Hungary's New Wealth Tax Targets Orbán-Era Oligarchs
Hungary has become the first EU state since the 1980s to introduce a new wealth tax. Prime Minister Péter Magyar and his finance minister are targeting super-rich individuals and corruption from the Orbán era. In early May, advertising magnate Gyula Balásy, one of the country's richest men, appeared on a Budapest television studio near tears. He announced that his companies had been handed over to the state, along with a substantial portion of his private savings, and produced a notarized document as proof. Balásy stated, "In the current situation, I do not believe our company group has a future." He was among the most prominent profiteers of the Orbán era, operating a network of billboard spaces.
Key facts
- Hungary is the first EU state since the 1980s to introduce a new wealth tax.
- Prime Minister Péter Magyar and his finance minister are targeting super-rich individuals and corruption from the Orbán era.
- Advertising magnate Gyula Balásy appeared on a Budapest television studio near tears in early May.
- Balásy announced his companies had been handed over to the state, along with a substantial portion of his private savings.
- Balásy produced a notarized document as proof of the transfer.
- Balásy stated, 'In the current situation, I do not believe our company group has a future.'
- Balásy was among the most prominent profiteers of the Orbán era.
- Balásy operated a network of billboard spaces.
Entities
Institutions
- Freitag
Locations
- Hungary
- Budapest