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Economy

21 individuals in Bangladesh amass wealth exceeding 5 thousand crores

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Publish: 24 Mar 2024, 12:02 AM

21 individuals in Bangladesh amass wealth exceeding 5 thousand crores

According to the database compiled by the Credit Suisse Research Institute in Switzerland, 21 people in Bangladesh own assets exceeding 50 crore dollars or 5 thousand crore taka. Moreover, the data reveals that 30,559 individuals in the country possess more than ten crore taka.

Credit Suisse, a prominent bank in Switzerland, is a destination for wealthy individuals worldwide to deposit legal and illegal funds into Swiss banks. This stems from Switzerland's strict adherence to maintaining the confidentiality and security of depositors' information, a right granted by the country's laws and constitution. Under no circumstances does the Swiss Bank divulge depositor information, reinforcing its reputation as a haven for financial assets.

Credit Suisse is the largest bank among the three hundred private banks in Switzerland. In pursuit of its business objectives, the bank systematically gathers information on affluent individuals from various countries across the globe. Over nearly one and a half decades, the bank's research division has diligently compiled a database containing statistics on the world's wealthy individuals. This database, titled the "Global Wealth Databook," is regularly published by the organization.

According to the latest published Global Wealth Databook of 2022, 21 individuals in the country possess wealth exceeding 5 thousand crore taka. Despite the challenges posed by the coronavirus pandemic, the number of individuals with assets surpassing ten crore taka in the country increased by nearly 43 per cent in 2021. By the end of that year, the count stood at 30,559 people who owned assets valued at 1 million dollars or more, equivalent to 10 crore 70 lakh taka based on the current exchange rate. In comparison, the corresponding figure for 2020 was 21,399 people.

During the coronavirus pandemic, thousands of people lost their jobs when the country's economy came to a standstill. Paradoxically, the number of wealthy individuals increased during this period.

According to the database, at the end of 2021, 21 individuals in the country had wealth exceeding 50 crore dollars (more than 5 thousand 350 crore taka). At that time, 43 people possessed assets ranging between 10 and 50 crore dollars (1,700 and 5,350 crore taka). Additionally, 39 individuals held assets valued between 5 and 10 crore dollars (535 crore to 1 thousand 70 crore taka). Wealth equivalent to 1-5 crore dollars (Tk 107 crore to Tk 535 crore) was held by 400 individuals. Furthermore, assets ranging from 50 lakh to 1 crore dollars (53.5 crore taka to 107 crore taka) were possessed by 1 thousand 125 people. Lastly, 28 thousand 931 people had wealth ranging from 10 lahks to 50 lakh dollars (10 crores 70 lahks to 53 crores 50 lakh taka).

According to Credit Suisse, the database is regularly updated to identify individuals with high net worth. Net worth is calculated by deducting liabilities from the total value of financial and non-financial assets (such as tangible assets like land, houses, etc.) owned by the individual.

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