Sharp rise in drone wealth moves Erdogan family-linked defense contractor into world’s richest ranks
Levent Kenez/Stockholm
Nordic Monitor
Selçuk Bayraktar, chairman of Turkish drone manufacturer Baykar and son-in-law of President Recep Tayyip Erdogan, has entered the list of Turkey’s 10 richest individuals for the first time, according to Forbes’ updated 2026 ranking, reflecting a sharp rise in wealth generated by military drone exports.
Forbes estimated Bayraktar’s personal fortune at $2.7 billion, placing him ninth among Turkey’s wealthiest business figures. The ranking marked the first time Bayraktar joined the country’s top 10 richest individuals since Forbes began tracking his wealth.
The updated list showed food industry executive Murat Ülker retaining first place with an estimated fortune of $5.3 billion, followed by energy investor Şaban Cemil Kazancı with $5.1 billion. Construction entrepreneur Erman Ilıcak ranked third with $3.7 billion while Feridun Geçgel placed fourth with $3.4 billion. Banker Ferit Faik Şahenk ranked fifth with $3.1 billion.
Selçuk Bayraktar’s entry into the top tier represented one of the most significant changes compared to previous rankings. Forbes data showed that Bayraktar ranked 21st in 2025 before moving into the top 10 following a substantial increase in Baykar’s valuation driven by defense exports.
His brother Haluk Bayraktar, chief executive officer of Baykar, also recorded a major increase in wealth. Forbes estimated Haluk Bayraktar’s net worth at $2.4 billion in 2026, bringing the combined wealth of the Bayraktar brothers to more than $5 billion.
Baykar produces unmanned aerial vehicles including the Bayraktar TB2 armed drone and the Akinci combat drone system. The company has expanded rapidly over the past decade as Turkey increased investments in domestic defense manufacturing and promoted locally produced military systems abroad.
Company data previously cited in public disclosures showed Baykar’s exports reaching billions of dollars annually, with contracts signed with militaries across Europe, Africa, the Middle East and Central Asia. Turkish officials have repeatedly described defense exports as a strategic priority aimed at strengthening geopolitical partnerships.
Selçuk Bayraktar owns 52.5 percent of Baykar, while Haluk Bayraktar controls the remaining 47.5 percent. The company was originally established in 1984 by their father Özdemir Bayraktar as an automotive parts manufacturer before shifting to drone production.
Baykar drones have been used in conflicts in Libya, Ukraine and the 2020 Nagorno-Karabakh war between Azerbaijan and Armenia. Turkish officials have frequently highlighted battlefield performance during diplomatic engagements promoting defense cooperation agreements.
President Erdogan has personally promoted Baykar drones while on official state visits and at bilateral meetings with foreign leaders. Government delegations accompanying Erdogan have often included defense industry representatives during negotiations involving military procurement.
Selçuk Bayraktar married Erdogan’s daughter Sümeyye Erdogan in 2016. The family relationship has drawn sustained criticism from opposition politicians, who argue that Baykar benefited from privileged access to state resources, public financing mechanisms and procurement opportunities.
