Turkish billionaire rankings shift as Erdemoğlu wealth declines

Recent updates to the Forbes real-time billionaires list reveal significant shifts in the wealth rankings of Turkey’s richest individuals. İbrahim Erdemoğlu, who held the top position in 2023 with a fortune of $5.3 billion, has seen his wealth decline to approximately $1 billion. This drop of over $4.3 billion is largely attributed to a massive decrease in the value of SASA Polyester, a company in which he holds significant stakes. Consequently, Erdemoğlu has fallen to 28th place on the national list.

In contrast, Feridun Geçgel, the owner of Astor Enerji, has seen a substantial rise in wealth. Following the rapid increase in Astor Enerji’s valuation since its public offering, Geçgel’s fortune has reached $4 billion, making him Turkey’s third-richest person and surpassing Erman Ilıcak.

Other notable changes include the exit of the Tezmen family from the billionaire list. The wealth of Emre Tezmen and Oğuz Tezmen, founders of Tera Holding, has fallen below the $1 billion threshold due to recent value losses.