Hungarian Households: Significant Increase in Wealth

The financial wealth of Hungarian households grew by 13.9% in 2024, which is the fastest pace since the 2008 global financial crisis, according to Allianz's latest Global Wealth Report, as quoted by the economic portal penzcentrum.hu.

According to Allianz's latest report, global household financial wealth grew by 8.7% in 2024, exceeding the 8.0% rate in 2023. The growth was driven by the United States, where household financial wealth expanded by 10.9%. American households accounted for 53.6% of global financial wealth growth, while Western Europe and Japan lagged behind the global average.

In Hungary, new savings add 5.5% to existing wealth on an annual basis, while households benefit from 44% of the increase in value. However, the ten-year average growth rate is an outstanding 11%.

"Last year, the gross financial wealth of Hungarian households grew by 13.9%, which is the fastest pace since the global financial crisis," Ágnes Tölgyes, head of the financial division at Allianz Hungária Plc. said. This strong performance is primarily due to a 16.1% increase in the securities category, but bank deposits rose by 10.7% and insurance and pension savings by 13.2%.

New Hungarian savings grew by 16% to EUR 17 billion, setting a new record. Most of these (58%) flowed into securities, mainly investment funds and ETFs, but insurance and pension products also reached their highest levels in the last ten years.