New data from the TRNC Central Bank reveals a staggering wealth imbalance—only 3.2% of depositors control nearly 69% of all banked money in North Cyprus. Here’s a closer look at the deposit tiers and the rise of the ultra-wealthy.
North Cyprus Wealth Gap Widens: Just 3% of Bank Accounts Hold 69% of All Deposits
Fresh data from the Central Bank of the Turkish Republic of Northern Cyprus (TRNC) sheds light on an intensifying economic divide. As of March 2025, an overwhelming share of the country’s total bank deposits is controlled by a tiny elite of depositors. northcyprusinvesting.com, Investra.io
Top 3% Control Nearly 70% of Wealth
Of the 282.37 billion TL (~8.56 billion USD) in total deposits, a staggering 194.09 billion TL—68.74%—is held in accounts with over 1 million TL. These high-value accounts represent only 3.31% of the 1.5 million total bank accounts across the country.
In contrast, a vast majority—88% of accounts—hold balances under 200,000 TL. These are classified as “low-value” or “poor” accounts, reflecting a significant portion of the population.
TRNC Deposit Distribution by Wealth Tier (March 2025):
- Poor (0–200,000 TL): 88% of accounts
- Medium (200,001–1 million TL): 9.05%
- Near-Rich (1–10 million TL): 3.12%
- Rich (10–20 million TL): 0.11%
- Very Rich (20–50 million TL): 0.05%
- Ultra-Rich (Over 50 million TL): 0.02%
While the Central Bank data categorizes accounts, it does not specify the number of unique individuals, as many wealthy depositors and corporations often hold multiple accounts.
The Rise of the Ultra-Rich in North Cyprus
The most eye-opening segment lies at the very top:
Only 274 accounts (a mere 0.02%) hold over 50 million TL—yet collectively they contain 32 billion TL, which is 11.1% of all deposits.
Other top-tier breakdowns include:
- 10–20 million TL: 1,686 accounts, totaling 22.45 billion TL
- 20–50 million TL: 760 accounts, totaling 22.64 billion TL
- Over 50 million TL: 274 accounts, totaling 32 billion TL
Experts point out that the concentration of wealth may be even more pronounced in reality, given the use of multiple high-value accounts by individuals or corporations.
Conclusion: A Growing Divide
This snapshot of the TRNC banking system paints a clear picture of growing financial inequality. While a small elite thrives, the vast majority of depositors struggle with far lower savings, raising concerns about long-term economic sustainability and social equity. northcyprusinvesting.com, Investra.io