Hungary witnessed the rich grow even wealthier in 2023

The total wealth in Hungary witnessed a significant surge in 2023, with financial assets hitting a record 96,400 billion HUF. However, this increase primarily benefitted a select few affluent individuals.

The top one percent experienced considerable wealth accumulation over the past year, as reported by Index.hu citing findings from the Blochamps Capital Asset Management Yearbook. “While the top ten percent possess two-thirds of society’s financial wealth, the top one percent lay claim to a full third. This segmentation was further entrenched by inflation, to the detriment of the bottom nine-tenths of society,” elucidated István Karragich, Managing Director of Blochamps Capital, in their article.

Connections prove lucrative

NER, an acronym for the Hungarian Nemzeti Együttműködés Rendszere, translating to “System of National Cooperation,” initially introduced by the Orbán government following their 2010 electoral victory to implement administrative changes in Hungary. However, today, the term has evolved to denote the inner circle of politicians and business magnates (or oligarchs) surrounding Fidesz.

“There are more and more people in the top field who, without the tailwind from the government and their close ties to government officials, would likely be middle-class entrepreneurs at best.”

For instance, Prime Minister Viktor Orbán’s son-in-law, István Tiborcz, ranks as the 27th wealthiest person in Hungary, boasting an estimated wealth of HUF 75.3 billion (190.6 billion EUR).

Here are the richest people in Hungary

After slipping to third place in 2022, Lőrinc Mészáros and his family reclaimed the top spot in 2023, with an estimated wealth of a staggering HUF 591.3 billion (1.5 billion EUR). Forbes estimates suggest his assets surged by over HUF 150 billion (380 million EUR) in the past year alone.