TODAY’S – Report: Number of Turkish billionaires more than doubles

Report: Number of Turkish billionaires more than doubles The number of Turkish businesspeople with a fortune of greater than $1 billion has more than doubled in the last decade, in line with a surge in the countryand#39s national income, according to a report in a local magazine published on Wednesday.According to Turkish magazine Ekonomistand#39s andldquo100 Richest Turksandrdquo list for 2014, the number of Turkish billionaires increased from 24 in 2004 to 57 in 2014, with the wealth of those in the top five nearing a total of $35 billion.

The owner of Turkeyand#39s leading conglomerate Ko Holding, CEO Mustafa Ko, topped the magazineandlsquos list with a fortune above $8 billion and was followed by Ferit Iahenk, the owner of DoIuI Holding, with $7 billion, Ekonomist said. Ievket SabancI, head of Esas Holding, was ranked third with $6 billion in wealth.

Erol and Turkan SabancI, members of the major Turkish holding SabancI — which had gone through a restructuring following the death of its head, SakIp SabancI, in 2004 — followed as 4th and 5th with $6 billion in wealth, respectively.Turkeyand#39s national income also more than doubled between 2004 and 2014 to reach $820 billion this year, the magazine said.

The owners of Enka holding, EczacIbaII Anadolu Grubu, Fiba Holding and DoIan Holding were the remaining wealthiest people on Ekonomistand#39s top 10 list, respectively.Despite a boom in the wealth of the richest families, income disparity is even wider in Turkey today compared to a decade ago.

According to Credit Suisseand#39s Global Wealth Report 2014, released earlier this month, income disparity increased by 21 percent in Turkey between 2000 and 2014, making it the third-fastest-growing country in terms of deterioration in income equality in that period, after Egypt and Hong Kong.

SOURCE: Today’s Zaman

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