Hungary to impose wealth tax on assets above $3m

Hungary is moving ahead with a plan to impose a 1 percent annual tax on wealth exceeding 1 billion forints ($3.06 million), targeting the country's richest residents to broaden the tax base.

Hungarian Prime Minister Magyar Peter announced Friday (local time) in a social media video that starting next year, assets above 1 billion forints ($3.06 million) will be subject to a 1 percent annual levy, according to Bloomberg and other foreign media. Assets exceeding 100 billion forints ($306 million) will face a higher rate of 1.5 percent on the surplus.

The wealth tax will cover all forms of assets, including real estate, investment holdings, corporate equity stakes and assets held outside Hungary, with outstanding loans deductible from the taxable base.

According to the Hungarian edition of Forbes, 28 Hungarians hold estimated assets above 100 billion forints. As of 2025, the country's wealthiest individual holds assets valued at 1.79 trillion forints ($5.5 billion). Magyar had pledged during this year's general election campaign to ensure the wealthy bear a greater share of public burdens.

The new wealth tax is expected to take effect on Jan. 1, 2027. The Hungarian government plans to release its 2027 budget proposal and a roadmap for adopting the euro later this month.

The Magyar government ended 16 years of one-party rule after winning the general election in April. It has since distanced itself from the pro-Russia administration of former Prime Minister Viktor Orban and made anti-corruption efforts a central policy priority.

"Many people tried to lobby against the introduction of the wealth tax," Magyar said. "I hope they will pay their taxes honorably."