Getting Harder to Join the Club of Hungary’s Wealthiest

Despite geopolitical risks, the oil price shock and the strengthening forint, assets held in Hungarian private banking accounts grew in the first half of the year. According to latest private banking survey by the financial website portfolio.hu, the total amount in the accounts of Hungary’s wealthy exceeded HUF 13,600 billion at the end of June.

OTP Private Banking continues to manage the largest amount of wealth, while Concorde and Apelso saw the biggest increases in assets; the average assets per private banking account have now swelled to nearly HUF 220 million. Meanwhile, the sector as a whole lost approximately 300 private banking accounts; credit limits are rising, and there is some minor movement in the private banking sector as well, the survey found.

Geopolitical risks did not subside in the first half of this year either; the oil price shock caused by the war in Iran clearly left its mark on the capital markets, while AI stocks staged another show of strength and interest rate expectations were recalibrated. Domestically, the BUX rose by 26%, driven primarily by a concentrated rally in blue-chip stocks, while the decline in the post-election political risk premium also benefited the forint.

At the same time, domestic private banking assets also rose; according to Portfolio’s compilation, assets under management at private banking providers exceeded HUF 13,600 billion at the end of June, representing growth of more than 5% over half a year and over 12% over one year.

Meanwhile, the number of private banking client accounts has declined; in the first half of 2026, the sector managed slightly more than 62,000 client accounts, representing a 0.5% decline over the half-year and a 2.4% decline over the year – figures that roughly mirror those of 2024. Of course, the researchers say, the decline is not all that surprising if we look behind the numbers: several providers have recently seen a drop in account numbers as a result of credit limit increases and portfolio streamlining. As assets under management rose (and the number of accounts fell in parallel), the average assets per client account also increased, approaching HUF 220 million at the end of June.

It is almost becoming a trend: an increasing number of providers have raised their private banking entry limits. So far this year, Hold Fund Management has raised its previous entry threshold from HUF 120 million to HUF 160 million; OTP Private Banking has also raised the entry threshold for its digital private banking service from HUF 20 million to HUF 50 million; at Bank Gutmann, the threshold fluctuates, as the current limit – set in forints – is always determined by the euro-forint exchange rate (which has decreased in forint terms this time).

The ranking of service providers with the highest entry thresholds has not changed: Bank Gutmann currently has the highest entry threshold at 355 million, followed closely by OTP’s premium private banking segment and Apelso at HUF 300 million, and then Hold Asset Management’s private banking service at HUF 160 million. The lowest entry threshold is thus no longer set for OTP Digital Private Bank clients following the threshold increase, but rather for SPB clients at HUF 40 million.

In terms of average assets per client account, Bank Gutmann continues to boast the highest figure at HUF 1.1 billion, followed by Apelso Wealth Management in second place with HUF 757 million, and then Concorde Securities with HUF 637 million.

Another interesting finding is that, for the first time, the average assets per client account exceeded HUF 100 million for all private banking providers, which – alongside a more modest increase in client account assets – can clearly be attributed to the trend toward higher spending limits.