talgat Kerimov
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1 Moscow, 74 billionaires, average net worth $5.9bn
2 New York, 71, $3.3bn
3 London, 36, $4.1bn
4 Istanbul, 34, $1.7bn
5 Hong Kong, 30, $5bn
6 Los Angeles, 24, $3bn
7 Mumbai, 20, $7.6bn
8 San Francisco, 19, $3.1bn
9 Dallas, 15, $2.6bn
10 Tokyo, 15, $2.8bn
Source: Forbes
The number of Turkish billionaires is a testament to a remarkable change only seven years after a currency meltdown left the countrys economy teetering on the point of collapse. Istanbul is again enjoying the commercial importance that made it the centre of empires for centuries.
A capitalist boom in recent years has attracted a flood of foreign investment. Property prices have doubled, and in some areas tripled, in dollar terms over the past five years.
Glitzy shopping malls selling luxury goods have proliferated. The business district has been transformed by shiny new skyscrapers.
The new-found wealth has yet to trickle down to the mass of the population. For most of Istanbuls 14m inhabitants, simply making ends meet remains a constant struggle. Yet there is little sign of resentment at the huge fortunes being accumulated along the Bosphorus, the waterway that winds through the heart of the city. Instead, the wealth has turned Istanbul into a city of dreams.
Most of those on the Forbes list belong to just a handful of families, such as the Sabancis, who have made their fortunes over the past 50 years in industry, banking and construction. Good political connections have helped them to flourish.
The Koc family has enjoyed such a close relationship with the state that at one time its various companies employed more than 100 retired military officers to facilitate relationships with the otherwise onerous state bureaucracy.
Ahmet Calik, one of the newest members of the Bosphorus billionaires club with a personal fortune of about $1.5 billion, is a close friend of Tayyip Erdogan, the prime minister who came to power in 2002.
Last year Calik appointed Berat Albayrak, the prime ministers 26-year-old son-in-law, as his companys general manager. It is possibly no coincidence that the company has recently secured a number of lucrative state contracts and privatisation deals.
Aydin Dogan, a Turkish media mogul whose wife and four daughters are all included on the billionaires list, is always treated with considerable caution by the political party in power.
Other billionaires were following the example of the American Bill Gates, founder of Microsoft, and using their money to bolster their standing. Husnu Ozyegin, whose $4 billion makes him the third richest man in Turkey, has spent $50m of his own money on building 36 primary schools.
There have been occasional reminders that wealth does not necessarily bring happiness. Ali Nuri Colakoglu, the brother of Hasan Colakoglu, 26th on the Forbes list, shot himself in January on the shores of the Bosphorus and died.
1 Moscow, Russia
Number of billionaires: 74 Average net worth: $5.9 billion
While London and New York squabble over bragging rights to the most billionaire residents, it is Moscow that now comes up on top. The Russian capital has more billionaires than any other city in the world. It's a remarkable jump from 2002, when just five billionaires lived there. Now, thanks to a boom in commodities like oil and metal, Moscow counts 74 billionaires among its city dwellers. And compared with other major billionaire cities, Moscow is relatively cheap.
2 . New York, N.Y.
Number of billionaires: 71 Average net worth: $3.3 billion
For the first time in nearly a decade, New York falls from the top spot. But many of the 71 billionaires populating New York's high-rises are the biggest names in business--from media mogul Rupert Murdoch to real estate honcho Donald Trump. The city even has a billionaire mayor: no wonder money is everywhere. And in a city like New York, you'll need it. Dinner for two at Michelin star-rated Per Se will cost you $550. A haircut from celebrity stylist Sally Hershberger? A mere $800.
3 London, U.K.
Number of billionaires: 36 .Average net worth: $4.1 billion
Thanks to the strong pound, England's capital is teeming with dollar billionaires. Among them: airline and media magnate Richard Branson, cheap chic clothier Philip Green and the wealthiest resident in Europe, steel baron Lakshmi Mittal. It would take a billionaire-sized bank account to stay solvent in London. An average home in the pricey Belgravia neighborhood can run into the tens of millions. The U.K.'s richest citizen, the Duke of Westminster, is banking on it. Through his property group and trusts, the duke owns huge swaths of the city's most valuable land.
4 Istanbul, Turkey
Number of billionaires: 34
.Its waterfront location makes this Turkish city an attractive bet for tourists and billionaires alike. Turkey has 35 billionaire citizens, all but one of whom reside in Istanbul. The city's wealthiest make their money from varying sources from cellphones to banking. But they don't have to spend much of their fortunes to enjoy the city. The cost of a flat in the posh Bebek neighborhood will only set you back $5,000 a month. Maids and nannies here can be hired for just $50 a day. Being a resident has its benefits. Visiting the city can be far costlier. Two nights at the famed Ciragan Kempinski Istanbul will leave you $10,000 poorer.
5 Hong Kong
Number of billionaires: 30
Number of billionaires: 30 .Average net worth: $5 billion
This former British colony has the greatest number of billionaires of any Asian city. The absence of a capital gains tax here makes it a thriving business hub. And plenty of billionaires have benefited. The area's wealthiest, Li Ka-shing (with $26.5 billion), heads Asian telecom giant Hutchison Whampoa. His company sold a stake in an Indian mobile group for $11 billion last year. Son Richard, trying to climb out of Dad's shadow, is making big bets on real estate. In 2006, he sold the most expensive piece of land in Tokyo for $1.7 billion
6 Los Angeles, Calif.
Number of billionaires: 24 .Average net worth: $3 billion
The nation's nexus of glitz and glamour, not surprisingly, has billionaires from all corners of the entertainment industry--from Academy-Award-winning director Steven Spielberg to Viacom head Sumner Redstone. But southern California's richest resident invests far from Hollywood these days. Activist shareholder Kirk Kerkorian, known for his attempted shake-ups at General Motors and Chrysler--as well as his forays into the hotel business--is again making headlines for recently increasing his stake in another American automaker, Ford Motor. The bulk of his fortune is in Las Vegas gaming group MGM Mirage.
7 Mumbai, India
Number of billionaires: 20 .Average net worth: $7.6 billion
Mumbai has bragging rights in our roundup as the city with the richest billionaires. India's center of business and culture boasts 20 billionaires with an average net worth of $7.6 billion, far outstripping Moscow's $5.9 billion. Though India's wealthiest citizen Lakshmi Mittal resides in London, two of the richest on our billionaires list--dueling brothers Mukesh and Anil Ambani--live in Mumbai. Mukesh, worth $43 billion in March, is richer and wants the world to know it. He is building a 27-story home at a reported cost of $2 billion.
8 San Francisco, Calif.
Number of billionaires: 19 .Average net worth: $3.1 billion
Though the Internet bubble burst years ago, this northern California city is still home to notable tech tycoons, including Google founder Larry Page (he and co-founder Sergey Brin are the Bay Area's richest); PayPal founder and early Facebook investor Peter Thiel; and audio giant Ray Dolby, head of Dolby Labs. Other tech titans, such as venture capitalist John Doerr and Facebook founder Mark Zuckerberg, live nearby in Silicon Valley.
9 Dallas, Texas Usa
Number of billionaires: 15 .Average net worth: $2.6 billion
This southern city is swimming in oil billionaires like T. Boone Pickens and Ray Lee Hunt. But Dallas has room for Texas-sized fortunes from all sectors. Other wealthy Dallas denizens: Mavericks owner Mark Cuban, known more for his courtside antics than his background in technology, and 1992 presidential spoiler H. Ross Perot, whose fortune is derived from data supplier Perot Systems. Where do Dallas' wealthiest dine? World-class chefs like Top Chef's Tom Colicchio and sushi maestro Nobu Matsuhisa have set up lavish outposts in this unlikely gourmet destination.
10 Tokyo, Japan
Number of billionaires: 15
.Average net worth: $2.8 billion
Back in 1987, Tokyo was home to the richest man in the world, real estate baron Yoshiaki Tsutsumi. In 2002, it ranked third among cities with the most billionaires. But more recently, Japanese fortunes have fallen far--and with them, Tokyo's status. It now just makes the top 10. Its most prominent tycoons include such billionaires as Masayoshi Son, founder of Japan's leading Internet service provider SoftBank, and Nobutada Saji, head of drinks giant Suntory.
Source:Turkey’s new rich find the Midas touch - Times Online
2 New York, 71, $3.3bn
3 London, 36, $4.1bn
4 Istanbul, 34, $1.7bn
5 Hong Kong, 30, $5bn
6 Los Angeles, 24, $3bn
7 Mumbai, 20, $7.6bn
8 San Francisco, 19, $3.1bn
9 Dallas, 15, $2.6bn
10 Tokyo, 15, $2.8bn
Source: Forbes
The number of Turkish billionaires is a testament to a remarkable change only seven years after a currency meltdown left the countrys economy teetering on the point of collapse. Istanbul is again enjoying the commercial importance that made it the centre of empires for centuries.
A capitalist boom in recent years has attracted a flood of foreign investment. Property prices have doubled, and in some areas tripled, in dollar terms over the past five years.
Glitzy shopping malls selling luxury goods have proliferated. The business district has been transformed by shiny new skyscrapers.
The new-found wealth has yet to trickle down to the mass of the population. For most of Istanbuls 14m inhabitants, simply making ends meet remains a constant struggle. Yet there is little sign of resentment at the huge fortunes being accumulated along the Bosphorus, the waterway that winds through the heart of the city. Instead, the wealth has turned Istanbul into a city of dreams.
Most of those on the Forbes list belong to just a handful of families, such as the Sabancis, who have made their fortunes over the past 50 years in industry, banking and construction. Good political connections have helped them to flourish.
The Koc family has enjoyed such a close relationship with the state that at one time its various companies employed more than 100 retired military officers to facilitate relationships with the otherwise onerous state bureaucracy.
Ahmet Calik, one of the newest members of the Bosphorus billionaires club with a personal fortune of about $1.5 billion, is a close friend of Tayyip Erdogan, the prime minister who came to power in 2002.
Last year Calik appointed Berat Albayrak, the prime ministers 26-year-old son-in-law, as his companys general manager. It is possibly no coincidence that the company has recently secured a number of lucrative state contracts and privatisation deals.
Aydin Dogan, a Turkish media mogul whose wife and four daughters are all included on the billionaires list, is always treated with considerable caution by the political party in power.
Other billionaires were following the example of the American Bill Gates, founder of Microsoft, and using their money to bolster their standing. Husnu Ozyegin, whose $4 billion makes him the third richest man in Turkey, has spent $50m of his own money on building 36 primary schools.
There have been occasional reminders that wealth does not necessarily bring happiness. Ali Nuri Colakoglu, the brother of Hasan Colakoglu, 26th on the Forbes list, shot himself in January on the shores of the Bosphorus and died.
1 Moscow, Russia
Number of billionaires: 74 Average net worth: $5.9 billion
While London and New York squabble over bragging rights to the most billionaire residents, it is Moscow that now comes up on top. The Russian capital has more billionaires than any other city in the world. It's a remarkable jump from 2002, when just five billionaires lived there. Now, thanks to a boom in commodities like oil and metal, Moscow counts 74 billionaires among its city dwellers. And compared with other major billionaire cities, Moscow is relatively cheap.
2 . New York, N.Y.
Number of billionaires: 71 Average net worth: $3.3 billion
For the first time in nearly a decade, New York falls from the top spot. But many of the 71 billionaires populating New York's high-rises are the biggest names in business--from media mogul Rupert Murdoch to real estate honcho Donald Trump. The city even has a billionaire mayor: no wonder money is everywhere. And in a city like New York, you'll need it. Dinner for two at Michelin star-rated Per Se will cost you $550. A haircut from celebrity stylist Sally Hershberger? A mere $800.
3 London, U.K.
Number of billionaires: 36 .Average net worth: $4.1 billion
Thanks to the strong pound, England's capital is teeming with dollar billionaires. Among them: airline and media magnate Richard Branson, cheap chic clothier Philip Green and the wealthiest resident in Europe, steel baron Lakshmi Mittal. It would take a billionaire-sized bank account to stay solvent in London. An average home in the pricey Belgravia neighborhood can run into the tens of millions. The U.K.'s richest citizen, the Duke of Westminster, is banking on it. Through his property group and trusts, the duke owns huge swaths of the city's most valuable land.
4 Istanbul, Turkey
Number of billionaires: 34
.Its waterfront location makes this Turkish city an attractive bet for tourists and billionaires alike. Turkey has 35 billionaire citizens, all but one of whom reside in Istanbul. The city's wealthiest make their money from varying sources from cellphones to banking. But they don't have to spend much of their fortunes to enjoy the city. The cost of a flat in the posh Bebek neighborhood will only set you back $5,000 a month. Maids and nannies here can be hired for just $50 a day. Being a resident has its benefits. Visiting the city can be far costlier. Two nights at the famed Ciragan Kempinski Istanbul will leave you $10,000 poorer.
5 Hong Kong
Number of billionaires: 30
Number of billionaires: 30 .Average net worth: $5 billion
This former British colony has the greatest number of billionaires of any Asian city. The absence of a capital gains tax here makes it a thriving business hub. And plenty of billionaires have benefited. The area's wealthiest, Li Ka-shing (with $26.5 billion), heads Asian telecom giant Hutchison Whampoa. His company sold a stake in an Indian mobile group for $11 billion last year. Son Richard, trying to climb out of Dad's shadow, is making big bets on real estate. In 2006, he sold the most expensive piece of land in Tokyo for $1.7 billion
6 Los Angeles, Calif.
Number of billionaires: 24 .Average net worth: $3 billion
The nation's nexus of glitz and glamour, not surprisingly, has billionaires from all corners of the entertainment industry--from Academy-Award-winning director Steven Spielberg to Viacom head Sumner Redstone. But southern California's richest resident invests far from Hollywood these days. Activist shareholder Kirk Kerkorian, known for his attempted shake-ups at General Motors and Chrysler--as well as his forays into the hotel business--is again making headlines for recently increasing his stake in another American automaker, Ford Motor. The bulk of his fortune is in Las Vegas gaming group MGM Mirage.
7 Mumbai, India
Number of billionaires: 20 .Average net worth: $7.6 billion
Mumbai has bragging rights in our roundup as the city with the richest billionaires. India's center of business and culture boasts 20 billionaires with an average net worth of $7.6 billion, far outstripping Moscow's $5.9 billion. Though India's wealthiest citizen Lakshmi Mittal resides in London, two of the richest on our billionaires list--dueling brothers Mukesh and Anil Ambani--live in Mumbai. Mukesh, worth $43 billion in March, is richer and wants the world to know it. He is building a 27-story home at a reported cost of $2 billion.
8 San Francisco, Calif.
Number of billionaires: 19 .Average net worth: $3.1 billion
Though the Internet bubble burst years ago, this northern California city is still home to notable tech tycoons, including Google founder Larry Page (he and co-founder Sergey Brin are the Bay Area's richest); PayPal founder and early Facebook investor Peter Thiel; and audio giant Ray Dolby, head of Dolby Labs. Other tech titans, such as venture capitalist John Doerr and Facebook founder Mark Zuckerberg, live nearby in Silicon Valley.
9 Dallas, Texas Usa
Number of billionaires: 15 .Average net worth: $2.6 billion
This southern city is swimming in oil billionaires like T. Boone Pickens and Ray Lee Hunt. But Dallas has room for Texas-sized fortunes from all sectors. Other wealthy Dallas denizens: Mavericks owner Mark Cuban, known more for his courtside antics than his background in technology, and 1992 presidential spoiler H. Ross Perot, whose fortune is derived from data supplier Perot Systems. Where do Dallas' wealthiest dine? World-class chefs like Top Chef's Tom Colicchio and sushi maestro Nobu Matsuhisa have set up lavish outposts in this unlikely gourmet destination.
10 Tokyo, Japan
Number of billionaires: 15
.Average net worth: $2.8 billion
Back in 1987, Tokyo was home to the richest man in the world, real estate baron Yoshiaki Tsutsumi. In 2002, it ranked third among cities with the most billionaires. But more recently, Japanese fortunes have fallen far--and with them, Tokyo's status. It now just makes the top 10. Its most prominent tycoons include such billionaires as Masayoshi Son, founder of Japan's leading Internet service provider SoftBank, and Nobutada Saji, head of drinks giant Suntory.
Source:Turkey’s new rich find the Midas touch - Times Online
