Bangladesh’s banking sector is currently experiencing two strikingly contradictory developments. On one hand, the number of millionaire account holders is steadily increasing. On the other hand, the total amount of money deposited in these millionaire accounts has fallen sharply over the last three months. Experts argue that although the rising number of millionaire accounts may create the impression that the wealthy are getting wealthier, the reality is far more complex: established wealthy individuals are withdrawing large sums from banks, while those newly entering the “millionaire” bracket typically hold smaller deposits.
According to data from Bangladesh Bank, the number of millionaire accounts increased by 5,974 between March and June of this year. From June to September, a further 734 new millionaire accounts were added. Despite this rise, the combined deposits in these accounts have dropped significantly over the same period, indicating a shift in the behaviour of high-net-worth individuals.
The central bank’s latest report shows that there were 127,336 millionaire accounts at the end of June. By the end of September, this number had risen to 128,070 — an increase of 734 accounts in just three months. Earlier, the March quarter recorded 121,362 millionaire accounts, demonstrating that the upward trend in the number of wealthy account holders has been consistent.
In contrast, when looking at the wider banking sector, the growth is even more dramatic. Total bank accounts increased from 169 million at the end of June to 174.59 million by the end of September, marking an expansion of nearly 5.6 million accounts. This indicates that general banking access is increasing rapidly, driven by mobile banking, agent banking, and various financial inclusion initiatives.
Moreover, the total deposits within the banking sector have grown by Tk 34,536 crore, reaching Tk 20,31,119 crore by the end of September. This suggests that, on a broad level, the banking system is attracting more deposits. However, this growth is not reflected in the accounts belonging to millionaires, pointing towards a behavioural shift among the country’s wealthiest depositors.
Experts believe that several factors may be driving the decline in millionaire deposits. Economic uncertainty, the depreciating currency, and concerns about the overall stability of the banking sector may be motivating wealthy individuals to diversify their assets or shift funds abroad. Some are investing in real estate, gold, or foreign currency holdings instead of keeping large sums within the domestic banking system.
At the same time, the entry of new members into the millionaire bracket often comes from entrepreneurs and professionals whose earnings have recently crossed the threshold. Their deposit holdings, however, are much smaller compared with established high-net-worth individuals who hold — or used to hold — very large balances.
The simultaneous growth in total bank deposits and the decline in millionaire deposits reflect a wider shift in economic patterns. While the banking system continues to grow in scale, confidence among the wealthiest depositors appears to be weakening. This dual trend raises important questions about economic stability, asset distribution, and the future direction of Bangladesh’s financial sector.