The Richest Men in Turkey
by kalyani10
Turkey's location at the crossroads of Europe and Asia has always invested it with great significance in economic and strategic affairs. The country is among the founding members of the OECD and the G-20 major economies and is negotiating for full European Union membership as well. The Turkish economy though traditionally agriculture-based has now expanded to include industry, tourism and other service sectors. Here are some of the richest men in Turkey who have benefited from the country’s growing economic clout.
- Husnu Ozyegin
With a net worth of $3 billion, Husnu Ozyegin is the richest man in Turkey1. He is the chairman of Fiba and Fina Holding and his investments range across financial services, tourism, retail and real estate development companies. In 2006 he sold Finansbank AS (FINBN) to National Bank of Greece SA for about $5 billion. Buoyed up by the sale, Ozyegin in recent times appears to have gone on an expansion spree - he announced plans to expand his holdings into energy by investing over $500 million in wind power projects over the next two years. His Credit Europe Bank and Fibabanka have been opening in new markets and growing deposits.
The 68 year old self-made billionaire is married and has two children. Apart from adding on to his commercial enterprise, Ozyegin is a staunch supporter of social initiatives and in 2008 he founded the Ozyegin University to bring educational opportunities to deserving young people; in October 2011, the University moved to a new campus to better cater to the 1,500 strong student body.
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- Mehmet Emin Karamehmet
The second richest man in Turkey according to Forbes 2012 List of World Billionaires is Mehmet Emin Karamehmet, founding partner of Turkey’s biggest mobile operator Turkcell Iletisim Hizmetleri AS (TCELL). The telecommunications tycoon fell to second place with an estimated net worth of $2.9 billion down from $4 billion in 2011. His net worth declined as Turkcell, in which his holding company Cukurova Holding AS has 13.7 percent, lost about 26 percent of its market value over the past year.
Karamehmet founded his first trading firm at age 22 which eventually grew into one of Turkey's largest diversified conglomerates with interests in telecommunications, real estate, energy among others. However in recent times, the 68 year old billionaire has been beset with several problems. In 2011, he was slapped with a jail sentence and $300 million fine for embezzlement related to use of loans at Pamubank AS, a lender he owned until regulators seized it in 2002. Over the past year, Karamehmet failed to pay for the electricity distribution tenders that he won for $4.9 billion with his former partner Mehmet Kazanci; the tenders were cancelled. He also failed to pay up for the Baskent natural gas tender which he won; not only the tender was cancelled, he even ended up losing his $92 million down-payment. Again in April 2011, Karamehmet's Cukurova Group faced tax penalties while his shares in Turkcell are being contested in a lawsuit by partner, Altimo. However Karamehmet has long had a reputation for bouncing back from problems and it is only a matter of time before he regains his hold over Cukurova Group and its future.
- Murat Ulker
Food producer Murat Ulker held his position as the country’s third richest person since 2011 with net worth of about $2.8 billion. Ulker is chairman of Yildiz Holding AS which is Turkey's largest food manufacturing company; he shares the company’s fortunes with sister, Ahsen Ozokur, who is herself a billionaire. Yildiz makes everything from biscuits to milk products and baby food. In 2007, the conglomerate bought Godiva Chocolatier for $850 million and has since been expanding production. In 2011 Ulker closed negotiations for the purchase of Nuroll, Italy's largest polyester food packaging film producer. The same year Ulker was also successful in a separate acquisition, that of margarine and oil producer Marsan Foods.
The 52 year old billionaire is well known as one of Turkey's foremost contemporary art collectors and he is reputed to own one of the most formidable private art collections which includes Turkish Masters. Ulker lives in Istanbul; he is married and father of three children.
- Ferit Faik Sahnek
Banking mogul Ferit Faik Sahnek figures as one of Turkey’s richest men, thanks to a $2.6 billion net worth which is also the same as enjoyed by his sister Filiz Sahenk. Together with his sister and mother, Ferit Faik Sahenk heads the family conglomerate, Dogus Holding, founded by his father who died in 2001. The holding includes finance, media, tourism and construction assets. In May, he completed the sale of a 6.3% stake in Garanti Bank to Spain's Banco Bilbao Vizcaya Argenteria for $2 billion. However since remaining shares have not gained much since 2011, not a lot has been added to the Sahnek fortune. In October 2011, Dogus bought Turkey's first private TV channel STAR from the Dogan Group for $327 million. Currently Fail Sahnek is exploring options for expansion in internet operations.
The 48 year old billionaire is married to an American, Diana Sahenk and the couple have one child.
- Mustafa Rahmi Koc
Only son of Vehbi Koc, the founder and patriarch of Koc Holding, Mustafa Rahmi Koc is easily one of the richest men in Turkey with a personal fortune of $2.5 billion. Though he handed over his duties to his eldest son Mustafa in 2003 after nearly two decades at the helm, Mustafa Rahmi continues to act as honorary president of the family holding company, Koc Holding which is not only the largest industrial conglomerate in the country but also one of the biggest in Europe. The industrial group plans $3.4 billion in new investments in 2012 from cars to refining.
The 82 year old Mustafa Rahmi is divorced and three sons. He founded the Rahmi Koc Museum which is dedicated to the history of transportation, industry and communication and houses thousands of objects ranging from gramophone needles to ships and planes. Known for his love of the sea and luxury yachts, Mustafa Rahmi is a member of both the Istanbul Ocean Racing Club and the New York Yacht Club. His sisters Semahat Arsel and Suna Kirac and his son Mustafa Vehbi Koc are also billionaires and figure among Turkey’s richest citizens.
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