Millionaire bank accounts rise by 5,077 in three months

Bangladesh Bank data show that the number of bank accounts holding deposits of more than Tk 1 crore has increased by 5,077 in just three months. According to the central bank's latest statistics, the number of such accounts stood at 141,562 at the end of June this year, up from 136,485 at the end of March.

The total number of bank accounts in the country also rose significantly during the same period. Banks in the country had a total of 186,384,588 accounts at the end of June, holding total deposits worth Tk 2,210,444 crore.

Three months earlier, at the end of March, the total number of bank accounts stood at 182,612,015, with deposits amounting to Tk 2,158,002 crore. This means the total number of accounts increased by 3,772,573 between March and June, while deposits grew by Tk 52,419 crore during the same period.

The rise in the number of bank accounts holding large deposits, alongside the increase in living costs faced by ordinary people, has drawn fresh attention in the economy. Those associated with the sector say that while a large section of low- and middle-income people are under added pressure to run their households amid inflation, the bank deposits of a section of businesspeople and high-income earners are growing.

However, Bangladesh Bank has said that the number of accounts with deposits exceeding Tk 1 crore cannot be used to determine the actual number of millionaires in the country, as these accounts include those of various institutions and government agencies alongside individuals.

According to central bank officials, the same individual or institution can operate multiple accounts across several banks. As a result, the number of accounts holding more than Tk 1 crore does not equal the number of actual millionaire individuals or institutions, and this account-based statistic should not be treated as a direct measure of the number of millionaires in the country.