Turkey’s billionaires frighten top economist Piketty

Wealth inequality is particularly worrying for countries like Brazil, China or Turkey, which are home to more billionaires than Japan, says famous French economist Thomas Piketty Wealth inequality, capital flight, tax evasion and a lack of financial transparency are issues that are particularly worrying for countries like Turkey, Brazil and China, according to economist and author Thomas Piketty.

“If Turkey has more billionaires than Japan, then this is indeed frightening,” Piketty told daily Hürriyet in a written interview.

Piketty is the author and researcher behind the blockbuster 700-page economic tome, “Capital in the Twenty-First Century,” which has attracted much attention this year for detailing the path of income inequality over hundreds of years.

“Like other emerging countries, Turkey needs broad-based investment in education and skills, which in turn requires adequate financing and tax revenues. Turkey also needs more transparency about income and wealth. The middle class and the poor will not agree to pay for public spending if they feel that the rich are paying less than they do,” he added.

Fiscal justice is a key component of a successful development strategy, Piketty stressed.

In Turkey only one company is on the list of the Fortune 500 global, but 44 billionaires are on the Forbes billionaires list, surpassing Japan. According to a recent study conducted by the Organization for Economic Co-operation and Development (OECD), Turkey ranks third in terms of countries with the worst levels of income inequality after Chile and Mexico. They are followed by the United States, Israel, Portugal, United Kingdom, Spain, Greece and Japan.

In his bestselling book,...