Growing signs suggest that business circles close to Hungary’s ruling party are already preparing for a possible political shift. According to investigative outlet VSquare, oligarchs and influential figures from within Prime Minister Viktor Orbán’s inner circle are moving large sums of money from pro-government financial institutions to other, typically foreign-owned banks operating in Hungary.
Do Orbán’s inner circle expect a political upheaval?
The shift has been confirmed by several independent banking sources. One senior official remarked, “If they’re opening accounts with us, just think how much they’ve already wired to Switzerland or Singapore!” While the exact amounts remain unknown due to banking secrecy, the trend is evidently noticeable in multiple institutions.
The asset transfers come at a time when the ruling Fidesz party is experiencing waning popularity. Recent polling data suggests that the 2026 elections could potentially end in defeat for Fidesz. Experts say the pro-Orbán business elite fears a post-election government might seek to reclaim public assets or even initiate asset seizures. As a result, they are moving funds to locations they consider safer.
Do they know something others don’t?
This movement isn’t limited to the private sector. VSquare’s newsletter also reported that some Hungarian universities—previously privatized and run by pro-government leadership—are coordinating efforts to shift their assets to different banks. This suggests that even institutions are taking the prospect of political change seriously.
MBH Bank—partially owned by both the Hungarian state and Mészáros Lőrinc, a close friend of Orbán—responded to inquiries by calling the reports “malicious, politically motivated rumors.” The bank stated that its deposit base and premium and private banking portfolios continued to grow over the past year, indicating stable financial health.
Behind the scenes, however, there appears to be growing unease. If assets tied to government-aligned interests are indeed moving en masse to foreign and independent banks, it signals a perceived rise in both economic and political risk. Much of the activity remains hidden from public view, but the precautionary steps being taken suggest that those involved are already bracing for major political shifts.
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It’s quite sad. These Fidesz thieves stole wealth from the Hungarian people and their actions to move the funds outside of the country just shows exactly what they are – bandits. Of course, if Hungarians feel that they would like more of their wealth stolen from them they can continue as the biggest fools in Europe and reelect the people taking their money.
In times of political and economic uncertainty, especially with the threat of war, capital becomes highly mobile. Investors pull back from risky assets, seeking safer options. The scale of a conflict and its global impact can spread financial instability far beyond the immediate area of war, triggering significant shifts in capital flows.
Take Europe, for example. France and Germany are teetering on the edge. France is drowning in debt and facing political turmoil, while Germany is stuck in a deep economic slump with rising inflation ,unemployment and is facing huge economic and social problems regarding mass immigration. I only mention these two countries because the are the biggest contributors to the EU, but the rest is a mess too: the same concerns for all of them. If either nation (or the coalition of the willing) escalates conflict, (particularly) in Ukraine, it could trigger mass capital flight from the eurozone, collapsing the euro and destabilizing the global financial system.
Hungary, despite its proximity to the crisis, might briefly attract investors looking for relative safety within Central and Eastern Europe. But Hungary’s reliance on Russian energy and close ties to Germany make it a risky bet during these uncertain times. As Europe’s economic troubles deepen, Hungary could face its own wave of capital outflows. The looming 2024 elections only add to the uncertainty, with investors worried about Hungary’s political stability and lack of a clear economic plan.
In times like these, capital isn’t just fleeing danger, it’s searching for stability. As the global landscape shifts, some countries will suffer from capital outflows, while others will benefit as investors reassess where they place their resources. Which economies will emerge stronger from the chaos, and which will be left behind? That is not something you would like to place a bet on.
In other words Hungary is unstable. But … doesn’t that contradict everything Orban and the rest of them tell you.
This is not about ”investors looking for safety” but Orbans friends and relatives looking for safety due to upcoming elections where Fidesz most likely will lose. Obviously they have much to hide and want to keep it hidden.
And one could also say, if Russia is allowed to invade Ukraine, it could trigger mass capital flight from the Eurozone collapsing the euro and destabilizing the global financial system. If Ukraine is saved, it could stabilize Europe and make it stronger and attract new investors.
As mentioned, the promises made by the Tisza party may sound appealing, but there’s a lack of clear strategies for turning them into reality.
The war in Ukraine is not something that Ukrainians willingly chose; it’s largely the result of Western actions. The Minsk agreements were never fully implemented (as admitted by Angela `´´Merkel), and the Istanbul agreement was blocked by Boris Johnson. In essence, Ukraine’s future has been shaped by outside forces, not by the will of its own people. So, the collapse of the situation can largely be attributed to the West. This is further compounded by political decisions that hurt the EU economically, such as the push for green energy, energy sanctions on Russia, and the mishandling of the COVID crisis.
These factors contribute to capital flight, regardless of its origin. It’s basic historical dynamics at play.
Take `secret` Swiss bank accounts as an example. They were a product of capital flight before WWII, when Swiss banks became safe havens for money fleeing instability.
Today, similar forces are at work, with the wealthy, not just friends of Orbán, moving their assets to safer locations in the face of political and economical instability.
As for corruption: it thrives in centralized power structures, but the deeper issue lies with us, the people. We keep placing our trust in politicians year after year, hoping they’ll deliver on their promises. But, somehow, the cycle repeats. The question is: why don’t we learn from history?
The solution does seem pretty straightforward. It’s about shifting the power dynamic. Instead of waiting for politicians to tell us what to do, why don’t we set clear mandates for them? We, as voters, could take a more active role in shaping the direction, setting expectations, and holding them accountable. Most of us would probably agree on the key issue better governance, transparency, and common-sense policies.
It’s a matter of taking ownership of the process rather than just passively waiting for change. If we demand a more direct form of accountability and put pressure on politicians to follow through on our collective mandates, it could lead to a more transparent and effective system. But it does require active participation, rather than just casting a vote every few years and hoping for the best. Because well: we voted for them, gave them the power, closed our eyes. To only discover that they betrayed the people. Again. And again.
Tisza party has clear strategies of co-operating with EU.
Fidesz has also clear strategies to co-operate with anyone else exept EU, and with this they have made Hungary the poorest country in EU, and Fidesz wants to continue this losing strategy.
War in Ukraine was started by Russia to (according to Russia) “denazify” the country and to save Russian minorities from percecution, which have been proven to be utter propaganda. Real reason is Russian imperialism ideology – to have more land under Russian control.
Capital flight from Hungary is contributed by Orban close peopple worrying that after power change they get caught stealing. This is what this article is about. All other stuff is just Peter trying to distract from the main point of the article.
Unfortunately, the war was never about territory. It was about the autonomy of the eastern provinces, where most of the people are Russians anyway. The Russians and Ukrainians cannot seem to get along, so keeping them in different territories was the best solution (this is similar to what happened in former Czechoslovakia or Yugoslavia). This was not honored. Even Merkel acknowledged the reason for not honoring the Minsk agreement: to give Ukraine time to build an army. Kallas said, “Russia is too big; we should divide it.” Putin is in his seventies. Other stories are just fear-mongering: “The Russians are coming.” They make people afraid and justify paying for NATO (Rutte saying, “Pay us money, or else learn Russian”). There is no proof that Russia wants more land, and considering Putin’s age, he would have done this a long time ago.
Fidesz wants to cooperate with the EU, sees an overreach, and is proposing change. There’s nothing wrong with changing the EU. And he is not alone in this at all. And if you talk about corruption? Please take a look at the EU! Or pick some politicians. Ever heard of human nature and power?
Could you show me where to find Magyar’s plans for how he wants to execute his plans? I can’t find it. Thanks already.
I was merely pointing out that it’s not necessarily corruption at the base of capital flight, but rather that this is a historically known phenomenon in times of political, social or economic unrest or uncertainty. Have you seen the gold price?
The thing is, some people tend to only react to what they think is convenient and leave the rest of the arguments out, as if they’ve already made up their minds and nothing will change that. Cognitive dissonance and selective perception at play. For example, to make one understand: millions still cling to the flat Earth belief, despite overwhelming evidence to the contrary.
This is as far as I go. So you are free to your one-sided, selective, noneducational reaction.
Film tip: Ukraine on Fire (2016, Oliver Stone)
I think the promise of investigations of contracts going back years is causing those who illegally benefiting from taking their money and running. I wonder how much Orban’s daughter and son in law have offshored to the U.S.?
Oliver Stone produced the controversial 2016 documentary Ukraine on Fire, which presents an alternative historical perspective on the 2014 Maidan Revolution and the ongoing crisis in Ukraine, featuring interviews with Vladimir Putin and former Ukrainian President Viktor Yanukovych. The film was criticized as “Kremlin propaganda” for its portrayal of the events as a coup orchestrated by Western powers, though Stone later condemned the 2022 Russian invasion of Ukraine after initially criticizing the media’s use of the term “invasion”.
There are also amazing docs by Steven Seagal about how innocent Russia is.
Peter, your commentary is respected, and contains in it validity, in particular, the REASPONSIBILITY / Ownership as human beings we ALL need to “expand” – in our contribution to the growing or “out of control” – the ineffectuality of Governments, especially those under Governance of DEMOCRACY we are WITNESSING globally at this time in History.
History never LIES.
Robert H. Jackson was the Chief – United States of America – Prosecutor, at the Nuremberg Trials – 1945/1946.
Jackson’s oratorical prowess, his opening statements at these trials – Masterful.
Quote of Robert H. Jackson a life “in law” a legacy in his profession recognized in the respect of his name and ABILITY – the elevation of his name and appointments of WORTH right.
Jackson quote that is to often “by passed” that personally to me, has merit, or should be “Thought threw” a “vibrant” quote of a hopefully “robust” discussion is;
“It is not the function of Governments in Power that Rules and Governs under DEMOCRACY – to keep Citizens from Falling into Error.
It is the Function of Citizens – to keep Governments from Falling into Error.”
The “Creed” of DEMOCRACY is Dialogue.
“I rest my case” – what type of world do we “seek” to live in, future world, that through ORDERLY human INCREASE in responsibility, in ownership could EFFECT contribute for the “betterment” of mankind and the future of the world ???
I will go to my GRAVE in firmness of belief, that the Political Ideas, the Philosophy – the Mantra and Dogma – the Ideology that Victor Mihaly. Orban has “infested” Hungary with, what HE – his Fidesz Government have DELIVERED on Hungary, in POWER for (15) fifteen years – WRONGFULNESS for the people in millions of Hungary that PERSONIFIES just not Europe but the Global World “feeds” in any way, the making of a more peaceful unified “sharing” world, of greater peace for its – Future.
Spring of 2026 may in a “message ” of spring for Hungary, be a time that Hungarians for the FUTURE of Hungary “read” into the message of these words – for their personal, family generations on of Hungarians, and for Hungary – its FUTURE.
“Your mind is a Garden.
Your thoughts, your dreams are the Seeds.
The harvest will bring either Flowers or Weeds.”
Oh, how fantastic, this is exactly what I meant by one-sided, selective uneducated reporting: it’s not about the film itself, but about highlighting certain topics from different perspectives to gain a nuanced understanding of those topics. But no, the very first review from a certain perspective is dumped in the comments. And that’s it. You’ve been nicely duped. Can not believe that you fell for it.