Hungary’s 100 wealthiest individuals saw their combined fortunes surge by a record HUF2 trillion (€5bn) over the past year, lifting the total above HUF11 trillion for the first time, according to the 24th annual edition of the 100 Richest Hungarians ranking.

The widening gulf between wealth accumulation among politically connected elites and Hungary’s sluggish economy underscores the imbalances in Orban’s state-driven economic model. While the economy stagnated last year, inching up by just 0.1% in 2024, fortunes linked to the ruling elite posted substantial gains.

"This scale of enrichment is striking given the broader stagnation," said Peter Szakonyi, editor of the ranking. He noted that individuals with close government ties experienced the most rapid growth in wealth.

Lorinc Meszaros, the former gas-fitter and childhood friend of the prime minister, retained the top spot with a fortune of HUF1.42 trillion, up from HUF990bn in 2024, equal to 1.6% of GDP.

Meszaros widely seen as the Orban regime’s chief economic beneficiary. He has grown his fortune nearly 200-fold since 2015 after the fallout of the former Fidesz cashier Lajos Simicska with the prime minister. The wealth of the former small-town entrepreneur was just HUF8bn ten years ago.

OTP Bank chairman and CEO Sándor Csanyi was ranked second with HUF820bn, followed by industrialist Zsolt Felcsuti in third with HUF486bn. He is the owner of MPF Industry Group is a Switzerland-based multinational corporation, which controls several European industrial companies.

Gellert Jaszai, CEO of listed technology and defence group 4iG, was one of the biggest climbers on Hungary’s 2024 rich list, breaking into the top 10 after his wealth nearly doubled to HUF264bn (€670mn). His rise reflects 4iG’s growing footprint in defence, telecommunications and space technology, sectors the government has earmarked as strategic priorities.

The company has recently signed partnership agreements with various space groups. He was part of the Hungarian delegation to Washington last year and held discussions with SpaceX CEO Elon Musk in December. Earlier this year, Gellert meet with SpaceX senior vice president Tim Hughes a week ago.  Investor confidence in 4iG has soared on the back of these developments, helping the stock rally more than 90% so far this year.

Also making a significant leap up the rankings was Istvan Tiborcz, the son-in-law of Orban, whose wealth surged by 80% over the past year to reach HUF188bn, propelling him to 11th place on the list. Tiborcz, whose business interests span real estate, energy and finance, has seen rapid growth across several of his ventures, benefiting from favourable regulatory conditions and steady access to state-linked projects.

While the top seven positions remain unchanged from last year, shifts further down the ranking highlight an increasing concentration of wealth among politically connected businessmen. The threshold for inclusion in the top 100 has also risen, with a minimum net worth of HUF20bn (€50mn) now required to make the cut.

The ranking is based on publicly available corporate data. Assets held abroad or via opaque private equity structures are excluded.

A new edition of Hungary’s 50 most influential people, based on the votes of 11 political analysts, reaffirms Prime Minister Viktor Orban’s dominance at the top of the rankings. He is followed by banking magnate Sandor Csanyi, construction and energy tycoon Lorinc Meszaros and Foreign Minister Peter Szijjarto.

Former insider-turned-critic of the Orban regime, head of Tisza Party Peter Magyar rocketed 53 places to land in 16th position.