Some 54% more millionaires in Bulgaria for the last two years

The number of wealthy Bulgarians is increasing despite the economic crisis. This fact was confirmed by experts of UniCredit Bulbank in a presentation of the current trends in private banking. According to official data of the Bulgarian National Bank, deposits of over BGN 1 mln in late December 2011 numbered 533 compared to only 360 two years ago. This is a growth of 54%. In fact, a total of BGN 1.3 bn were held in these accounts or 50% more that two years ago.

The volume of deposits of the wealthy Bulgarians has also increase substantially: current accounts of more tha BGN 200,000 number 4,467 vs a total of 3,037 in December 2009 (45% growth) . Overall BGN 3.3 bn were deposited in their accounts versus some BGN 2.3 bn compared with December, which was a 42% growth for the period). There is an incrase in the number of savings deposit accounts holding more than BGN 500,000. As of December 2011, they reached 1043 compared to 783 two years ago. The overall amount of the deposits held is BGN 726 mln compared to BGN 555 mln at the end of December 2009.
It turns out that some 11% of the total of all deposits in the country are held within accounts worth more than BGN 200,000 

According to Ivan Dzhonov, Director of UniCredit Bulbank Private Banking, the main reason for the growth of deposits both in number and in amount was predetermined by the interest rates. The positive growth of the deposited funds of the wealthy clients was also influenced by the fact that company owners have reallocated their profits or dividends generated by their business activity into their personal accounts.

During the crisis, rich people in Bulgaria and Europe, reduced their risk exposures and withdrew from the stock and bonds market. Some of the Bulgarian millionaires sold their real estates, while others did not manage to do so successfully and currently have highly illiquid assets. Another change that was registered was the suspension of offshore banking operations. Besides, outflow of capital from Cyprus was reported, commented Dzhonov. According to the last estimates, however, the positive growth in private banking will continue, although not at the same pace. The share of financial instruments is expected to increase at the expense of the deposits volume. "Furthermore, interest in investment instruments is slowly being restored," indicated the expert.

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