Despite economic challenges and inflationary pressure, the number of bank accounts with deposits exceeding Tk1 crore increased by 32, reaching 1,13,586 by the end of September 2023.
This slight uptick from 1,13,554 in June 2023 and 1,09,946 in December 2022 was reported by the Bangladesh Bank.
Out of the total 14.97 crore bank accounts nationwide, 10.82 crore accounts have deposits of less than Tk5,000 each, according to central bank data. While accounts with more than Tk1 crore make up only 0.075% of total bank accounts, they represent 42.35% of the aggregate deposits.
As of September 2023, total deposits in the banking sector were Tk17.13 lakh crore, with accounts holding over Tk1 crore totalling Tk7.25 lakh crore. Accounts holding over Tk50 crore each numbered 1,778, collectively holding more than Tk2.49 lakh crore.
The volume of money in accounts holding Tk1 crore each increased to Tk7.3 lakh crore in June 2023 from Tk6.77 lakh crore in December 2022. Over the past five years, accounts with deposits over Tk1 crore have consistently grown from 75,563 in December 2018 to 1,01,976 by the end of December 2021 and further to 1,09,946 by December 2022.
Experts attribute the increase in high-deposit account holders to limited investment opportunities for affluent individuals due to economic challenges such as inflation, external debts, a dollar crisis, foreign reserve shortages, and energy shortages.
Mustafizur Rahman, executive director of the Centre for Policy Dialogue (CPD), expresses concern about the rise in high-deposit account holders, citing it as an indication of growing income and asset inequality. He points out to the media that the diminishing share of wages in national income and rising profits, exacerbate wealth inequality and disproportionately affect low-income earners.
Selim Raihan, executive director at the South Asian Network on Economic Modeling, notes that the growth in such bank accounts suggests that not all citizens are equally affected by the economic crisis. He emphasizes that while the rich seem unaffected, the poor are grappling with the crisis, particularly from rising food prices.
He suggested that the surge in rich bank accounts may be linked to high financial transactions related to the upcoming election campaign. Expressing concern, he warns that if the current economic state persists without a return to growth, employment generation, and poverty eradication, the economic crisis may endure.
