FURKAN – Turkey’s rich invest in property, not technology

Turkey’s rich invest in property, not technologyReal estate dominates the investments of Turkeyand#39s wealthiest individuals, a latest list of the richest Turks shows.This contrasts with a finding in the global version of the same list which showed that most of the global rich generate their wealth from investments in technology.

Forbes Turkey released its list of the 100 richest Turks on Tuesday, one day after the international edition of the magazine published its Worldand#39s Billionaires list. Bill Gates, the co-founder of Microsoft, was ranked the worldand#39s richest person for the second consecutive year with a net wealth of $79.

2 billion. While 85 of the top 100 richest people in Turkey hold key investments in real estate, 83 also operate in the energy sector Fifty-four individuals invest in tourism and 46 in finance however, only 15 members of the list invest in fields related to technology.

Among those who generate most of their wealth from construction projects are the CEO of Torunlar GYO, Aziz Torun the founder of Enka Holding, TarIk Iara and the chairman of AIaoIlu, Ali AIaoIlu. Others, such as DoIan Holdingand#39s honorary chairman AydIn DoIan and Zorlu Holdingand#39s Chairman Ahmet Nazif Zorlu, did not miss the chance to invest in construction projects whenever they considered the project profitable.

All of the wealthiest families in Turkey possess at least one hotel in the country and are counted among the real estate investors on Forbes Turkeyand#39s list. According to the list, Turkey had 33 billionaires as of 2015.

Murat ulker, the chairman of YIldIz Holding, Turkeyand#39s largest food company, was named the richest person in the country with a fortune of $4.4 billion and was ranked the worldand#39s 369th wealthiest person on the international list.

Husnu zyeIin, the CEO of Fiba Holding, was ranked the second wealthiest individual in Turkey with a fortune of $2.7 billion and was followed by Semahat Arsel with $2.

6 billion. As people with identical fortunes must share a ranking, the list actually included 118 names.

Their collective wealth amounted to $100.4 billion.

While ulker increased his profits most in the past year with $700 million in profits for the year, Tara has seen the biggest drop in assets, losing $500 million.Forbes Turkey has been releasing the list of 100 richest people in Turkey for almost 10 years.

Forty-eight of those on the magazineand#39s first list in 2006 remain on the list this year.

SOURCE: Today’s Zaman