Orbán’s son-in-law makes the list of richest Hungarians

The Prime Minister’s family got on the list of the wealthiest Hungarian businessmen: Ráhel Orbán’s husband, István Tiborcz, reached this elite group. As reported by 24.hu, Orbán’s son-in-law debuts as 32^nd and his net worth is estimated to be around €108 million.

At the age of 32, he is the country’s youngest billionaire when calculating in forints (€3 million). His network of companies are proliferating, especially the ones operating in the real estate sector; his activity includes acquiring real estate in the Castle District, renovating a palace in Tura and converting a historic building on Andrássy Út into a hotel. His main company, BDPST Zrt, which makes up 20.5% of his assets, was incorporated into Lőrinc Mészáros’ stock exchange company Appeninn Nyrt. This was a milestone; for the first time finance moved publicly between Mészáros and the Orbán family.

Tiborcz’s wealth has grown exponentially. According to 2017 metrics, his wealth was around €12 million at the time, which is just over 10% of the latest estimates. He was not able to make the list that year, because he would have had to have assets around the value of €25 million to enter this privileged circle.

Orbán’s son-in-law started with a business called Elios Zrt, which fitted public lighting for municipal governments. He was already making great strides in the first half of this decade; By 2014/2015 the company registered profits of €34 million and the owners received over €3 million each. The EU funded most of these projects, so the European Anti-Fraud Office, OLAF, ordered the Hungarian government to investigate. Of course, the Hungarian authorities did nothing. Tiborcz sold the company in 2015 and profited around €9 million from the sale.