Muhid Hasan :
In the final quarter of 2023, Bangladesh saw a notable increase in the number of bank accounts holding deposits over Tk 1 crore, adding 3,322 such accounts from the previous quarter, despite prevailing economic difficulties and inflationary pressures.
The Bangladesh Bank’s latest report reveals that by the end of December, the total of these affluent accounts surged to 116,908, up from 113,586 in September 2023 and significantly higher than the 109,946 reported in December 2022.
This growth occurs within a broader banking landscape where the vast majority of accounts contain much smaller sums.
Of the approximately 15.35 crore total bank accounts across the nation, about 11.16 crore accounts each have balances below Tk 5,000, highlighting a stark disparity in wealth distribution within the banking sector.
Although accounts with over Tk 1 crore in deposits constitute merely 0.075% of all bank accounts, they astonishingly hold 42.4% of the total bank deposits.
Banking professionals attribute this surge in high-net-worth accounts, encompassing both individual and institutional depositors, to increased business profits driven by rising prices.
It’s speculated that the actual number of individuals with deposits exceeding Tk 1 crore is considerably higher than reported, as the central bank’s data does not distinguish between individual and institutional deposits.
Over the past five years, there has been a steady increase in such high-value accounts, from 75,563 in December 2018 to 101,976 by December 2021.
This trend underscores a growing economic disparity, with the affluent segment of the society accumulating more wealth, even as the general populace faces inflationary challenges.
Despite the inflation-induced decline in overall bank deposits, the segment of accounts exceeding Tk 1 crore has expanded, indicating a widening gap in wealth distribution. This situation raises concerns about increasing societal inequality.
By December’s end, the banking sector’s total deposits amounted to Tk 17.49 lakh crore. Notably, within the subset of accounts holding over Tk 1 crore, 1,812 accounts each had deposits exceeding Tk 50 crore, collectively amassing more than Tk 2.53 lakh crore, underscoring the concentration of wealth in a relatively small number of accounts.
