Hamdi Ulukaya is Turkey's richest person after passing Murat Ulker in late 2025, with about $13.5 billion compared with Ulker's $5.5 billion. Net worth here means total assets minus debt, and for both men it is mostly private-company equity rather than annual income or liquid cash. Turkish Minute reporting Forbes put Ulker first in April 2025 for the ninth straight year 2025 Forbes rankings. N24 reporting Forbes calculations says Ulukaya moved ahead after Chobani raised $650 million at a $20 billion valuation Chobani valuation report.
Table of Contents
- When did the lead change?
- Why does company ownership decide the order?
- How is billionaire net worth calculated?
- Can the billions be spent like cash?
When did the lead change?
Through spring 2025, Ulker was still No. 1 in Turkey. Turkish Minute reporting Forbes listed him at $5.5 billion, among 35 Turks worth $79.4 billion combined. By late 2025, Ulukaya had taken the lead.
N24 reporting Forbes calculations placed him at about $13.5 billion, up from $2.1 billion, and No. 202 globally. For readers, the date on a ranking matters more than ever. An April list shows Ulker on top, while a later list shows Ulukaya well ahead.
Why does company ownership decide the order?
Ulukaya's gain came from equity, not salary. Forbes estimates cited by N24 put his Chobani stake at about 68%, so a higher private valuation lifts his net worth directly. Ulker's wealth works the same way. He is principal shareholder of Yildiz Holding, owner of Pladis, Godiva and Ulker.
A Halalop business profile reports about 63% ownership of the holding. Chobani's scale helps explain the $20 billion figure. EuropeSays reporting Forbes and company data put 2025 net sales at about $3.8 billion and U.S. yogurt share near 20% European press summary of company data.
How is billionaire net worth calculated?
Forbes builds net worth from assets minus debt. The Forbes Real Time methodology explainer counts public stock at a cutoff price plus private-company values, real estate and cash, then subtracts debt Forbes Real Time methodology explainer.
The result is paper equity, not yearly pay. A rising valuation can add billions to net worth without adding salary.
Can the billions be spent like cash?
Both fortunes are largely illiquid because Chobani and Yildiz Holding are private. A StartupOrigins ownership analysis notes owners cannot turn full valuation into cash quickly without a sale, discount or taxes. Equity growth raises paper wealth first.
Cash follows only after dividends, sales or loans against shares. For Turkey's richest, yearly income and liquid cash are a small share of net worth. Billionaire Reporter citing Bloomberg Billionaires Index data notes borrowing, dividends and spending power move with private equity value and funding rounds.
- Income: yearly pay and dividends received in cash.
- Equity: value of company shares at the latest valuation.
- Liquid wealth: cash and assets that can sell fast without large loss.