Turkey’s economic crisis takes toll on wealth holders (Al Monitor, Nov.27, 2019)

The Turkish Statistics Institute (TUIK) is yet to release income distribution figures for 2019, but the Global Wealth Report by the financial giant Credit Suisse puts Turkey among the countries that saw major losses in wealth this year. The erosion owes mainly to the Turkish lira’s slump against the dollar, which was the trigger of Turkey’s crisis itself, the decrease in gross domestic product (GDP) and the decline in the price of real estate, which forms the backbone of wealth. According to the report, the richest 1% in Turkey saw their share of total wealth fall from 54% in 2018 to 42.5%.

https://www.al-monitor.com/pulse/originals/2019/11/turkey-economic-crisis-takes-toll-on-wealth-holders.html

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