On a sunny and hot afternoon in late August 2023, a speedboat was racing from the island of Leros in the Aegean Sea towards the Turkish coast. The Dodecanese (literally, “twelve islands” in ancient Greek) is officially a Hellenic archipelago, but it lies so close to Turkey that one can easily spot the coastline from its shores. Unsurprisingly, many Turkish millionaires choose those famous sands, including Rhodes and Kos, for their vacations. The people on that boat were on holiday as well, but that holiday took a tragic turn: for reasons still unknown, the speedboat hit some rocks along its route. The impact was so severe that all passengers were thrown from their seats and violently flung into the sea. Among them were prominent Turkish billionaire and magnate Ali Sabancı and his wife, Vuslat. Both were airlifted to Istanbul and admitted to intensive care (under medically induced comas) due to the serious injuries they sustained. They survived—barely.

Just a few weeks earlier, life seemed idyllic for Mrs. Sabancı. The setting was completely different: a hill overlooking a dramatic, jagged landscape. At its summit stood a curious wave-shaped structure—more like a sci-fi barn dreamed up by a whimsical star architect. Or better yet, a spaceship that had landed from outer space, for the venue bore no resemblance to anything around it. The Baksı Museum is located in perhaps the most unlikely place on Earth for a centre of art and culture: deep in the heart of Anatolia, one of the most inaccessible regions of Turkey, and indeed, of Europe. Reaching it requires hours of travel by car from already-remote Trabzon on the Black Sea, passing through barren landscapes and poor villages of mudbrick and timber houses, each marked by the minaret of a cami (mosque).

Despite its secluded location, a small crowd had gathered at the museum entrance. An exhibit by Mrs. Vuslat was opening. Art is only the latest chapter in the life of the 52-year-old, whose first installation—commissioned by the Venice Biennale—was chosen by Valentino for a fashion show two years ago. Before that, she had been a major figure in the media industry. And before that, and still today, she is an heir to the Doğan family—one of Turkey’s greatest industrial dynasties.

As one of the golden rules of family capitalism goes: “Never disperse the wealth,” Mrs. Vuslat married Mr. Sabancı, heir to Turkey’s other wealthiest family (with an estimated net worth of $10 billion according to Forbes). The Sabancı family owns, among other things, Pegasus Airlines—the Turkish version of Ryanair—based at Sabiha Gökçen Airport, once a minor stop and now a major European hub, thanks to millions of Turkish emigrants, particularly in Germany.

Vuslat is a powerful executive and activist, ranked among the 100 most influential women in the world. Her decision to host an art opening in the windswept Anatolian steppes was not without symbolic value: the Doğan family originally hails from this area, which lies close to Mesopotamia (modern-day Iraq), the cradle of human civilization. The roots of the dynasty trace back to the 1600s. For centuries, they were a well-known family in the obscure village of Kelkit. Fortune began with Aydın Doğan. Born in 1936, his life initially seemed to follow the same path as his ancestors, confined to Kelkit. He completed primary and secondary school there and earned a high school diploma in Erzincan, still deep in Central Anatolia. His turning point came in 1956 when he enrolled at university in Istanbul, where he studied economics and quickly displayed leadership skills, becoming Student Community Leader.

Three years after arriving in the metropolis, Aydın, still under 25, registered his first business—a company trading in construction equipment. A billionaire was born. In 1961, a few years after its founding, his company had only three employees. Today, Doğan Holding is one of Turkey’s top conglomerates, employing over 13,000 people directly and another 12,000 through suppliers. Its revenue stands at €1.6 billion, drawn from oil, green energy, automotive parts, and tourism. Doğan Holding is now a publicly listed company on the Istanbul Stock Exchange, with a market capitalization of €1 billion.

Industry may build wealth, but it’s rarely exciting. Like many self-made magnates, Aydın developed a passion for media—journalism has long fascinated the rich. As early as 1979, Doğan Holding entered the publishing world by acquiring the daily newspaper Milliyet. It was Aydın’s first step into the media industry. The biggest, however, came later: in 2003, the family acquired ownership of Hürriyet, Turkey’s flagship newspaper. Aydın handed it to his daughter Vuslat, who became CEO and later chairwoman.

At that time, publishing was a key pillar of the family empire. The aptly named “Doğan Media Holding” controlled numerous newspapers (Posta, Hürriyet, Radikal, Fanatik, Turkish Daily News) and 21 television channels around the world. It was a vast empire that earned Aydın the nickname “Media Baron” and a position as chairman of the World Association of Newspapers (WAN).

The family exited the business in 2018 due to disagreements with Prime Minister Erdoğan. But Vuslat still believes in publishing. She dismisses the so-called “2043 prophecy,” predicting the end of print newspapers: “Newspapers are powerful brands, not easily brought down. And creating new ones is extremely difficult.” However, she believes the industry took a wrong turn: “In recent years, to overcome the crisis, newspapers turned to sensationalism and polarization—a divisive model that doesn’t work. News, whatever its nature, is a right.”

For decades — from 1977 to 2009 —Mr. Doğan himself was Turkey’s top individual taxpayer. He equated patriotism with a properly filed tax return. But that Guinness-level record and nationalistic posture couldn’t go unnoticed, especially under Erdoğan’s leadership. Turkish tax authorities began investigating the Doğan empire and uncovered something less admirable than the founder’s passionate declarations.

In 2009, the Ministry of Finance levied an enormous fine: 3.8 billion Turkish Lira (approximately $2.53 billion). The family argued the assessment was based on “subjective” interpretations. They claimed that if such criteria were applied consistently, many Turkish companies would be fined—but only Doğan Holding had been singled out, suggesting political motivations. This concern was echoed by international organizations, including the European Union, and the matter became a prominent issue in Turkish politics.

For a time, the Doğan family was viewed as a kind of “martyr for freedom.” After months of negotiations with the Ministry of Finance, the holding reached a settlement in 2012 and paid an undisclosed sum. Whether it was Erdoğan’s revenge or Doğan’s actual wrongdoing will never be known. What’s certain is that the scandal marked the twilight of the patriarch’s reign. On New Year’s Day 2010, Aydın stepped down as head of Doğan Holding and handed the reins to another daughter, Arzuhan Doğan Yalçındağ, who also chairs TÜSİAD, the powerful Turkish Business Association.

While her sister took over the family business, Vuslat built a hybrid career of private and public roles. She became a speaker at the World Economic Forum in Davos, and a passionate advocate for women's civil rights in a country where, especially in rural areas like that surrounding the museum, women often wear the full burqa and remain marginalized. She lobbied for more women in Parliament. Thanks to her efforts, the most recent elections saw the number of female MPs rise to 104 - still a minority, but up from 4% to 17%.