Accounts holding over Tk1cr rise by 5,077, deposits up Tk16,000cr

Infographic: TBS

The number of bank accounts holding more than Tk1 crore rose by 5,077 in the three months to June, while deposits in those accounts increased by nearly Tk16,000 crore, even as high inflation and prolonged weakness in the financial sector continue to weigh on the economy.

Bangladesh Bank data show that deposits in crore-plus accounts reached Tk8.75 lakh crore at the end of June, up from Tk8.59 lakh crore at the end of March.

Bankers estimate that individuals account for about 30% of these accounts, with institutions making up the larger share. They caution that the rise in crore-plus accounts should not be taken as a direct indication of an increase in the number of wealthy individuals, as institutional accounts dominate the category.

Bank deposits generally rise each year, although the pace varies, making an increase in the number of accounts holding more than Tk1 crore unsurprising, bankers said.

Deposits in these accounts, however, have been growing more slowly than overall bank deposits. Total deposits in the banking sector grew by nearly 11% year-on-year in June, compared with 8.29% growth in crore-plus accounts. The latter figure was 4.52% a year earlier.

The relatively small number of crore-plus accounts also does not appear to reflect the scale of wealth in Bangladesh, bankers said. Many wealthy people prefer to invest in land, houses and other assets rather than keep large sums in banks.

There are also allegations that some wealthy people are syphoning off their earnings abroad, where they may buy houses and cars or maintain lavish lifestyles.

Bankers believe concerns over VAT and taxes, as well as possible harassment, may also discourage wealthy people from keeping large amounts in banks. Some people who do keep substantial deposits divide their money among several accounts instead of maintaining a large balance in a single account.

Political uncertainty and the banking sector's ongoing crisis have also made some wealthy depositors reluctant to keep their money in banks, they said.

A senior official of Meghna Bank, speaking to TBS on condition of anonymity, said the amount held by ultra-rich people in bank accounts remained very small compared with the size of Bangladesh's economy.

Bangladesh's economy is now worth about $475 billion, while wealth inequality remains stark, he said. "But the bank account data do not reflect this inequality," he said.

He said it was difficult to reconcile the country's wealth distribution with the fact that only 120 individual bank accounts held deposits of more than Tk25 crore.

"This could mean that ultra-rich people are not keeping their money in banks, or that they do not feel comfortable keeping large amounts of money in a single bank account," he said.

Crore-plus deposits fluctuate

The number of bank accounts holding more than Tk1 crore stood at about 134,000 at the end of December last year, with total deposits of Tk8.34 lakh crore.

At the end of June 2025, there were about 127,000 such accounts, holding Tk8.8 lakh crore. The figures show that both the number of accounts and the deposits they contain can fluctuate significantly over time.

Bangladesh Bank spokesperson Arief Hossain Khan said the composition of crore-plus accounts was important when interpreting the data. "Therefore, there is no scope to directly equate the increase in the number of crore-plus accounts with an increase in the number of millionaires." 

He further said there was no reason to view a rise in personal accounts holding more than Tk1 crore with suspicion if it was consistent with economic growth.

"At the same time, it is necessary to consider how long it is realistically possible for an individual to accumulate Tk1 crore based on their legitimate income, salary and allowances, business income and inflation," he said.

"If the increase in someone's bank balance is not consistent with their income and expenditure, a rapid rise in the amount of money in the account can be a cause for concern," he said.

Arief also said the growing number of crore-plus accounts could point to another economic concern: increasing inequality.

"A larger number of people becoming millionaires may also indicate greater inequality in the distribution of wealth," he said. "The concentration of excessive wealth in the hands of a small number of people is not positive for the economy of any country."

According to Fahmida Khatun, distinguished fellow at Centre for Policy Dialogue (CPD), tax and VAT issues discouraged many people from keeping money in banks.

Some people also try to stay outside the banking system to evade taxes, while others fear keeping even legitimate money in banks because they may face legal complications, the economist said.

To move the economy towards greater prosperity, the culture of fear and distrust surrounding the banking system must be removed, she said.

At the same time, it must be ensured that the misuse of laws does not become a source of harassment or danger for people, Fahmida added.