In a year, the number of millionaires in Bulgaria rose by 106 to 625 people

The total amount of household deposits totaled BGN 33.27 bn at the end of September 2012, having increased by 12.9% on an annual basis and by 2.6% from the previous quarter, showed Bulgarian National Bank (BNB) figures.

Deposits from BGN 50,000 to BGN 500,000 had the largest contribution to the continuing increase in retail deposits in Q3 2012. Deposits over BGN 1 mln also increased considerably on an annual basis.

As of the end of September, the number of millionaires in the country had increased by 106, reaching 625 people. In July - September alone, their number grew by 27 people. The total amount of millionaires’ deposits exceeds BGN 1.506 bn, i.e. the average size of their deposits is more than BGN 2.4 mln.

Meanwhile, the total volume of households’ credits decreased by 1.6% in September on an annual basis to BGN 18.685 bn. The decrease compared to the end of June was 0.4%. Only very small loans of up to BGN 1,000 intended for immediate needs and these ranging from BGN 25,000 to BGN 50,000 (i.e. mortgage loans) registered a slight increase on an annual basis.

The trend in corporate loans was quite the opposite. The total amount of credits extended to businesses amounted to BGN 34.67 bn at the end of September, having increased by 6.1% year-on-year and by 1.1%, compared to the end of the previous quarter. An interesting fact is that the increase in corporate loans was mainly due to the increase in the number and the total amount of small loans of up to BGN 5,000.

Corporate deposits also grew as a whole, albeit slightly. At the end of Q3 2012, these amounted to BGN 14.3 bn (less than half of the amount of citizens’ savings), registering an increase of 2.2% on an annual basis and an increase of 3.6%, compared to June 2012.

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