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Millionaires withdraw some of their money from banks and invest it in real estate or business due to high inflation. At the end of March, deposits of individuals with amounts over BGN 1 million in them decreased to 1,022, the BNB announced.
In just one quarter, millionaire deposits decreased by 30, which means that every three days a person with great financial means has withdrawn a large part of his money. For a year the deposits with over BGN 1 million in them have decreased by 132 pieces, Trud specifies.
The trend of millionaires withdrawing money began in the middle of last year. But for the first time in the first quarter of this year not only deposits with over BGN 1 million decreased, but also all deposits of individuals with amounts between BGN 200,000 and BGN 1 million. Deposits with amounts between BGN 200,000 and BGN 500 thousand decreased in one quarter by 1241 units, or by 7.6%. And deposits of between BGN 500,000 and BGN 1 million decreased by 45, or 2%.
It turns out that there is an outflow in all deposits of people with great financial opportunities. There are two reasons for this. On the one hand, people want to save their money from high inflation by buying real estate with their savings or investing it in something else. The other reason is the fees introduced by banks for storing large amounts of cash. That is why many people prefer to divide their money into several deposits in different banks.
This is confirmed by the BNB data. In the first quarter of the year the money in deposits with amounts between BGN 100 thousand and BGN 200 thousand increased by BGN 526 million or 4.9%. And for a year the money in these deposits has increased by over BGN 1.9 billion, or by over 20%.
There is an increase in deposits of individuals with amounts between BGN 20,000 and 200,000, according to BNB data. Deposits with smaller amounts accumulate both in number and in total amount of money stored in them. This shows that people with less money are forced to withdraw from their savings to tie the family budget. But the total amount of household savings in banks continues to grow. Over the year, the deposits of citizens have increased by over BGN 4 billion.
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