Türkiye’s Richest: Forbes & GZT Reveal Top Billionaires & New Entrants (2024)
Türkiye’s wealthiest individuals have seen a reshuffling of fortunes, with Murat Ülker of Yıldız Holding claiming the top spot on Forbes’ latest list, according to reports surfacing in late February and early March 2026. This marks a shift from previous years, where Ibrahim Erdemoğlu of Erdemoğlu Holding held the position.
Ülker’s net worth is estimated at $5.1 billion, a significant figure in the Turkish business landscape. The change at the top reflects broader economic currents impacting Turkish companies, particularly those involved in manufacturing and consumer goods. Erdemoğlu, whose fortune was previously valued at $5.3 billion, saw a substantial decline in his wealth due to a downturn in the value of SASA shares, falling to 10th place with a current valuation significantly lower than his previous peak.
The Forbes list, which tracks dollar millionaires in Türkiye, reveals a diverse range of business interests among the country’s elite. Ipek Kıraç, daughter of Suna Kıraç from the Koç family, previously held the second position with assets of $3.2 billion, but recent reports indicate a substantial drop in her wealth. Semahat Sevim Arsel, also a member of the Koç family, ranks third with a fortune of $3.1 billion, closely followed by Şaban Cemil Kazancı at $3.1 billion.
Mustafa Rahmi Koç, a prominent figure in Turkish industry, holds the fifth position with a net worth of $2.8 billion. Erman Ilıcak follows with $2.6 billion, and Hamdi Ulukaya, the owner of Chobani, is seventh with $2.5 billion. Mehmet Sinan Tara ranks eighth with $2.4 billion, and Ferit Şahenk is ninth with $2.2 billion.
Notably, Selçuk Bayraktar, known for his role in the defense industry, has made his debut on the list, signaling the growing prominence of the technology and defense sectors within the Turkish economy. This inclusion is a recent development, reflecting the increasing financial success and recognition of companies in these fields.
The fluctuations in wealth highlight the volatility of the Turkish market and the impact of global economic trends. Erdemoğlu’s decline, for example, is directly linked to the performance of SASA’s stock, demonstrating the sensitivity of fortunes to market conditions. The broader economic context, including currency fluctuations (the USD/TRY exchange rate was reported at 43.84 as of February 24, 2026) and inflationary pressures, undoubtedly plays a role in these shifts.
The Forbes data also comes amid a broader global trend of wealth concentration. According to reports from earlier in 2024, there were 2,781 billionaires worldwide, with the United States adding the most new billionaires (109) and India following closely behind (84). However, China experienced a loss of 155 billionaires, attributed to economic distress and a property market crisis. This global picture underscores the uneven distribution of wealth and the varying economic fortunes of different nations.
China’s economic slowdown, characterized by low inflation and a struggling property market, serves as a cautionary tale. The country’s real estate development saw a 9.6% decline in 2023, and home sales fell by 6.5%. More than 50 real estate companies have defaulted on debt, indicating significant stress within the sector. These challenges contrast sharply with the relative stability, albeit with its own fluctuations, observed in the Turkish market.
The Forbes Türkiye list provides a snapshot of the country’s economic powerhouses and the individuals driving its growth. The rise of new entrants like Selçuk Bayraktar and the shifts in rankings among established figures demonstrate the dynamic nature of the Turkish business environment. The list also reflects the continued influence of established family businesses, such as the Koç and Ülker families, who remain at the forefront of the Turkish economy.
The changing composition of the list also suggests a potential shift in the sectors driving wealth creation in Türkiye. While traditional industries like manufacturing and finance remain important, the growing presence of technology and defense companies indicates a diversification of the economic base. This diversification could be crucial for long-term sustainable growth and resilience in the face of global economic challenges.
The Forbes assessment of Turkish billionaires is a key indicator for investors and observers of the Turkish economy. The data provides insights into the health of various sectors, the performance of key companies, and the overall economic climate. While individual fortunes can fluctuate, the underlying trends revealed by the list offer valuable information for understanding the dynamics of the Turkish business world.