Rich Life in Istanbul
Are you curious about rich life in Istanbul Turkey? In this article, I’ll show you, who the very rich in Istanbul are, where they live, and what kind of lifestyle they enjoy.
All information in this article and more is also included in my YouTube video:
Overview rich life in Istanbul Turkey
If you belong to the rich class, Istanbul is one of the best places to live. I will outline rich life in Istanbul along these categories:
- Rich and super rich in Istanbul
- Origin of wealth
- Children of the rich in Istanbul
- Neighbourhoods of the rich in Istanbul
- Lifestyle of the rich in Istanbul Turkey
1) Rich in Istanbul
In my view, rich individuals have a net worth exceeding 10 million US dollars. There are less than 10,000 people in Turkey in this category. This is just 0.01% of the population. Wealth in Turkey is highly concentrated.
In my opinion, the super rich are those with a net worth of over 100 million US dollars. And there are less than 1,000 individuals in Turkey who fit this category. The majority of the rich, and nearly all of the super-rich enjoy a luxury lifestyle in Istanbul.
Source: UBS wealth report; ratios from DQYDJ
2) Origin of wealth
What’s the origin of their wealth? Most of it is old money. There are many rich families living in Istanbul. Most of whom started very small between the 1920s and 1980s. Over the decades, they have grown their businesses. Today, they mostly operate as large holding companies spanning various industries.
However, there is also a growing number of tech founders. Currently, Istanbul has eight unicorns. These early founders are actively involved in Istanbul’s thriving startup ecosystem. There is a strong concentration in mobile gaming, payments, e-commerce and some other tech sectors.
3) Children of the rich in Istanbul
Now, let’s talk about the rich kids of Istanbul. When it comes to education, they often attend gated private schools in Istanbul. One of the most renowned is the American high-school Robert College.
Some children of the super-rich also attend elite boarding schools in England or Switzerland. They commonly study at universities in the US. After graduating, some gain work experience abroad.
But ultimately, they join the family business. Or they start their own company with seed funding from their families.
4) Neighbourhoods of the rich in Istanbul
Check my YouTube video (link in the top) for a more detailed look at the rich neighbourhoods in Istanbul
Where do the wealthy live in Istanbul? They mostly live in rich neighbourhoods along the Bosphorus. And there are some additional wealthy neighbourhoods in other districts.
And what kind of properties do rich people prefer in Istanbul? There are three types: Bosphorus view properties, luxury villas and high-end so-called ‘residans’ apartments. Residans apartments are typically used as second homes. And prices for Bosphorus-view apartments start at 1.2 million US dollars.
The super rich in Istanbul prefer ‘yalı’ waterfront mansions along the Bosphorus. These mansions are scattered along both sides of the Bosphorus. But the highest concentration is on the Asian side.
Owning a yalı is the ultimate status symbol in Turkey. One of the most famous foreign tenants is Russian billionaire Roman Abramovich. He is the former owner of Chelsea Football Club. He pays 50,000 US dollars per month in rent for a yalı on the Asian side. Prices for these exclusive properties in Istanbul range from 10 million to 150 million US dollars.
5) Lifestyle of the rich in Istanbul Turkey
Now, let’s take a look at the lifestyle of the rich in Istanbul. They often own summer homes in Bodrum or Çesme. The very rich in Istanbul also have properties in London, New York or Miami.
The super rich also own yachts. The Aegean and Mediterranean coasts of Turkey are beautiful for sailing. American billionaires like Bill Gates and Jeff Bezos also like to come here.
Football is another major passion for Turkey’s wealthy elite. Many hold prominent positions in Turkish football clubs.
You can explore other articles about Istanbul by clicking on one of the following categories: