The wealth of the richest Hungarians drastically fell because of the war

Forbes publishes a list of the richest Hungarians at the beginning of each year. In light of recent events and changes, the business magazine has taken a look at how much the stock market wealth of Hungary’s richest has fallen.

As Forbes reported, a number of stocks have seen a huge fall on the Budapest Stock Exchange (Budapesti Értéktőzsde, BÉT) this week. It is evidently due to the uncertainty caused by the war and the exposure of some companies to the Russian and Ukrainian markets.

As Blikk wrote on the 1st of March, for example, Sándor Csányi’s wealth that day decreased HUF 364,443 (EUR 939) every single second, meaning the CEO of OTP Bank saw his assets fall by HUF 11 billion (EUR 28.3 million) in a single day due to the fall in OTP’s share price.

This list shows some of the richest Hungarians and their losses so far.

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Lőrinc Mészáros

Mészáros was the richest Hungarian according to the January list by Forbes. He owns a large part of the shares of Opus Stock Exchange Company. Compared to 3 January, when it was HUF 215 (EUR 0.55), by 3 March, the value of the shares had fallen to HUF 157 (EUR 0.4), so the billionaire is now at a total loss of HUF 21.6 billion (EUR 55.6 million).

Sándor Csányi

Csányi is currently the second-richest Hungarian. According to Forbes, at the beginning of January, OTP Bank shares stood at HUF 17,035 (EUR 43.9), and this Friday, they closed at HUF 11,000 (EUR 28.3). According to the bank’s latest report summarising the 2021 financial year, Csányi owns a total of 4,080,034 shares, which means that the bank’s CEO has lost a total of HUF 24.6 billion (EUR 63.37 million) since the beginning of January.