Orbán’s oligarchs on edge as Hungary poised to launch wealth tax

New PM Péter Magyar calls policy a sign of ‘social justice’ after years of political loyalty being rewarded with economic opportunity

In a dimly lit television studio, one of Hungary’s richest men is on the verge of tears. It is early May, weeks after the general election that ended Viktor Orbán’s 16-year grip on power, and the advertising mogul Balásy Gyula has an announcement to make.

Gyula tells the interviewer that he has just surrendered his businesses to the state, along with a chunk of his private savings. He has even brought along a notarised deed – a legal document setting out the change of ownership.