Orbán’s son-in-law Tiborcz’s true wealth may be triple the official estimate

In recent years, Hungary’s rankings of its wealthiest individuals—particularly those with political connections—have increasingly failed to reflect their actual fortunes. István Tiborcz, Prime Minister Viktor Orbán’s son-in-law, is officially listed with HUF 188 billion on the “100 Richest Hungarians” list. However, new financial data suggests that this figure is severely underestimated.

According to an analysis by Válasz Online, Tiborcz’s true wealth—managed through multiple asset management funds—could exceed HUF 600 billion. The discrepancy is not merely technical; it reflects a complex and opaque network of private equity funds operating behind the scenes.

Hiding fortune in plain sight

In recent years, segments of Hungary’s economic elite have moved away from controversial offshore structures, opting instead for domestic private equity funds that are equally opaque. These funds are not publicly traded, and their ownership structures remain undisclosed, rendering them virtually invisible to the public. According to the Hungarian National Bank, more than 200 such funds were in operation by 2024. They typically hold high-value assets such as real estate, companies, and other investments, with valuations revealed only through annual financial reports submitted by fund managers.

Recent data shows that four asset managers—Gránit, Equilor, Central European, and Atlas—collectively manage over HUF 665 billion in net assets. These funds own prestigious properties and companies, including the Budapest Marriott Hotel, the Gellért Hotel, the former state television headquarters on Liberty Square, and the logistics firm Waberer’s. Several of these projects are linked to the BDPST Group, which is officially associated with István Tiborcz, making his involvement evident even if ownership details remain obscure.

The state’s role

The Hungarian state is also a significant player in the proliferation of private equity funds. State funding totalling HUF 203.4 billion has been channelled into Tiborcz-linked funds managed by Gránit and Equilor, primarily through the Hungarian Development Bank (MFB). Additionally, the Baross Gábor Capital Programme—another state-backed initiative—contributed HUF 28.4 billion to funds managed by Equilor. These figures support the conclusion that the wealth accumulated through these structures is not solely the result of private investment but is also significantly supported by public funds.