proportion of HNWI assets did it account for?

Which asset class recorded the highest growth during the review period?

Reasons to Buy

• Analyze five Turkish wealth bands and identify the preferences for wealth management services in each band. Identify new growth opportunities while minimizing exposure to risk.

• Investigate a comprehensive analysis of the private banking and wealth management sector in Turkey, and deliver value propositions to clients based on the most current market information.

• Analyze HNWI volumes in each major Turkish city, and convert more prospects efficiently and effectively.

• Assess the proliferation of wealth management service providers in Turkey to identify where the competitive balance offers the best chance to increase your share of this lucrative market.

Central Bank of the Republic of Turkey
TC Ziraat Bankası
Türkiye İş Bankası
Türkiye Garanti Bankası
Yapı Kredi Bankasi
UniCredit Group
Citi Bank AŞ
Burgan Bank AŞ
Bank of Tokyo – Mitsubishi UFJ Turkey AŞ (BTMU)
Rhea Asset Management
UNLU & Co. Asset Management Services
and Egeli & Co.

Table of Contents

Table of Contents

1 Introduction

1.1 Details of this Report

1.2 Definitions

2 Executive Summary

3 Turkey Key Facts

4 Distribution of Wealth in Turkey

4.1 HNWI Volume and Wealth Trends

5 Findings from the WealthInsight HNWI Database

5.1 Trends in HNWI Wealth to 2020

5.1.1 HNWI trend analysis

5.1.2 Wealth band trends

5.1.3 Demographic breakdown of HNWIs

5.1.4 HNWIs – job titles

5.1.5 HNWIs – industry breakdown

5.1.6 HNWIs – industry performance

5.1.7 HNWIs – breakdown by city

5.1.8 HNWIs – city performance

5.1.9 HNWIs – city population densities

5.1.10 HNWIs – city forecasts

5.2 UHNWIs

5.2.1 UHNWI volume trend analysis

5.2.2 UHNWI wealth trend analysis

5.2.3 Demographic breakdown of UHNWIs

5.2.4 UHNWIs – industry breakdown

5.2.5 UHNWIs – city breakdown and performance

5.3 UHNWIs – Billionaires

5.3.1 Billionaire volume trend analysis

5.3.2 Billionaire wealth trend analysis

5.3.3 Billionaire per capita net worth trend analysis

5.3.4 List of billionaires

5.4 UHNWIs – Centimillionaires

5.4.1 Centimillionaire volume trend analysis

5.4.2 Centimillionaire wealth trend analysis

5.4.3 Centimillionaire per capita net worth trend analysis

5.5 UHNWIs – Affluent Millionaires

5.5.1 Affluent millionaire volume trend analysis

5.5.2 Affluent millionaire wealth trend analysis

5.5.3 Affluent millionaire per capita net worth trend analysis

5.6 Core HNWIs

5.6.1 Core HNWI volume trend analysis

5.7 Core HNWIs – Mid-Tier Millionaires

5.7.1 Mid-tier millionaire volume trend analysis

5.7.2 Mid-tier millionaire wealth trend analysis

5.7.3 Mid-tier millionaire per capita net worth trend analysis

5.8 Core HNWIs – Lower-Tier Millionaires

5.8.1 Lower-tier millionaire volume trend analysis

5.8.2 Lower-tier millionaire wealth trend analysis

5.8.3 Lower-tier millionaire per capita net worth trend analysis

6 Analysis of Turkish HNWI Investments

6.1 Analysis by Asset Class

6.1.1 Trends in alternative assets

6.1.2 Trends in ‘art, wine and wheels’

6.1.3 Trends of investment in real estate

6.1.4 Trends of investment in cash and deposits

6.1.5 Trends of investment in fixed-income

6.1.6 Investment trends in equity

6.1.7 Investments trends in business interests

6.2 Analysis of Foreign Investments

6.2.1 Investments in Europe

6.2.2 Investments in North America (including the US, Mexico and the Caribbean)

6.2.3 Investments in Asia-Pacific

6.2.4 Investments in South America

6.2.5 Investments in the Middle East

6.2.6 Investments in Africa

6.3 Alternative Breakdown: Liquid vs Investable Assets

6.4 Analysis of Turkish UHNWI Investments

7 Competitive Landscape

7.1 Domestic private banks

7.2 Foreign Private Banks

7.3 Wealth managers

7.4 Family offices

8 Key Drivers

8.1 TRY–US$ Exchange Rate

8.2 Real GDP Growth

8.3 Per Capita GDP

8.4 Domestic Market Capitalization

8.5 Commodity Index

8.6 Foreign Direct Investment (FDI) – Inflows and Outflows

8.7 Inflation Rate

8.8 Interest Rate

8.9 Balance of Payments

8.10 Government Debt

8.11 Stock Market Performance

8.12 Wealth Breakdowns

9 About WealthInsight

Frequently asked questions

Turkey Wealth Report 2016 thematic reports
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