millionaire boom

In 2021, which passed with crisis, high cost and pandemic, the number of millionaires is also booming. The number of depositors with deposits of TL 1 million or more in their accounts increased by 202 thousand people in the last year to 511 thousand 685. In the same period last year, this number was 309 thousand 730 people.

Millionaires added wealth to their fortunes during this period. In November 2020, the wealth of those who have deposits of 1 million TL or more in their accounts increased from 1 trillion 985 billion 987 million TL to 3 trillion 246 billion 796 million TL in November this year.

They ran for currency

According to the data of the Banking Regulation and Supervision Agency (BDDK), the total number of millionaires residing in Turkey and abroad increased by 65 percent in November 2021 compared to the same period of the previous year. The total deposits of the said millionaires increased by 1 trillion 260 billion 809 million TL in the last year. The average deposit amount per millionaire was 6 million 345 thousand liras.

The number of resident millionaires jumped to 461,917 people in November 2021, an increase of 181,141 compared to the same period of the previous year.

In the same period, the total deposits of resident millionaires increased from 1 trillion 862 billion 350 million liras to 3 trillion 32 billion 413 million liras.

960 billion 306 million liras of the deposits of resident millionaires consisted of local currency, 1 trillion 964 billion 496 liras of foreign currency deposit accounts, and 107 billion 610 million liras of precious metal deposit accounts. Compared to last year, there is a significant increase in precious metal deposit accounts.

The number of depositors residing abroad increased to 49,768 as of the end of November 2021. 17 billion 134 million liras of deposits in banks of depositors residing abroad were in local currency and 194 billion 533 million liras in foreign currency. Last year, the amount of foreign currency deposits in this area was 105 billion 409 million liras.

Those in need of help doubled

According to the 2022 annual program announced by the Presidency to the public, between 2019 and 2020, when the exchange rate increased rapidly and the pandemic emerged, the number of families in need of state aid throughout the country doubled from 3.3 million to 6.6 million.

The increase in foreign exchange, high increases in basic goods and services, made the living conditions of millions of families with narrow and fixed income even more difficult. Even the hunger limit for a family of four was above the current minimum wage. As of November 2021, the cost of living for a single person exceeded the net minimum wage by 1,078 TL. The monthly food expenditure (hunger limit) required for a family of four to have a healthy, balanced and adequate diet has exceeded 3 thousand 191 liras.


Source: Cumhuriyet Gazetesi – Güncel by www.cumhuriyet.com.tr.

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