Özge Doğan, the founder of Turkey’s first independent multi-family office, was inspired to create her own firm based on her own family's wealth management challenges.
“I wanted to diversify my family’s assets. And as I consulted with various advisers, bankers and tax experts, I realized that managing everything had become a full-time job,” Doğan told Crain Currency. “I couldn’t find a local adviser whose interests were aligned with mine.”
In 2022, she launched Karman Beyond to assist families and family-owned businesses with a range of services, including wealth planning, succession and governance strategies, international asset acquisition and even relocation support.
Turkey’s private wealth sector is expanding rapidly, with a 9.7% increase in ultra-high-net-worth individuals in 2023. That's the fastest growth rate globally, surpassing the United States and India, according to Knight Frank data. “This growing wealth needs to be managed in a way that makes families feel secure,” said Doğan, pointing out that the family office concept is still relatively new in Turkey.
Another distinctive aspect of Turkey’s wealth landscape is that affluent families are closely tied to family-run businesses, which make up 95% of the country’s companies. With a significant wealth transfer on the horizon globally, Doğan sees a substantial opportunity to guide the next generation as they navigate their unique needs, which often differ from those of their predecessors.