The New York Times piece falsely alleges that Turkey’s millionaire population declined by 12 percent even though millionaire population has been rising
On 2 June 2018, the New York Times published an article about the global capital movements in which it was claimed that the millionaire population in Turkey declined by 12 percent in 2017 due to “affluent Turks effectively moving large sums of money out of the country."
The 12 percent decline in Turkey’s millionaire population last year was by far the largest of any major economy.
However, Turkey’s millionaire population did not decline in 2017. According to Bloomberg, the number of millionaires residing in Turkey increased by 18,105 people and reached 126,969 in 2017 – an increase corresponding to 16.63 percent in total.
The number of millionaires in Turkey continued to rise in the first four months of 2018. According to the news reports prepared by using the data of Turkey’s Banking Regulation and Supervision Agency, the number of millionaires in Turkey now stands at almost 150,000 people.