89% of bank accounts in Thailand hold less than 50,000 baht

The Bank of Thailand (BOT) reports that 88.88% of bank accounts in Thailand hold less than 50,000 baht (US$1,423) in deposits, according to Komchadluek.

In total, there were 121.4 million bank accounts in Thailand at the end of 2022. Of those, 98.5 million (88.88%) held less than 50,000 baht and 1,023 bank accounts (0.0008%) held more than 500 million baht.

BOT reported which provinces held the most and least amount of money in bank account deposits at the end of 2022.

It’s no surprise that Bangkok dominated the list with 10.58 trillion baht in bank deposits.

10 provinces with the highest amount of money deposited in bank accounts

1. Bangkok (10.58 trillion baht)
2. Nontha Buri (586.02 billion baht)
3. Samut Prakan (583.76 billion baht)
4. Chon Buri (551.65 billion baht)
5. Pathum Thani (345.48 billion baht)
6. Chiang Mai (291.6 billion baht)
7. Nakhon Pathom (230.55 billion baht)
8. Samut Sakhon (196.04 billion baht)
9. Songkhla (194.19 billion baht)
10. Rayong (190 billion baht)

10 provinces with the least amount of money deposited in bank accounts

1. Mae Hong Son (7.45 billion baht)
2. Amnat Charoen (9.3 billion baht)
3. Bueng Kan (9.83 billion baht)
4. Satun (10.97 billion baht)
5. Nong Bua Lamphu (14.1 billion baht)
6. Mukdahan (15.7 billion baht)
7. Uthai Thani (15.9 billion baht)
8. Nan (16.2 billion baht)
9. Chainat (18.1 billion baht)
10. Yasothon (18.1 billion baht)

BOT reported that commercial bank deposits in 2022 grew by 4.3% compared with 2021, attributed to the central bank’s policy interest rate hikes and interest rates of commercial banks.

In January, the BOT’s Monetary Policy Committee (MPC) hiked its policy rate by 0.25% to 1.50% for the fourth consecutive time to curb high inflation.

In December 2022, the Office of the National Economics and Social Development Council (NESDC) reported that more than 8.1 million Thais were poor including 4.4 million living below the poverty line.

Of the 8.1 million living in multidimensional poverty, 36.9% of whom are elderly and 51.5% are those who do not contribute to the economy – including children, the ill and the unemployed.

Bangkok Community Help Foundation (BCHC) is one community initiative assisting Bangkok’s most vulnerable groups, many of whom are elderly and living in poverty.