How Much Value Has 1 Million TL Lost in 10 Years?

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

In this content, the grand prize of the competition, By giving 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 striking picture showing how TL has melted:

How many average flats could you buy 10 years ago with 1 million liras, how many can you buy now?

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

So if you wanted to buy a 100 square meter flat:

• In 2012, with 1 million TL, you could buy 6 flats 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 only 1 flat, so you would need another 280,500 TL.

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

Let our example car be the Ford Fiesta:

• The average price of the brand new Fiesta in 2012 was 35,000 TL. You could buy 28 Fiestas with 1 million.
• Now, the average price of the new model Fiesta 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 shrunk against the dollar and gold:

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

With 1 million, you can now get only $ 57,971. If you 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, now it is 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. if If you bought all 1 million gold 10 years ago now you would have 10,368,816 TL.

In summary; The prize in the competition, namely the Turkish Lira, is no longer as valuable as it used to be. However, making a comparison of purchasing power based on only 1 million prize will not give a healthy result.

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

• 10 years ago, the minimum wage was 739.80 TL, now it is 4253 TL.
• In dollar terms, it fell from $399.9 to $246.5.
• While you can buy 7.5 grams of gold with a monthly salary, now you can 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.

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

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