ADVERTISEMENT

Business

How much value has 1 million TL lost in 10 years?

ADVERTISEMENT

The 1 million lire first prize, which was once a dream, is no longer that big. Let’s take a look at how TL has lost value over the years, based on the top prize in this competition:

“Who wants 500 billion?” was released in 2000. the competition turned into “Who Wants To Be A Millionaire?” in 2011. The amount of awards has increased, but in the last 11 years Due to the lost value of the Turkish lira Winning this grand prize no longer looks as attractive as it once did.

In this content, the grand prix of the competition, Taking an example of 1 million We wanted to make the depreciation of TL more understandable. What could you get with this award 10 years ago, what can you get now? Here is the startling picture showing how TL melted:

How many average apartments could you buy 10 years ago with 1 million lire, how many do you buy now?

circle

In 2012, the price per square meter in Istanbul was 1603 TL and in 2022 the price per square meter was 12,805 TL.

So if you want to buy a 100 sqm apartment:

  • In 2012, with 1 million TL, you could buy 6 apartments for 160,300 TL each, while 38,200 TL would be in your pocket.
  • In 2022 you should have had 1,280,500 TL to buy just 1 apartment, so you would need another 280,500 TL.

Now let’s see how difficult it is to buy a car:

Ford Fiesta

Let our example car be the Ford Fiesta:

  • The average price of the all-new Fiesta in 2012 was 35,000 TL. You could buy 28 Fiestas for 1 million.
  • Now, the average price of the new Fiesta model is 500,000 TL. You can only get 2 now. Where is 28, where is 2!

Let’s take a look at how much 1 million has fallen against the dollar and gold:

gold dollar

  • In 2012, the dollar’s annual average was TL 1.85. With 1 million you could get $ 540,540.
  • In June 2022, the dollar rose to 17.25 TL.

With 1 million, you can now only get $ 57,971. If I had $ 1 million to $ 540,540 10 years ago you would have 9,324,315 TL today.

  • The gram of gold was 97.5 TL that year, it is now 1011 TL. With 1 million you could buy 10,256 grams of gold, but now you can only buy 989 grams for the same money. Self If you bought all 1 million gold 10 years ago now you would have 10,368,816 TL.

In summary; The prize up for grabs, the Turkish lira, no longer has the value it once was. However, making a purchasing power comparison based on just one million premiums will not give a healthy result.

Turkish lira

Let’s make a new calculation, taking into account the increase in the minimum wage:

  • 10 years ago, the minimum wage was 739.80 TL, now it is 4253 TL.
  • In dollar terms, it dropped from $ 399.9 to $ 246.5.
  • While 7.5 grams of gold can be purchased with a monthly stipend, it is now possible to buy 4.2 grams of gold.
  • In 2012, the average apartment was worth 216 minimum wages, now the equivalent of 301 minimum wages.
  • In 2012 you could get a Ford Fiesta with a minimum wage of 47.3, but now you need a minimum wage of 117.5.

Perhaps the name of the contest is “Who Wants 10 Million?” it should be changed to.

Who wants to Be a Millionaire

Because the purchasing power of 125,000 TL for the period and 1 million TL today is the same. In a way, you need to know more questions to reach 125,000 TL. “Moreover” increased not only in competition, but also in your daily life. You have to work harder, you have to spend more time, you have to give up more on your dreams!

RELATED NEWS

Acquiring a hobby is a must to get away from the country’s agenda and freshen up: so, how much does each hobby cost?

ADVERTISEMENT

Leave a Comment