5 Charts That Show Turkey's Capital Flight Problem Is Getting Worse
- Both foreigners and locals are getting their money out
- Corporate sector faces foreign debt refinancing squeeze
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Turks are joining foreign investors in shifting their assets -- and in many cases themselves -- out of the country amid fears for their money and security should President Recep Tayyip Erdogan win more power at an election on June 24.
In 2017, 12 percent of Turkey’s millionaire population left, according to research by South Africa-based New World Wealth, which has been tracking such migrations across the world since 2013. Foreign diplomats in Turkey report large increases in requests for investor and student visas. And it’s not just the super-wealthy who are leaving anymore, they say: middle-class Turks are selling homes and other assets to buy businesses or real estate abroad to try and provide a better life for their families.