Crorepati bank accounts surge by 5,000 in three months
Graphics: Agamir Somoy
Despite ongoing economic pressures, the number of bank accounts holding one crore taka or more in Bangladesh's banking sector continues to rise. Compared to the January–March quarter of this year, crorepati accounts increased by over 5,000 during the April–June quarter.
According to the latest report released by Bangladesh Bank, the total number of crorepati accounts stood at 136,485 at the end of March this year. By the end of June, that figure climbed to 141,562—marking an increase of 5,077 crorepati accounts in three months.
By comparison, the number of crorepati accounts was 134,044 at the end of December last year, reflecting a steady upward trend since the start of the year.
Dr. Zahid Hussain, former Lead Economist at the World Bank’s Dhaka office, said, "One of the primary reasons behind the rise in crorepati clients is the existing tax policy. The number of millionaires is growing day by day through tax and VAT evasion."
Attributing another reason to political patronage, he added, "Under current political protection, many are getting rich overnight. They are not required to account for their wealth. Furthermore, corrupt individuals and loan defaulters are not brought to accountability—they are rewarded instead."
The central bank report highlights that total deposits held in crorepati accounts stood at Tk859,162 crore at the end of March this year. By the end of June, the deposit balance rose to Tk 875,660 crore, representing a growth of Tk16,498 crore over three months.
Industry experts clarify that a crorepati account does not strictly signify an individual millionaire. Alongside individual depositors, numerous institutions hold accounts with balances exceeding one crore taka. Moreover, because there are no caps on the number of accounts an individual or entity can open, single persons or institutions often maintain multiple bank accounts—including various state-owned corporations and government agencies.
General accounts and overall deposits also see growth
According to Bangladesh Bank, total bank accounts across the country numbered 182,612,015 at the end of March this year. By the end of June, this figure reached 186,384,588, marking an expansion of 3,772,573 accounts in three months.
Total deposits across all bank accounts stood at Tk 2,158,024 crore at the end of March. By the end of June, total deposits reached Tk2,210,444 crore, reflecting a deposit growth of Tk52,419 crore over the three-month period.
