Turkey has the world's 15th largest GDP-PPP and 17th largest Nominal GDP. The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995, Turkey is also a part of the EU Customs Union.
The CIA classifies Turkey as a developed country.
Turkey is often classified as a newly industrialized country
by economists and political scientists;
while Merrill Lynch, the World Bank and The Economist magazine describe Turkey as an emerging market economy
The World Bank classifies Turkey as an upper-middle income country
in terms of the country's per capita GDP in 2007. Mean graduate pay was $10.02 per manhour in 2010.
According to a survey by Forbes magazine, Istanbul, Turkey's financial capital, had a total of 28 billionaires as of March 2010 (down from 34 in 2008), ranking 4th in the world behind New York City (60 billionaires), Moscow (50 billionaires), and London (32 billionaires).