Hungary’s Richest Man Defends Business Empire Amidst Political Storm and Economic Headwinds

BUDAPEST – Lőrinc Mészáros, widely recognized as Hungary’s wealthiest individual and a close confidante of Prime Minister Viktor Orbán, has offered a rare glimpse into the operations and challenges facing his vast business conglomerate, the Mészáros Group. In a recent extensive interview, Mészáros addressed a range of pressing issues, from political attacks and media scrutiny to the impact of global crises on Hungary’s economy and his corporate strategy.

The entrepreneur, whose empire spans nearly 500 companies and employs 60,000 people, robustly defended his success against accusations of political favoritism, while also weighing in on the nation’s macroeconomic outlook and the controversial “special taxes” levied on large businesses.

Responding to Political Pressure: “I Don’t Follow the Migration of Zebras”

Mészáros has found himself at the epicenter of Hungary’s heated political discourse, particularly as opposition figures like Péter Magyar frequently invoke his name to criticize the ruling Fidesz party’s governance, often dubbed the “NER” (National Cooperation System).

“I don’t follow [Péter Magyar’s] work, I don’t deal with him,” Mészáros stated, dismissing the political grandstanding. He recounted a one-sided acquaintance with Magyar, asserting, “He wanted to know me, but I didn’t want to know him.” He also brushed aside controversies surrounding the Hatvanpuszta estate, which has garnered national attention and accusations of impropriety, describing them as “political bullshit.”

“I don’t follow the migration of zebras, and I don’t believe there are any there,” he quipped, referring to sensational claims about exotic animals on the property. Mészáros maintained that his focus remains on managing his companies rather than engaging in political squabbles, even as he acknowledged the inherent connection between politics and economics.

He criticized a segment of the Hungarian press, stating, “Many journalists behave more like political activists, wanting to shape politics, the country, and public opinion.” He argued that while political pressure from the opposition media is natural, a “completely politicized” journalism landscape is problematic.

Navigating Economic Turbulence and the Mészáros Group’s Resilience

Mészáros offered a sober assessment of Hungary’s and Europe’s economic landscape, highlighting a significant competitive disadvantage against the United States and China. “Europe’s economy has fallen behind,” he noted, citing the war in Ukraine and the energy crisis as unprecedented challenges.

Despite these headwinds, he emphasized the Mészáros Group’s strategic resilience. Anticipating an economic slowdown, he proactively restricted credit uptake in critical sectors, prioritizing debt reduction through internally generated profits. “Thanks to this, the Mészáros Group has become shock-resistant,” he declared.

The conglomerate, which posted revenues exceeding 3 trillion Hungarian Forints (approximately $8.3 billion USD) in 2024, also pursued aggressive international expansion. “When I saw the Hungarian market narrowing, we started expanding more strongly abroad,” Mészáros explained, detailing successful ventures in neighboring countries like Slovakia, particularly in construction.

Looking ahead, Mészáros shared cautious optimism for Hungary’s economic recovery. While he noted that “Hungarian GDP growth is currently minimal,” with a projected 0.5 percent increase in 2025, his team anticipates a more robust 2-3.5 percent rise by 2026. This, however, remains contingent on broader European economic strengthening and an end to the ongoing war, which he identified as “the biggest uncertainty factor.”

The Weight of Special Taxes and “Shared Responsibility”

The Hungarian government’s implementation of “extra-profit taxes” on large corporations has been a contentious issue. Mészáros, whose group is among the hardest hit after energy giant MOL, revealed they have paid hundreds of billions of forints in these levies.

“I consider myself a patriot,” he affirmed, expressing a reluctant but supportive stance on contributing to the state budget through these taxes. “As long as it doesn’t endanger our operations, I think it’s acceptable.” He acknowledged the desire for these burdens to be phased out, noting some progress in sectors like food industry alcohol production.

Mészáros defended the government’s approach to the economy, asserting that its policies in the last 15 years have helped Hungarian businesses accumulate significant reserves, enabling them to weather crises. He dismissed the “market-party logic” that advocates for weaker companies to fail, arguing that the current difficult economic environment, exacerbated by the war, necessitates a different approach.

“Peace is essential for sustained recovery,” he stressed, emphasizing that the current situation’s impact is “deeper than the 2008 financial crisis.” Despite the special taxes, he praised Hungary’s overall tax system as “humane and entrepreneur-friendly,” contributing to a “whitening” of the economy and fairer competition.

V-Híd and MBH Bank: Pillars of the Empire

The interview also delved into specific corporate entities within his group:

• V-Híd Group: A key player in large infrastructure projects, particularly railway construction, V-Híd is now “one of the largest railway construction companies in Central Europe.” Mészáros addressed controversies regarding unpaid subcontractors and the departure of CEO István Sárváry, denying any political interference from figures like Minister Lázár János. “A primary contractor has no right to make life difficult for a subcontractor – I would never tolerate that,” he stated, affirming their commitment to fair dealings.
• MBH Bank: Mészáros emphasized his significant, but not exclusive, ownership in MBH Bank, calling its ownership structure “the most transparent in Hungary.” With 2.4 million clients and 8,000 billion forints (approximately $22 billion USD) in deposits, it is Hungary’s second-largest bank. He criticized media outlets for “false or distorted news” about the bank, arguing it jeopardizes client trust. He also detailed the bank’s robust preparations against increasingly sophisticated cyberattacks, including those using artificial intelligence, and highlighted their efforts to protect customers.

Beyond Business: Philanthropy and Future Legacy

As he approaches his 60th birthday, Mészáros reflected on his personal and professional journey. He expressed immense pride in his family – his children, six grandchildren, and supportive wife – and in building an enterprise that provides livelihoods for tens of thousands.

Philanthropy, he explained, is a core philosophy of the Mészáros Group, not mere marketing. The Pro Filii Foundation, one of several charities supported by the group, aims to help children and those in need, with total donations exceeding 20 billion forints ($55 million USD) in 2024. “It feels good to give, to see that with help we can change lives, institutions, communities,” he said.

Despite his milestone birthday, Mészáros is not planning retirement. “It’s very difficult for an owner to retire,” he admitted, but underscored his goal of ensuring the group’s long-term future by empowering his management team and family to take the reins when the time is right. “My aim is that when the time comes, the future of my family and the company group will be secured in the long term.”