Affluent people in Istanbul
Are you curious about affluent life in Istanbul Turkey? In this article, I’ll describe how much the affluent class in Istanbul earns, where they live and how much they spend in a month.
All information in this article and more is also included in my YouTube video:
Overview affluent life in Istanbul
I will outline affluent life in Istanbul along these categories. I will also discuss happiness of high earners:
- Affluent class in Istanbul
- Types of affluent earners in Istanbul
- Affluent neighbourhoods in Istanbul
- Monthly cost of living in Istanbul
- Happiness of high earners
1) Affluent class in Istanbul
In my view, the affluent class in Istanbul are households with incomes between 10.000 and 20.000 euros per month. This income range places them within the top 1% income bracket.
Typically, this is a family with one or two children. The husband works full-time. The wife works only if she has a successful career or her own business.
2) Types of affluent earners in Istanbul
There are two types of affluent earners:
The first group consists of high-earning employees. These individuals attended the best universities in Turkey. And they graduated among the top in their class. Many have also completed a Master’s degree or MBA in the US or Europe.They work in one of the commercial centres in Istanbul. By their mid thirties, they get promoted into high management positions. This is the moment, when they begin earning these incomes.
The second group consists of business owners. They own businesses with up to 50 employees. These can be in various industries.
In fact, business owners make up the majority of the affluent class in Turkey. This is quite different from the US and Europe. In western countries, there are many high-salary jobs in tech, finance, consulting, private equity, venture capital and top law firms.
3) Affluent neighbourhoods in Istanbul
Check my YouTube video (link in the top) for a more detailed look at the rich neighbourhoods in Istanbul
Now, where do affluent people live in Istanbul? Affluent people mostly live in rich neighbourhoods within the Bosphorus districts in Istanbul. There are also some wealthy neighbourhoods in some other districts.
The affluent class can afford to buy properties up to 1 million euros. However, most of them only can rent luxury properties, such as ones with full Bosphorus views or high-end „residans“ apartments.
But there are still some property classes like yalı waterfront mansions which are out of reach.
4) Monthly cost of living in Istanbul
Now, let’s look at their monthly cost of living in Istanbul. Housing expenses range from 3.000 to 6.000 euros per month. This is either to buy an apartment or villa; or to rent a luxury property in Istanbul.
Their living expenses depend on their lifestyle. Some typical expenses include top private schools, which can cost up to 2.000 Euros per month per child. Many families employ a nanny, which adds another 1.000 Euros per month. The affluent class typically owns two cars. Expensive vacations are another major expense.
5) Happiness of high earners
Next, I want to talk about happiness of affluent people. Let’s start with the employed husband in a senior management position. Their jobs are very demanding with 50-70 hours per week. They are employed and answer to a boss. And they work hard to maintain their lifestyle. Many enjoy the prestige and financial opportunities. But many are also not happy, as their lives feel like a very fast-moving hamster wheel. They only enjoy life on weekends and vacations.
Business owners work even 6 or 7 days per week. But they are much more flexible. However, the key difference is: They are self-driven and their own boss. For many, it doesn’t feel like work. From my observations, their satisfaction depends on their passion for their business. Business owners tend to be happy, if they find purpose in their work.
You can explore other articles about Istanbul by clicking on one of the following categories: