Pool of millionaires grows 18.5 pct in June over a year ago

August 08, 2012, Wednesday/ 16:47:00/ TODAY'S ZAMAN

The number of individuals and businesses who have more than TL 1 million in deposits in the country's banks increased by 18.5 percent as of June of this year compared to the same month in 2011, according to a new report.

Turkey's Banking Regulation and Supervision Agency (BDDK) released their Interactive Monthly Bulletin on Wednesday, revealing that 7,931 new people joined the club of millionaires in the past 12 months. This means the total amount of millionaires' assets increased by TL 27.4 billion in this period. Total assets belonging to Turkey's 50,844 millionaires stood at TL 341.1 billion in June 2012. This amount was 8.7 percent lower in June of last year. Total assets held in Turkish banks stands at TL 718.79 billion. This means millionaires hold 47.5 percent of total assets in Turkish banks. The assets of local millionaires are divided as follows: 33.1 percent belonged to individuals, 55.9 percent to businesses while 11 percent belonged to public institutes.

The agency bulletin shows that the number of millionaires who have accounts in Turkish banks but live or operate in foreign countries, particularly in big European countries such as Germany, the Netherlands, Belgium and France, is 877. The number of Turkish nationals and foreign citizens who reside abroad but keep over TL 1 million in assets in Turkish banks increased by 55.5 percent in June over the same month in 2011. These people (877 individuals and firms) hold TL 34.6 billion in assets in Turkish banks.

The number of bank accounts that hold less than TL 10,000 was 49.2 million in June of this year with a total asset value of TL 34.5 billion. This is only 4.8 percent of total assets held in Turkish banks. The increase in the number of millionaires follows a boost in the Turkish economy over the past decade. The Turkish economy grew by nearly 7 percent on average each year for the six years between 2002 and 2008. The country was the world's 16th-largest economy, with a $770 billion GDP at the end of last year.

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