On the other hand, Pakistanis and Bangladeshis earn the least. Indians earn an average of 700 pounds per week, while Bangladeshis earn an average of 416 pounds per week.
Additionally, Chinese people earn an average of 643 pounds per week, white people earn 635 pounds, mixed race earn 627 pounds, other Asians earn 553 pounds, black people earn 547 pounds, other ethnic groups earn 542 pounds, and people of Pakistani descent earn 423 pounds per week. Immigrants living in the UK say that although these figures might seem high when considering the exchange rate, the cost of living in the country is very high. In particular, many Bangladeshis are now living below the poverty line. After paying for housing costs, Bangladeshis can spend around 304 pounds per week, while Pakistanis can spend 345 pounds per week.
The report, based on data on the main income earners by household, reveals that income inequality is now very high among ethnic communities in the country. Even within communities, there is a large income disparity. An analysis of income distribution based on ethnic groups shows that about 43 percent of the Bangladeshi community in the country is in the lowest income category.
Many of the British-Bangladeshis living below the poverty line are first-generation immigrants. Immigration experts say that much of their lives are spent establishing themselves after moving there. CR Abrar, Executive Director of the Refugee and Migratory Movements Research Unit (RMMRU), a private research organization in the immigration sector, told Bonik Barta, "Many of those who go to the UK work in restaurants. There are Indian restaurants, and Bangladeshis own restaurants. This is a major source of income for Bangladeshis; though their earnings are not very high, they are still better than what they would earn in Bangladesh. That is why they stay there. First-generation immigrants struggle, but perhaps second or third-generation immigrants can overcome this situation. However, those from influential or powerful families in Bangladesh who have invested illegally acquired money in the UK and obtained citizenship have misused their citizenship there and also exploited political power from here. These issues are now coming to light. It is now necessary to hold them accountable and bring back the illicitly transferred money."
There is also an opposite scenario. According to the report, 8 percent of the Bangladeshi community in the UK belongs to the highest income group.
Since 2016, former Land Minister Saifuzzaman Chowdhury Javed has personally purchased 360 properties in the UK. He stated that the money for these property purchases was brought from legal businesses outside Bangladesh. However, according to Bangladeshi law, if a politician owns assets abroad, they must disclose them in their affidavit. Yet, the government has no information regarding Saifuzzaman Chowdhury's assets abroad.
An investigative report by Al Jazeera's Investigative Unit recently created quite a stir. The unit's research analyst, Zulkarnain Saer Sami, told Bonik Barta, "Many of those investing in the UK are locals here. Incidents like Saifuzzaman Chowdhury's are very rare. Many Bangladeshi-origin UK citizens have been living here for two or three generations. Many have accumulated wealth and made investments, but not in the same way as Saifuzzaman Chowdhury."
He added, "We have traced assets worth 300 million pounds belonging to Saifuzzaman Chowdhury alone. We have also found assets linked to Salman F Rahman's brother and son, as well as the owner of the Bashundhara Group. None of them have businesses here, but they have brought money from countries like Dubai. These are unusual circumstances."
One of the most expensive residential areas in the world is Mayfair in London. A Bangladeshi national has purchased an apartment from Mayfair Properties, a company specializing in building luxurious homes and apartments in the area. Even among the world's wealthiest billionaires, Grosvenor Square in Mayfair has become a highly sought-after location. Over the past few years, a dozen Bangladeshis have bought houses and apartments there. Their luxurious properties and expensive cars are causing envy among local and foreign billionaires living in the area.
In the last fifteen years, the presence of Bangladeshis in the UK property market has become quite prominent. This includes offshore properties registered under anonymous names and properties registered with Bangladeshi addresses. According to British government statistics, in January 2010, only 15 properties in the UK housing market were registered using a Bangladeshi address. By January 2016, this number had risen to 52. By August 2021, the number had more than doubled to 107. Currently, the number is believed to be much higher, according to expatriates in the UK. The true number will be revealed when the British government and property management firms release updated reports.
In recent years, many investors from Bangladesh have moved to the United Kingdom through the investor visa scheme. Foreigners could obtain a five-year stay in the UK by investing 2 million pounds under the 'Tier-1 Investor' category. After that, they could apply for permanent residency. An investment of 10 million and 5 million pounds was required to obtain permanent residency within two or three years, respectively. However, the British government stopped issuing such visas after the Russia-Ukraine war. Nevertheless, opportunities for investment-based immigration remain under the Innovator Visa and Scale-up Visa categories. According to Bangladeshi expatriates living in the UK, individuals moving under these categories are now among the major property buyers in prime central London areas.
Bonik Barta has obtained specific information about at least fifty Bangladeshi politicians, bureaucrats, businesspeople, and bankers purchasing homes in various prestigious areas in London and the UK. This list includes current and former top executives of government and private banks, as well as names of mid-level bank officials. Allegations have been raised that these officials, in collusion with bank boards or owners, facilitated the plundering of bank funds, which in return have led to their wealth accumulation.
Major financial scandals have occurred in the country’s public and private banks for over a decade. Bank executives were often complicit with businesspeople in embezzling funds under the guise of loans. According to multiple sources from the UK and Dhaka, at least three former Managing Directors (MDs) of state-owned banks own property in the UK. A dozen former private banks MDs have properties in the UK and countries such as the US, Canada, and Australia. Many chairmen and directors of private banks have also purchased properties in the UK. However, Bangladeshi businesspeople in the ready-made garment (RMG) sector are ahead of others. According to sources familiar with the matter, over a hundred RMG industry entrepreneurs are reported to own properties in prime areas of London and other parts of the UK.
A businessman who has been operating in the UK for a long time, speaking on condition of anonymity, told Bonik Barta, "We hear daily about Bangladeshis buying properties in prestigious areas of the UK. However, the process or the source of funds for purchasing these properties remains unknown. I have been running a successful business here for many years but have never considered buying property in those upscale areas. The money laundering and financial crime laws in the UK are very strict. To open a bank account in this country, one must go through many procedures. But how Bangladeshis bring money into the UK to buy properties is a mystery. Intermediaries or brokers here act as channels for money laundering from various countries."
Aston, a London-based firm, provides immigration services through investment quotas for wealthy individuals worldwide. The firm published a list from January to September 2020 of foreign property buyers in Prime Central London based on their nationality. According to the list, prepared based on data from British real estate firm Knight Frank and the UK government’s statistics, Bangladeshis ranked ninth among foreign property buyers in Prime Central London during the first nine months of 2020. Bangladeshis bought properties worth approximately 122.9 million pounds during that period through 98 transactions in Prime Central London. At the exchange rate of that time, this amounted to nearly BDT 15.61 billion. The average cost per transaction was around 1.2 million pounds (approximately BDT 151.2 million).
The British organization, The Center for Public Data, has observed that a significant reason for the rise in property prices in the UK is the increase in foreign buyers. The organization reported that since 2010, the number of properties registered with foreign addresses in the country has doubled. Three-quarters of these properties are registered using addresses from 20 countries and regions. Among these 20 regions, British overseas territories such as Jersey, Guernsey, the Isle of Man, and the British Virgin Islands dominate. These British territories are widely known worldwide as havens for money launderers to buy offshore properties anonymously.
Experts argue that the government's benefits for overseas investment in Bangladesh are not conducive to real estate investments. Therefore, it can be assumed that the significant amounts of money invested in the UK by the country’s ultra-wealthy individuals, politicians, bureaucrats, and businessmen have been illegally siphoned out of Bangladesh.
When asked about this, Iftekharuzzaman, Executive Director of Transparency International Bangladesh (TIB), told Bonik Barta, "The process of bringing back laundered money is very difficult, complex, and time-consuming. For Bangladesh, the Anti-Corruption Commission (ACC), the Office of the Comptroller and Auditor General (CGA), the Bangladesh Financial Intelligence Unit (BFIU), and the Attorney General’s Office need to work together. First, it must be proven that a crime has occurred, and the recovery process can only begin with a court order. After that, a legal assistance agreement must be made with the relevant country's government. Those who own the assets in that country must be investigated. For example, if individuals have acquired assets in England, the British government must investigate them. Based on the court’s ruling, the next steps for recovering the money will begin. This is a lengthy process. The government must have the will to do it, and the current government has that will. The process has also started, but it will not happen quickly. Although money laundering is legally prohibited, there is an organized syndicate. This syndicate assists money launderers in acquiring, depositing, and investing assets. In return, they also collect money. This, in turn, contributes to the economy of the relevant country."