Bank accounts with or above Tk 10m rise by 6.84%

Golam Mowla
Published : 04:00, Oct 10, 2018 | Updated : 04:00, Oct 10, 2018

Bank accounts with or above Tk 10m rise by 6.84%The number of bank accounts with or above Tk 10 million has risen by 6.84 percent year-on-year.
According to the latest figures by the Bangladesh Bank, the number of such bank accounts stands at 70,436 as of March this year, up from 65,961 a year ago.
It said that the number of accounts with or over Tk 500 million grew to 941 from 784 over the same period, registering a 20 percent rise.
Analysts, however, described the trend not as a ‘good sign’.
“The rise in such accounts can only mean that banks are now held hostage by multi-millionaire”, said Khandaker Ibrahim Khaled, a former deputy governor.
According to him, it’s the outcome of following the capitalist economy mode of the US. “Capitalism provides to opportunity make through exploitation.”
Analyst Dr AB Mirza Azizul Islam described it a sign of growing disparity.
“A specific section is becoming richer and the others are falling behind,” he told Bangla Tribune.
According to the former caretaker government adviser, the lack of an investment-friendly climate has also contributed to rise in such bank accounts.
“And majority of the people, who maintain these bank accounts, have black (undeclared) money,” added Islam.
Bangladesh has topped the list of countries that saw the quickest growth in the number of ultra-wealthy people between 2012 and 2017, according to a report from New York-based research firm Wealth-X, released last month.
The number of ultra-high net-worth (UHNW) individuals in Bangladesh rose by 17.3 percent during the period, the World Ultra Wealth Report 2018 shows.
UHNW individuals are defined as people with investable assets of at least $30 million, usually excluding personal assets and property such as a primary residence, collectibles and consumer durables.
In terms of growth, Bangladesh is ahead of China, Vietnam, Kenya, India, Hong Kong, Ireland, Israel, Pakistan and the US.