Hungary’s new government will impose a 1% wealth tax on assets exceeding 1 billion forint (about 4.1 billion won) starting next year. The rate rises to 1.5% on assets above 100 billion forint (about 410 billion won). The tax will cover real estate and financial investments as well as corporate stakes and assets held abroad, raising the burden on the wealthiest.
Prime Minister Peter Magyar said in a video posted on social media that the wealth tax will take effect on Jan. 1, 2027, Bloomberg reported on the 9th.
The threshold is 1 billion forint (about 4.1 billion won). Assets above that level will be taxed at 1%, while those exceeding 100 billion forint (about 410 billion won) will face a 1.5% rate. The tax will be paid once a year through self-reporting. The first filing will be based on assets held at the end of 2026, with payment due by Aug. 31, 2027.
The tax base includes real estate, investment assets and corporate stakes, as well as assets held outside Hungary. Loans can be deducted from the tax base. Property and vehicle taxes already paid will be subtracted from the wealth tax to prevent double taxation.
According to a recent rich list published by the Hungarian edition of Forbes, 28 Hungarians have estimated assets of more than 100 billion forint. GKI, a Hungarian economic research institute, estimated the combined assets of the country’s 100 wealthiest people at 12,579 trillion forint.