New Stats Show Shocking Wealth Inequality in Hungary

  • 19 Sep 2023 7:22 AM
  • Hungary Around the Clock
New Stats Show Shocking Wealth Inequality in Hungary
One percent of Hungarians owned one-third of the wealth in Hungary in the first quarter of 2023, RTL reports, citing data from the World Inequality Database

The richest 1% owned Ft 24.1 trillion of assets and 99% of the population the remaining Ft 47.9 trillion.

Sociologist László Bass said there are only a few countries where inequalities are of such proportions.

He warned that a significant threat to democracy arises when a small, privileged group holds a substantial portion of wealth, as they can have a disproportionately high influence on political and economic decisions.

According to Eurostat, the average Hungarian household had assets worth Ft 40 million in 2022, one of the lowest figures in the EU, ranking Hungary ahead of only Lithuania and Latvia.

The government’s press office told RTL News that government measures reduced the number of deprived by one-third and the number at risk of poverty by half in ten years.

The press office did not answer the question of whether it plans to adopt any measures to reduce the large inequalities in wealth, Népszava adds.

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