TDS Desk:

Nearly 35,000 people in Bangladesh hold assets of at least $1 million (equivalent to BDT 122 million at the current exchange rate), according to Credit Suisse. The Zurich-based bank’s research institute notes the country’s millionaire population is expanding rapidly. This growth in wealth mirrors the broader economy, according to analyses by local and international institutions.

Domestic banking data tells a different story. Bangladesh Bank figures show just 104 personal accounts held deposits above BDT 250 million as of June 2025. That represents a fall of more than half from 223 such accounts recorded a year earlier, in June 2024. Analysts say that the ultra-wealthy are seeking alternative channels to deposit their funds rather than keeping them in banks.

The pattern extends beyond the ultra-wealthy. Personal accounts holding between BDT 10 million and BDT 250 million remain limited, totalling 36,932 by last June, with combined deposits of BDT 820 billion.

Bankers say much of the country’s ultra-wealthy avoid keeping money in banks. Instead, they invest in land, property and other sectors. Some transfer earnings abroad to fund luxury lifestyles and buy property and vehicles overseas. Concerns over harassment including excessive VAT and taxes, also deter deposits. Those who do use banks often split funds across multiple smaller accounts. Political uncertainty and the banking sector’s crisis, bankers add, are further driving the wealthy from formal banking.

The funds of the ultra-wealthy held in banks are negligible compared with the national economy, says Syed Mahbubur Rahman, managing director of Mutual Trust Bank. “Bangladesh is now a $475 billion economy. But the wealth inequality is stark,” he told Journalists. “Yet the banking data does not reflect that reality. For an economy of this scale and population, having just 104 personal accounts with over BDT 250 million is astonishing.”

Rahman argues this indicates the ultra-rich either avoid banks or fear concentrating large sums in single accounts. “Many affluent individuals have legal income they do not declare in tax returns,” he said. “Those with illegal income sources also steer clear of banks. Instead of keeping cash, wealthy individuals buy houses or land, or hold gold and dollars themselves. Some also transfer funds abroad. As a result, personal bank accounts hold relatively little money. But there are also affluent individuals who, to avoid scrutiny by the NBR or ACC, keep funds in multiple accounts in small amounts.”

There has long been confusion over how many personal accounts in the country hold more than BDT 10 million. While the central bank publishes quarterly figures on accounts holding over BDT 10 million, it has historically combined personal and corporate accounts, allowing for misleading claims that rising account numbers signal a boom in millionaires. journalists first exposed this in a September 12, 2022 report.

For the first time, Bangladesh Bank has now released disaggregated data. By June 2025, only 37,036 of the 127,336 accounts holding over BDT 10 million were personal — at 29 percent. Current and institutional accounts made up the remaining 71 percent. By contrast, personal accounts constitute 93.41 percent of all accounts in the banking sector and hold 55.53 percent of total deposits.

By the end of June last year, Bangladesh’s banking sector held 169,002,671 accounts with total deposits of over BDT 19.96 trillion, according to central bank data. Of these, 10,460,213 accounts belonged to government and private entities, holding BDT 8.87 trillion, while 158,542,458 were personal accounts, with BDT 11.08 trillion in savings, fixed deposits and similar schemes.

A closer look at personal deposits reveals a sharp divide. Only 37,036 individual accounts held more than BDT 10 million. Within this group, just 78 accounts contained between BDT 250 million and 500 million, with deposits totalling BDT 26 billion — a steep drop from 151 accounts holding BDT 53 billion in June 2024.

The decline is even more pronounced at the top end. Accounts exceeding BDT 500 million fell from 72 accounts holding BDT 68 billion in June 2024, to 26 accounts holding BDT 24 billion by June 2025.

Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan says the new granular data will correct a long-standing misconception. Speaking to journalists, he said: “For years, the media and prominent figures were confused regarding accounts holding over BDT 10 million. The new data show these accounts are far more common among institutions than individuals. An increase in these accounts doesn’t signal a rise in the number of millionaires.”

He further said, “An increase in personal accounts holding over BDT 10 million shouldn’t be viewed with suspicion if it aligns with the country’s economic growth. However, it’s important to consider how long it would take for a person to legitimately save that amount — given their salary, business income, and inflation. If bank balances grow without any consistency between income and expenditure, that is certainly a cause for concern. There is, however, another perspective on the rise in accounts holding over BDT 10 million. Recognition of more people as millionaires indicates a more balanced distribution of wealth. Concentration of wealth in the hands of a few is far from good news for any economy.”

While deposits from Bangladesh’s ultra-wealthy decline domestically, the opposite is visible in Switzerland. Swiss National Bank data show deposits by Bangladeshis in recognised Swiss banks rose in 2024 compared with the previous year.

By the end of 2024, these deposits totalled 589.54 million Swiss francs — almost 90 billion in Bangladeshi currency. This represents a sharp increase from 17.71 million francs in 2023 and 55.26 million Swiss francs in 2022. Additionally, Bangladeshis deposited 871.11 million francs in 2021 and 562.93 million Swiss francs in 2020.

Asked whether the ultra-rich are withdrawing from domestic banks, a senior executive at a first-generation private bank said anonymously, “During the student-led mass uprising on August 5, 2024, almost all members of the then-ruling establishment, including Prime Minister Sheikh Hasina, fled the country. Many businessmen close to power, influential bureaucrats, police officials, and other wealthy individuals also left at the time. Several have since been arrested and remain in custody. The central bank has seized some illegally earned funds held in banks. However, substantial sums that could not be confiscated have continued to be siphoned out of the country through various channels. Under current conditions, generating large volumes of illicit income domestically is no longer possible. Against this backdrop, a decline in bank deposits held by the ultra-wealthy is a natural outcome.”

Economist Dr Fahmida Khatun said, “It’s not just Bangladesh; wealthy individuals rarely keep large sums concentrated in bank accounts. Bangladesh’s asset holders invest in savings certificates, the capital market, and other sectors, alongside purchasing houses and vehicles. Given the current conditions in the banking sector, clients are cautious about holding large balances in single accounts. Instead, they split funds into smaller amounts and spread them across multiple banks.

“Keeping money in banks attracts VAT and taxes. And many avoid banks to evade taxes. Others are reluctant to place even legitimate funds in banks for fear of legal entanglement,” said the economist, who is also the executive director of the private research organisation Centre for Policy Dialogue. “If the economy is to move towards prosperity, this culture of fear must be dismantled. The law must not be applied in ways that expose citizens to risk.”