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.

Tibor Veres

Veres stood in 4th place on Forbes’s list in January. Veres holds the majority of the shares in Autowallis Plc. The value of the shares fell from HUF 120 (EUR 0.31) to HUF 103.5 (EUR 0.27) between 3 January and 3 March, meaning that the value of the shares owned by Veres fell by HUF 4 billion (EUR 10.3 million) during this period.

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Ruslan and Timur Rahimkulov

The Russian brothers, who are also Hungarian citizens, stood in 5th and 7th place respectively on the list in January. OTP shares represent a significant part of the wealth of the two men. Counting with the values listed above, their total assets have decreased by HUF 118.7 billion (EUR 305.7 million) since the beginning of January.

Ottó Sinkó and Péter Lakatos

They were in 17th and 19th place respectively in January. SOH Ltd. and LPH Ltd. together hold 798,869 Masterplast shares. Based on the values on 3 January (HUF 4,100, EUR 10.6) and 3 March (HUF 3,500, EUR 9), their combined assets have decreased by a total of HUF 479 million (EUR 1.23 million) compared to the beginning of January this year.

Gellért Jászai

He placed 49th in January. According to the latest available information (Q4 2021 report), Jászai indirectly owns 58,692,930 shares of 4ig. Due to the fall between 3 January and 3 March (from HUF 888, EUR 2.3 to HUF 753, EUR 1.95), the billionaire lost HUF 7.9 billion (EUR 20.35 million).