Bangladesh emerges as ahome of 2.5m millionaires

Zarif Mahmud: The number of millionaires in the country is increasing by leaps and bounds despite the covid-19 pandemic, global recession and internal turmoil in the country. At the end of June of the current calendar year, the number of account holders (depositors and borrowers) of more than Tk 1 crore in the country’s bank sector stood at 2 lakh 49 thousand 689. Out of this, 2 lakh 5 thousand 320 millionaires have increased in the last 14 and a half years of the current Awami League government. According to that, 14 thousand 160 millionaires have increased annually. But this is just a recorded number, beyond this there are many millionaires and there is no precise account of their wealth.
Incidentally: When the current government came to power, at the beginning of 2009, the total number of millionaires in the country’s banking sector was 44 thousand 369 people. Accordingly, in the last 14 and a half years, the total number of millionaires in the country’s banking sector has increased more than four and a half times.
According to Bangladesh Bank, at the end of last June, the number of depositors of more than Tk 1 crore in the bank sector stood at 1 lakh 13 thousand 554 people. In December 2008, the total number of millionaire depositors in the bank sector was 19,163.
On the other hand, at the end of last June, the number of borrowers of more than Tk 1 crore in the bank sector stood at 1 lakh 36 thousand 135 people. Last December 2008, the number of borrowers of more than Tk 1 crore in the bank sector was 25 thousand 206 people.
The review shows that at the end of the first term of the current government (2009-2013), the total number of millionaires (depositors and borrowers) in the banking sector increased to 98 thousand 591 people (54,222 people increased in the first five years); In the second period (2014-2018), the total number of millionaires increased to 1 lakh 66 thousand 728 people (in the second five years increased by 68,137 people) and in the first four and a half years of the third period (2019-June 2023), the total number of millionaires increased by 82 thousand 961 people.
According to bank-wise statistics, the number of millionaires (depositors and borrowers) is more in private banks (including Islamic banks). Out of nearly two and a half million millionaires, 192,753 account holders are in private banks. Among them, the number of millionaire depositors is 78,920 people and the number of borrowers of more than Tk 1 crore is 1 lakh 13 thousand 833 people. Among the private banks, the total number of millionaires in Islamic banks is 62 thousand 780 (depositors 20,383 and borrowers 42,497).
On the other hand, the total number of millionaires (depositors and borrowers) in the country’s six state-owned commercial banks is 42,640. Among them, the number of millionaire depositors is 25,068 people and the number of borrowers is 17,572 people.
Statistics show that the number of millionaire account holders in foreign banks operating in the country is more than that of state-owned specialized banks. The total number of millionaire account holders in foreign banks is 10,563. Among them, the number of millionaire depositors is 6,510 and the number of borrowers is 4,053.
On the other hand, the total number of millionaire account holders in state-owned specialized banks is only 3,733. Among them, the number of millionaire depositors is 3,056 and the number of borrowers is 677.