Staff Reporter :
Financial Adviser Dr Salehuddin Ahmed said that the recent jump in millionaire bank accounts may be driven by people depositing money that was previously kept hidden at home.
He made the observation after attending a meeting of the Advisory Council Committee on Government Procurement at the Secretariat on Tuesday.
His remarks came amid new Bangladesh Bank data showing a steady increase in high-value deposit holders.
Between March and June, the number of accounts with deposits above Tk 1 crore rose by 5,974, followed by another 734 additions from June to September.
Asked what might be fuelling the rise, Dr Salehuddin said many people especially those with modest earnings who historically relied on informal savings are now choosing to place long-stored cash into the banking system.
Sector-wide indicators also point to broader growth. The total number of bank accounts increased from 16.9 crore in June to 17.45 crore in September, with 55.94 lakh new accounts opened in just three months.
Deposits rose as well, from Tk 19,96,583 crore at the end of June to Tk 20,31,119 crore by September an increase of Tk 34,536 crore.
Millionaire accounts continued to expand, climbing from 1,21,362 in March to 1,27,336 in June, and then to 1,28,070 in September. However, the total amount deposited in these accounts fell sharply, dropping by Tk 59,209 crore between June and September.
Long-term data highlights how dramatically the segment has grown. The number of crore-taka accounts rose from just 5 in 1972 to 943 in 1990, then surged to 19,163 by 2008. In recent years, the pace accelerated further from 93,890 in 2020 to 1,21,362 in 2024 reflecting the rapid concentration of wealth within the banking system.
