Hungary Plans 1% Wealth Tax Above $3.1 Million

Hungary’s government has proposed an annual wealth tax starting Jan. 1, 2027, fulfilling a campaign pledge by Prime Minister Peter Magyar’s Tisza party. The plan would tax wealth above 1 billion forints (about $3.1 million) at 1%, with a 1.5% rate on wealth above 100 billion forints (about $310 million). It would cover property, investments, business holdings and assets abroad, while allowing debts to be deducted; the proposal is to undergo public consultation before parliamentary approval. The measure comes as Hungary faces a substantial budget deficit, though its effect on the 2027 budget remains unclear.