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Rich-poor Gap Widens in Bulgaria

Standartnews |

Rich-poor Gap Widens in Bulgaria

According to information of the Bulgarian National Bank (BNB), at the end of 2016 there were 762 personal bank deposits worth over BGN 1 million each.

For comparison, in the first half of 2014 their number was 749. However, after the collapse of the Corporate Commerce Bank on June 20th, 2014, Bulgaria's wealthiest people learnt not to put all of their eggs in one basket and started stashing their cash in a number of different banks, each deposit not exceeding BGN 196,000, the maximum insurance cover provided in the Law on Bank Deposit Guarantee and guaranteed by the Bulgarian Deposit Insurance Fund (BDIF).

This tendency continued until mid-2015, when the number of deposits of natural persons, worth over BGN 1 M each, started growing again.

Interestingly, the number of personal deposits of over one million levs grew by 48 in the last quarter of 2016, which means that a millionaire would open a deposit account in a Bulgarian bank every other day.

By contrast, the number of small personal deposits of up to BGN 1,000 is shrinking - in the last quarter of 2016 their number went down by 30,000.

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