The report mentions that a new record for bank deposits shows how the concentration of wealth is deepening. “Almost 40,000 million dollars, 10% more than at the end of 2021, mainly focused on accounts with balances greater than 250,000 dollars.”
According to a report prepared by the AEBU Technical Advisory Commission “a new record of deposits in local banks is confirmed, given that in the first half of 2022 they reached 39,657 million dollars; growth of more than 4,000 million dollars in just six months. In this way, financial deposits inside and outside the country are around 50 billion dollars”.
It is also stated that the deepening and acceleration of the concentration of wealth is clearly observed with “2,500 million dollars of increase in accounts of more than a quarter of a million dollars. If those with more than 100,000 dollars are added, they explain almost 80% of the increase”.
the flip side
As a counterpart to the rise in deposits, “the labor market deteriorated in the second quarter of 2022, and this is added to the sustained decline in the purchasing power of households”, is expressed in the AEBU report, which was reported the PIT-CNT.
While the economic sectors “winners of the economic policy show a growing trend in their savings, the majority of workers, retirees and pensioners will end the 2020-2024 period with a lower purchasing power than in 2019, without seeing any benefit from growth national economy”.
“While the annual flow of productive investment grew by 24% since 2019, the increase in deposits was 426% higher than that of the same year. This orientation is consistent with the reduction of the investment projects promoted, which in the first half of 2022 fell by 52% in the amount and almost 60% in the number of proposals”, it is expressed.
The result of the contraction of public and private investment, added to the concentration of financial capital, offers a scenario that tends to be “increasingly complex for sectors dependent on the internal market and fixed income”, warns AEBU.