It was citing the latest Savings Report from the National Bank of Hungary (MNB), which covers data through 2023. In contrast, the ratio is under 70% in Slovakia and around 60% in Germany.
In Hungary, the bottom 50% of the population by net worth own just 5% of financial assets, compared to 12% in Slovakia and 8% in Austria.
“Looking behind the numbers, it is clear that even among the wealthy top decile, only the richest 1%, a few tens of thousands of people, are truly growing their wealth,” said Blochamps Capital CEO István Karagich. According to the Central Statistical Office (KSH)’s latest Household Living Standards Survey, the top income quintile now earns 4.8 times more than the bottom quintile, up from 4.2 times in 2021.
Blochamps also noted that Hungary’s 100 richest individuals now control more than 13% of total household financial wealth, compared with just 2.5% in 2005.
As a result, the bulk of domestic savings continues to accumulate among the wealthiest households, while over one-third of families have no significant financial reserves.
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