Approximately 100 individuals with extreme wealth live in Hungary
Approximately 100 people in Hungary have financial wealth exceeding USD 100 million, making them among the ultra-high-net-worth individuals globally, according to a recent report by the Boston Consulting Group (BCG). Experts predict that this number will double in the next five years.
According to the BCG’s Global Wealth Report 2024, around 100 Hungarians currently have financial wealth over $100 million, classifying them as ultra-high net worth individuals, Portfolio reports. This places Hungary on a notable trajectory of wealth accumulation.
Additionally, another 700 Hungarians had between USD 20 million and USD 100 million in financial assets last year, showcasing a substantial segment of the population with considerable financial resources. The report also states that about 71,600 Hungarian citizens possess financial assets between USD 250,000 and USD 1 million, while another 22,000 citizens have between USD 1 million and USD 20 million.
Krisztián Horváth, associate director of BCG, noted that the Hungarian population is expected to see double-digit growth in financial wealth over the next five years. This projected growth rate surpasses the global average by four percentage points and is two percentage points higher than the growth observed in Eastern Europe. Such robust growth forecasts suggest a thriving economic environment. Consequently, Hungarian financial wealth is projected to reach an impressive USD 500 billion by 2028.
Of these assets, approximately two-thirds are classified as investable assets, which include shares, mutual funds, bonds, bank deposits, and cash. The remaining one-third consists of long-term pension savings, life insurance, and shares in unlisted companies. This distribution reflects global trends in asset allocation, where liquid and investable assets form the majority, providing individuals with flexibility and potential for growth.
BCG estimates that the proportion of cash and bank deposits in financial assets will drop below 20%, while the share of assets held in bonds, mutual funds, and equities will rise to 70%. This represents a 25-30 percentage point increase compared to global and Eastern European ratios, highlighting the advancement and maturity of the Hungarian wealth management and savings market.
Surge in super-wealthy individuals despite decline in long-term savings
However, this positive outlook is tempered by the steady decline in the share of long-term life insurance and pension savings, which have more than halved over the last 20 years. This decline suggests a shift in financial priorities and a potential gap in long-term financial planning among Hungarians, the portal says.
The anticipated surge in financial wealth over the next five years means that Hungary will have significantly more super-rich individuals. BCG expects that by 2028, the number of ultra-rich Hungarians will increase to 200, effectively doubling the current count.
Furthermore, the number of Hungarians with financial wealth between USD 20 million and USD 100 million is projected to rise from 700 to 1,300. This growth in the ultra-rich population underscores the dynamic economic landscape of Hungary and reflects broader trends of wealth accumulation and economic prosperity in the region.
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Chinese Saying ; 😃
‘Better to bequeath Virtue rather than Wealth to one’s Children.”
Wonder if it’s “Rung Bells” or “Turned on the Lights” – generated a larger supply of oxygen to the “supposed” Brain(s) – of what goes on, the establishment and creation, the Building of an Empire by Victor Mihaly. Orban.
Don’t be DISSMISSIVE of this opinion on Orban.
It in-corporates his Son-in-Laws Family name of course in his Empire build.
Orban – Varga & Szijjarto, maybe have “private” tutors EDUCATING them in Mandarin.
The Ministers of the Front Bench of the Orban – Fidesz Government, maybe, in the numbers of VACANT rooms of our Parliament House, maybe, “grouped” and have a weekly “Mandatory” to attend – Mandarin Class.
“Word of the Month” – in the Fidesz Political Party newsletter – is it TRUE asked in Mandarin – what is It ?
Great. Hope next year that number will double. Hungarians are smart and resourceful people; they can do it.