Wealth of the Hungarian rich is growing rapidly
In the first half of the 2020s, the number of Hungarians with billions of dollars will more than double: it will jump from 3 to 7! It is another sign of the wealth concentration that has been going on for years in the country. Those struggling with financial problems struggle a lot, while those few who have immeasurable wealth are so well-off they do not even know what to do with all the money they have.
Concentration of wealth
Private banks are doing well and the new generation is increasingly looking for professionals, the 12th Private Bankers Conference heard. The wealth of the world’s richest people has grown enormously in recent times. In addition to global figures, domestic private banking statistics also show the concentration of wealth.
While the size of the domestic private banking market has remained essentially unchanged since 2010, the wealth held in accounts has increased dramatically. While five years ago, wealthy customers held HUF 4,141 billion (EUR 10.06 billion) in the relevant private bank accounts, by the end of last year, the amount had exceeded HUF 7,000 billion (EUR 17 billion)!
As reported at the 12th Private Bankers Conference, BloChamps Capital, which analyses data in this area, estimates that assets held in accounts could exceed HUF 9,000 billion (EUR 21.86 billion) by the end of 2023.
Hungary could have 7 dollar-billionaires by 2025
The concentration is not only felt in the accounts, but also in the wealth of the rich, Index reports. While in 2005, roughly 8,000 people in Hungary had assets of more than HUF 300 million (EUR 0.73 million), and five of them crossed the HUF 30 billion (EUR 72.9 million) threshold, in 2020, 18,000 clients had assets of at least USD 1 million, of which 13,000 were in the under HUF 1 billion (EUR 2.4 million) category. By then, however, there were already 63 of our fellow citizens with assets of over HUF 30 billion, and three of them could even claim to be billionaires in dollar terms.
BloChamps expects that by 2025, the number of people with over HUF 300 million in assets will rise to over 26,000. The bulk, 20,000 people, will have assets of between HUF 300 million and HUF 1 billion. However, in the 30 billionaires’ club, the increase will be just 30 percent – the forecast is for 82 super-rich Hungarians, seven of whom could even claim to be dollar-billionaires. Their number will therefore more than double, which could also be a sign of wealth concentration.
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Source: Index.hu, insiderblog.hu
4 Comments
Hungary – you voted this Government, led by Victor Orban back into office in April 2022.
Hungary – you KNEW – the style of Government – driven by POWER – an agenda that is FOCUSED on Political Ideas & Philosophy – that are Practiced, in a DICTATORIAL manner.
NOTHING has changed from pre February 2020 – with the GOALS – just not as a Government, but on an individual basics, for ALL those associated / affiliated inclusive of the Fidesz Oligarchs – with the Fidesz Party.
“What in this decending “black hole” in Hungary – for US.”
The left overs – not our PROBLEM.
Social Inequality-Social Equality – “kicking”along in Hungary.
Hungary – you voted the return to office of this Government under Victor Orban.
The “error” – you made, sadly – the FULL force of the price you will pay – individually, as citizens of Hungary, is yet to be realized or FELT.
This is what always happens; the rich get richer and the poor get poorer. Schemes and scams and money hidden away and laundered, dodgy tenders awarded to friends with benefits. They’ll always make sure they’re well looked after. All animals are equal but some are more equal than others…….
When Orban was voted in again it was not necessarily because the people want him it was because the opposition was so appalling.
This is called democracy, my leftist friends. Majority rules and the commie opposition (now including the nazi Jobbik) is the same old boring satanic gang. Too bad Budapest has enough of them to vote in an idiot like Karácsony.