This report is the result of WealthInsight's extensive research covering the high net worth individual (HNWI) population and wealth management market in Turkey. The report focuses on HNWI performance between the end of 2007 (the peak before the global financial crisis) and the end of 2012. This enables us to determine how well the country's HNWIs have performed through the crisis.
There are just over 94,000 HNWIs and 1,923 UHNWIs in Turkey in 2012. This report reviews the performance and asset allocations of HNWIs and Ultra HNWIs (UHNWIs) in Turkey, and highlights top-performing cities. It also includes an evaluation of the local wealth management industry.
Independent market sizing of Turkish HNWIs across five wealth bands HNWI volume, wealth and allocation trends from 2007 to 2012 HNWI volume, wealth and allocation forecasts to 2017 HNWI and UHNWI asset allocations across 13 asset classes Number of UHNWIs and UHNWI growth rates in every state Number of UHNWIs in all major cities Fastest growing cities for UHNWIs (2007-2012) Number of wealth managers in each city City wise ratings of wealth management saturation and potential Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in Turkey Size of the Turkish wealth management industry Detailed wealth management and family office information Insights into the drivers of HNWI wealth
Reason To Buy
The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource of its kind. Compiled and curated by a team of expert research specialists, the Database comprises profiles on major private banks, wealth managers and family offices in each country. The WealthInsight Intelligence Center Database also includes up to one hundred data-points on over 100,000 HNWIs from around the world. With the Database as the foundation for our research and analysis, we are able obtain an unsurpassed level of granularity, insight and authority on the HNWI and wealth management universe in each of the countries and regions we cover. Report includes comprehensive forecasts to 2017. Also provides detailed information on UHNWIs in each major city.
There were just over 94,000 HNWIs in Turkey in 2012. These HNWIs held US$500 billion in wealth, which equates to 43% of total individual wealth held in the country. At the end of 2012, Turkish HNWIs held 26.6% (US$138 billion) of their wealth outside their home country, which is in line with the worldwide norm of between 20% and 30%. WealthInsight expects foreign asset holdings to reach US$195 billion by 2017 when they will account for 26.4% of total HNWI assets. Istanbul is the largest city for Turkish UHNWIs, accounting for 58% of total UHNWIs with 1,110 individuals. There are also sizable UHNWI populations in Ankara (200 UHNWIs), Izmir (50 UHNWIs), Antalya (40 UHNWIs) and Bursa (30 UHNWIs). Bursa was the top performing city for UHNWIs, with numbers rising by 58% from 19 in 2007 to over 30 in 2012. This rise occurred as many foreign companies chose to build their headquarters in and around the city. Major industries in the city include automotive, textiles, FMCG and tourism (skiing). As of 2012, there are 28 private banks active in Turkey. The largest domestic private banks are Garanti and Yap? Kredi.
1 Introduction 1.1 Details of this Report 1.2 Definitions 2 Executive Summary 3 Wealth Sector Fundamentals 3.1 Political Background 3.2 Economic Background 3.3 Benchmarking Turkish Wealth in Context 3.3.1 World statistics 3.3.2 Distribution of wealth in Turkey 3.4 HNWI Volume and Wealth Trends 4 Findings from the WealthInsight HNWI Database 4.1 Trends in HNWI Wealth to 2017 4.1.1 HNWI trend analysis 4.1.2 Trends of the wealth bands 4.1.3 Demographic breakdown of HNWIs 4.2 UHNWIs 30 4.2.1 UHNWI volume trend analysis 4.2.2 UHNWI wealth trend analysis 4.2.3 Demographic breakdown of UHNWIs 4.2.4 UHNWIs - job titles 4.2.5 UHNWIs - industry breakdown 4.2.6 UHNWIs - industry performance 4.2.7 UHNWI breakdown by city 4.2.8 UHNWIs - city performance 4.2.9 UHNWIs - Istanbul Suburbs 4.2.10 UHNWIs - population densities 4.2.11 UHNWIs - city forecasts 4.3 UHNWIs - Billionaires 4.3.1 Billionaire volume trend analysis 4.3.2 Billionaire wealth trend analysis 4.3.3 Billionaire per capita net worth trend analysis 4.3.4 List of billionaires 4.4 UHNWIs - Centimillionaires 4.4.1 Centimillionaire volume trend analysis 4.4.2 Centimillionaire wealth trend analysis 4.4.3 Centimillionaire per capita net worth trend analysis 4.5 UHNWIs - Affluent Millionaires 4.5.1 Affluent millionaire volume trend analysis 4.5.2 Affluent millionaire wealth trend analysis 4.5.3 Affluent millionaire per capita net worth trend analysis 4.6 Core HNWIs 4.6.1 Core HNWI volume trend analysis 4.7 Core HNWIs - Mid-Tier Millionaires 4.7.1 Mid-tier millionaire volume trend analysis 4.7.2 Mid-tier millionaire wealth trend analysis 4.7.3 Mid-tier millionaire per capita net worth trend analysis 4.8 Core HNWIs - Lower-Tier Millionaires 4.8.1 Lower-tier millionaire volume trend analysis 4.8.2 Lower-tier millionaire wealth trend analysis 4.8.3 Lower-tier millionaire per capita net worth trend analysis 5 Analysis of Turkish HNWI investments 5.1 Analysis by Asset Class 5.1.1 Trends in alternative assets 5.1.2 Trends in "art, wine and wheels" 5.1.3 Trends of investments in real estate 5.1.4 Trends of investments in cash and deposits 5.1.5 Trends of investments in fixed income 5.1.6 Trends of investments in equity 5.1.7 Trends of investments in business interest 5.2 Analysis of Foreign Investments 5.2.1 Investments in Europe 5.2.2 Investments in the Middle East 5.2.3 Investments in North America 5.2.4 Investments in Asia-Pacific 5.2.5 Investments in Latin America 5.2.6 Investments in Africa 5.3 Alternative Breakdown: Liquid vs Investable Assets 5.4 Analysis of Turkish UHNWI Investments 6 Competitive Landscape of the Wealth Sector 6.1 Competitive Landscape 6.1.1 Private banks 6.1.2 Wealth managers 6.1.3 Family offices 6.1.4 Financial advisors 6.2 Developments in the Turkish Private Banking Industry 6.3 Turkish Wealth Management Industry - Clientele Model and Maturity 6.4 Behavioral Mapping of the Wealth Management and Private Banking Industry in the Turkey 6.5 Porter's Five Forces Analysis - Wealth Management Industry in the Turkey 6.6 Financial Services Review 6.6.1 Retail banks 6.6.2 Fund management 7 Appendix 7.1 Additional Components of the Wealth Sector in Turkey 7.1.1 Philanthropy 7.1.2 Demand for intergenerational wealth transfer 7.2 Regulatory environment in Turkey 7.2.1 Regulations on taxes 7.3 Key Drivers 7.3.1 LC to US$ exchange rate 7.3.2 Real GDP growth 7.3.3 Per capita GDP 7.3.4 Domestic market capitalization 7.3.5 Housing price index 7.3.6 Commodity index 7.3.7 Foreign direct investment 7.3.8 Inflation rate 7.3.9 Interest rate 7.3.10 Balance of payments 7.3.11 Government debt 7.3.12 Stock market performance 7.4 Wealth Breakdowns 8 About WealthInsight
Table 1: HNWI Wealth Band and Group Definitions Table 2: TURKEY - Forecast Summary Table 3: TURKEY: HNWIs - Volume Distribution Wealth Pyramid, 2012 Table 4: TURKEY: HNWIs - Wealth Distribution Wealth Pyramid (% share), 2012 Table 5: TURKEY: UHNWI Gender Performance, 2007-2012 Table 6: TURKEY: Sources of UHNWI Wealth (%), 2012 Table 7: TURKEY: UHNWI Cities, 2012 Table 8: TURKEY: UHNWIs in Top Cities, 2007-2012 Table 9: TURKEY: Suburbs of Istanbul, 2007-2012 Table 10: TURKEY: UHNWI Population Density in Major Cities, 2012 Table 11: TURKEY: Top UHNWI Cities, 2007-2017 Table 12: TURKEY: UHNWI Growth Rates for Top Cities, 2007-2017 Table 13: TURKEY: Billionaires - Market Overview (US$ Billion) 2007-2017 Table 14: TURKEY: Top 10 Billionaires, 2012 Table 15: TURKEY: Billionaire Wealth Growth, 2007?2012 Table 16: TURKEY: Centimillionaires - Market Overview, 2007-2017 Table 17: TURKEY: Affluent Millionaires - Market Overview, 2007-2017 Table 18: TURKEY: Mid-Tier Millionaires - Market Overview, 2007-2017 Table 19: TURKEY: Lower-Tier Millionaires - Market Overview, 2007-2017 Table 20: TURKEY: Allocations of HNWI Assets, 2007?2017 Table 21: TURKEY: HNWI Holdings Growth (%), 2007-2017 Table 22: TURKEY: HNWIs - Trends of Investments in Alternative Assets (%), 2007-2017 Table 23: TURKEY: HNWIs - Alternative Asset Composition (%), 2007-2017 Table 24: TURKEY: Trends in "Art, Wine and Wheels", 2007-2011 Table 25: TURKEY: Residential real estate prices, US$ terms, 2012 Table 26: GLOBAL: Prime International Cities (US$), 2007-2012 Table 27: GLOBAL: Prime real estate prices per square meters, US$ terms, 2012 Table 28: TURKEY: HNWIs - % Foreign allocation, 2007-2017 Table 29: TURKEY: HNWIs - Liquidity Breakdown (US$ Billion), 2007-2017 Table 30: TURKEY: HNWIs - Liquidity Breakdown (%), 2007-2017 Table 31: TURKEY: UHNWI Allocations and Share of HNWI Assets, 2012 Table 32: TURKEY: Wealth Managers per City, 2012 Table 33: TURKEY: Wealth Managers and Family Offices, 2012 Table 34: TURKEY: Financial Advisors, 2012 Table 35: TURKEY: M&A Activity, 2012 Table 36: TURKEY: Income Tax Structure for Individuals in Turkey, 2012 Table 37: TURKEY: Free Zones, 2012 Table 38: TURKEY: TRY to US$ Exchange Rate, 2007-2017 Table 39: TURKEY: Real GDP Growth, 2007-2017 Table 40: TURKEY: GDP Per Capita, 2007-2017 Table 41: TURKEY: Domestic Market Capitalization (US$ Billion) 2007-2011 Table 42: TURKEY: Housing Price Index, 2007-2012 Table 43: TURKEY: Commodity Indices, 2007-2017 Table 44: TURKEY: Foreign Direct Investments (US$ Billions) 2007-2017 Table 45: TURKEY: Inflation Rate, 2007-2017 Table 46: TURKEY: Money Market Rate, 2007-2017 Table 47: TURKEY: Balance of Payments (US$ Billion) 2007-2012 Table 48: TURKEY: Government Debt to GDP, 2007-2017 Table 49: TURKEY: Stock Market Performance, 2007-2012 Table 50: TURKEY: HNWI Wealth vs GDP Ratio, 2007-2017 Table 51: TURKEY: Appendix One Table 52: TURKEY: Appendix Two
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