Hungary is poised to become the first EU country since the 1980s to introduce a wealth tax, targeting individuals with assets exceeding 1 billion forints (around $2.4 million). This initiative, led by Péter Magyar of the Tisza party, follows the recent electoral defeat of Viktor Orbán, who had maintained a grip on power for 16 years. The wealth tax, set at 1%, will apply to various assets, including properties and luxury items, with the aim of addressing social inequality and recovering funds for public services. Critics, including investment fund manager Viktor Zsiday, express concerns that the tax may disadvantage local businesses compared to foreign entities. However, proponents argue that it is necessary to ensure accountability and redistribute wealth, as the top 1% of Hungarians currently own approximately 35% of the nation's assets. The tax is part of a broader reform agenda to dismantle the System of National Cooperation (NER) established under Orbán, which rewarded political loyalty with economic opportunities. The Tisza party plans to implement additional measures to enhance tax fairness and support low-income earners.