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The four-quarter value had stood around 6-8% of GDP, but started falling in the second half of 2024, parallel with a decline in the yield environment and a slowdown in wage growth, MTI reports citing MNB’s Savings Report.
The pickup in household borrowing continued in 2025, surging at year-end with the rollout of a subsidised credit scheme for first-time home buyers.
The report notes a shift in the portfolio of households’ financial assets towards higher-risk, higher-return assets, mainly investment fund units and shares, while growth of liquid assets slowed.
Households’ holdings of retail government securities fell, as the earlier popular inflation-linked PMÁP securities were repriced, but their indirect financing of the general government still increased through bigger purchases of products from other financial institutions.
Households’ net financial wealth advanced 2 pp close to 117% of GDP in 2025, supported in equal part by transactions and revaluations.
Gross financial wealth rose to 139%, while liabilities climbed to 22% of GDP.
The report shows that 71% of financial wealth is concentrated in the top decile of the population, while the bottom half of society owns just 5% of financial wealth.
Households’ non-financial assets climbed over 270% of GDP, supported by home appreciation, bringing overall net wealth to nearly 390% of GDP.
Liquid assets accounted for 51% of total financial wealth at end-2025.
Relative to GDP, liquid financial assets reached 70%. Households held HUF 13.4 trillion of domestic and HUF 3 trillion of foreign investment units at the end of 2025.
Combined, the value of those investment fund units exceeded their HUF 13.7 tln of holdings of government securities. Households held listed shares worth close to HUF 4 tln.
Domestic shares accounted for 73% of the value. Households’ financial assets denominated directly in foreign currency rose to nearly HUF 18 tln, equivalent to almost 21% of GDP.
Taking into account indirect holdings through investment funds and insurance and pension funds, the actual foreign currency exposure of households was estimated at close to one-fifth of total wealth.
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