In the three months from October to December 2024, the number of millionaire account holders in Bangladesh’s banks increased by nearly 5,000. According to the latest report from the Bangladesh Bank, by the end of December, the number of bank accounts holding over one crore taka (10 million taka) reached 122,081. This is a rise from 117,127 accounts at the end of September.

As per the central bank's data, the number of accounts holding over one crore taka stood at 118,784 at the end of June 2024. This indicates that in the span of three months, the number of millionaire accounts grew by 4,954.

Several factors are believed to have contributed to this increase, with experts suggesting that the political and economic environment in Bangladesh has played a role in shifting large sums of money into banks. Notably, after Prime Minister Sheikh Hasina's resignation on August 5, 2024, following sustained protests from students and the public, the business climate in the country saw significant changes. Following the political turmoil, certain businesses began to hike prices to gain large profits, while others found ways to transfer large amounts of money out of the country. However, the government's strict enforcement of laws and actions against corruption have made it difficult for many to engage in illicit activities. Law enforcement agencies have been carrying out operations in which they have recovered significant sums of money from the residences of suspected individuals. As a result of these developments, many high-net-worth individuals have opted to deposit their funds in banks, contributing to the increase in millionaire accounts.

As of December 2024, Bangladesh's banking sector had a total of 163.2 million accounts, with a total deposit of 18,838.3 billion taka. This is an increase from 162 million accounts in September, with a total deposit of 18,253.3 billion taka. This data shows that in the last three months, the number of accounts has risen by more than 1.2 million, and the total deposit amount has grown by 456.28 billion taka.

Experts are keeping an eye on the potential long-term impact of these shifts on the banking sector, as the increasing number of millionaire accounts suggests a significant movement of funds within the country’s financial system.