September 23, 2021

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In Corona’s year, the number of millionaires has increased to 11748

Although the income of most of the people of the country has decreased during the Corona period, the income of a class has increased inversely, who have re-entered the list of millionaires. According to the Bangladesh Bank, the bank accounts of millionaire depositors in the country have increased by more than 11,000 in the last one year during the Corona epidemic, which is more than usual.

The increase in the number of millionaires during the Corona period is considered unusual. In all, the number of millionaire depositors in the country’s banks has risen to 94,282 at the end of March, of which 72,060 or 8 percent have increased in the last 12 years of the current Awami League government. Concerned people including economists think that the increase in the number of millionaires is increasing income inequality in the society.

Economists have identified a number of reasons behind the increase in the number of millionaire depositors during the Corona period. These are- due to various discounts in Corona, traders of many sectors have done good business and have kept the profit money in the bank as a deposit. At this time, the pleasures of rich and affluent families, including travel in the country and abroad, are almost closed. The middle class has focused on saving by reducing the cost of living, thinking of future uncertainties. Apart from this, they also fear that the beneficiaries may keep a part of the incentive loan announced by the government as a deposit instead of doing business. All in all, the number of millionaires has increased.

Former caretaker government’s financial adviser. AB Mirza said. Azizul Islam told Kaler Kanth, “It seems unusual for so many millionaire depositors to increase their accounts during Corona. The matter should be looked into by Bangladesh Bank. However, I think many people think it is safer to keep money in the bank than alternative sources. Those who used to send money abroad by hundi have also come down in Corona. ‘

Asked how good it would be for the country if the number of millionaire depositors increased, he said, “On the one hand, it is good. When the money comes to the bank, it creates an opportunity to invest.” Although now there is no demand for loans. Private sector credit growth has fallen below 6 percent. So even if the funds go to the bank, it is not working. However, if the situation in Corona improves, banks will be able to lend the money to various investment projects in the future. It has already grown so many new millionaires. ‘

Former Governor of Bangladesh Bank. Salehuddin Ahmed told Kaler Kanth, “Those who have become millionaires anew may already be self-sufficient and established in business. At the time of Corona, like all other sectors, they also got a discount on loan installments. Again, due to Corona, their enjoyment including travel at home and abroad is closed. The extra money that is left in their hands may be kept in the bank as a deposit. Many are investing in basic stocks in the stock market, which is also generating income, which is kept in the bank. Again, a portion of the loan taken under the incentive package may also be deposited with the bank. The matter should be looked into by the central bank. The former governor thinks that with the increase in the number of millionaires, the income inequality in the country is also increasing. Many people’s salaries have been reduced in Corona. Many have lost their jobs. Small entrepreneurs are not getting more than loans. It’s not good for the long term. ”

According to the updated report of Bangladesh Bank, before the outbreak of Corona, the number of individual and institutional millionaire depositors in the country till March last year was 72,625. At the end of March this year, it has increased to 94,282 people. As a result, the number of new millionaire depositors in the country has increased by 11,748 in the last one year. Of these, 362 have increased in the first three months of this month (January-March).

And in normal times, from March 2019 to March 2020, the number of millionaire depositors in the country increased by only six thousand 349 people. And in the whole of 2020, there was an increase of one thousand 51 people. This means that the number of millionaire depositors has increased the most during the Corona period. On the other hand, in 2009, the number of millionaire depositors in the country was only 21,492. As a result, the number of new millionaires in the country has increased by 72,060 in the last 12 years.

According to the report, the number of depositors from Rs 1 crore to Rs 5 crore has increased the most during this period. At the end of March, the amount stood at 72,229. In March last year, which was 74,626. As a result, the number of accounts has increased from one crore to five crore to three thousand 156 in one year. Besides, at the end of last March, 10,499 people out of five crore one to 10 crore, three thousand 448 people out of 10 crore one to 15 crore, one thousand 893 people out of 15 crore one to 20 crore, 20 crore to 25 crore people. One thousand 61 people out of one crore, 8 out of 25 crore one to 30 crore people, 36 people out of 30 crore one to 35 crore rupees, 298 people out of 35 crore to 40 crore rupees, 40 crore to one to 50 crore rupees 504 people and the number of people with deposits of more than Tk 50 crore is one thousand 360 people.

The report of Bangladesh Bank also shows that at the end of last March, the total deposit account in the country stood at 11 crore 85 lakh 52 thousand 336. In contrast to these accounts, the amount of deposits stands at Tk 13 lakh 84 thousand 325 crore.