In just one year, the banking sector has seen a massive rise in millionaire depositors. There are 5,834 more millionaire depositors in the sector compared to the previous year. Before, the number was 62,038; currently it is 67,872.
The information comes from the latest report by Bangladesh Bank.
The report was made with data up to September 2017. The report shows that in a year, millionaire depositors increased by 5,834. However, from June 2017 to September 2017 millionaire depositors decreased by 1,019.
According to data from Bangladesh Bank, in September 2016, the number of millionaire depositors was 62,038. This number was 67,872 in September 2017. In June 2017, the number of millionaire depositors was 68, 891.
The report also discloses that on September 2016, 702 people had deposits over Tk50 crore. By September 2017, the number had increased to 852.
By September 2017, the number of people who had Tk1 crore in deposits was 53,344. On September 2016, this number was 48,897.
In one year the number of millionaire depositors has risen by 4,447.
Bangladesh Bank former deputy governor Khondokar Ibrahim Khaled said: “The banking sector is becoming the hostage of people with money. The rise in millionaire depositors is proof of that. Bangladesh is following a capitalist economy like America now. This kind of economy allows for people to make money by force.”
The report also showed that the number of people who have deposits over Tk1 crore is 53,344. The number of people who have deposits over Tk50 crore is 852; three months back this number was 853.
Currently, 53,344 people have over Tk1 crore in bank deposits. Three months back, this number was 54,317.
Lack of proper investment opportunities is a major cause behind the rise of millionaire depositors in the banks, according to former caretaker government adviser Dr AB Azizul Islam. He said: “Because of the rise of millionaire depositors in the banks, a certain class of people are getting richer. As a result, discrimination is also increasing in society.
“Many people are keeping money in the bank because they cannot find investment opportunities. People who kept money in the bank 6-7 years ago in double-scheme have doubled the money they used to have. Millionaires are rising in number this way.”
There were 415 millionaire depositor by the end of September 2017 with over Tk40 crore in the bank. 196 people had Tk35 crore. 272 people had Tk30 crore. 469 people had over Tk25 crore. 799 people had over Tk20 crore. 1,296 people had over Tk15 crore. 2,524 had over Tk10 crore. 7,705 people had over Tk5 crore.
Number of millionaires in the country by the years
In 1972 there were only 5 millionaires in the country. In 1975, only 47 people were millionaires in Bangladesh. In 1980, 98 people were millionaires during Ziaur Rahman’s government. Their deposit was 10% of the total banking sector’s deposit.
In 1990, during Ershad’s fall, 943 people were millionaires. Their deposit was 12% of the total banking sector deposit. In June, 1996, the country had 2,594 millionaires. Their deposits made up 20% of the total banking sector deposits at the time.
By the end of September 2001, Bangladesh had 5,162 millionaires. From October 2001 to December 2006 the number of millionaires in the country was 8,887. During the caretaker government from 2007 to 2008, the number of millionaires was 5,114.
In 2008, the number of people with over Tk1 crore deposits in a commercial bank was 19,163. In 2009, this number rose to 23,130. By 2010, 29,537 people had over Tk1 crore.
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