More Bangladeshis becoming rich despite pandemic and inflation

Bangladesh has seen an increase in the number of millionaires during the Covid-19 period, according to Bangladesh Bank's updated data, reports UNB.

The data, made available to UNB on Wednesday, showed that the number of millionaire bank account holders stood at 1,03,597 in the first quarter (Jan-March) this year, which was 1,01,976 at the end of December 2021.

It means that number of millionaire bank account holders in the country increased by 1,621 in the first three months of 2022 despite the inflation threat fuelled by the Russia-Ukraine war.

Economist AB Mirza Azizul Islam told UNB that the global economy is recovering with the ease of Covid-19 pandemic related restrictions.

"The wheel of industry is turning as before. Bangladesh's economy is also turning around. The rich people became richer more during the pandemic in Bangladesh and other countries in the world," He said.

In March 2020, the number of accounts of individuals and institutions holding more than Tk 10 million in the banking system was 82,625. After a year in September 2021, the number of such accounts exceeded 100,000.

In the January-March period of 2022, the BB's statistics showed that the deposits volume in the millionaire bank accounts have increased by Tk 96.47 billion (Tk 9,647 crore). As of March 2022, the total volume of deposit in the millionaire accounts stands over Tk 6.63 trillion. It was around Tk 6.54 trillion at the end of last year.

According to the BB data, the number of millionaire accounts is less that one per cent of the total bank accounts, which hold about 44 per cent of the total deposit.

Till March 2022, the total number of bank accounts stood at 127.3 million with a deposit around Tk 15.15 trillion.

Since 2010, the number of millionaires with an asset value worth $5 million in the country has increased at an average rate of 14.3 per cent, the highest growth recorded in the world during the period.

In Bangladesh, there were only 5 millionaires in 1972. The number increased to 47 in 1975 and to 98 in 1980. The figure was 943 in 1990, 2,594 in 1996, 5,162 in 2001, 8,887 in 2006 and 19,163 in 2008.