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Hungary's richest man is Lőrinc Mészáros, Orbán's childhood friend, worth $5.5B. Under this tax, he'd owe roughly $80M a year. He went from gas fitter to billionaire on 16 years of state contracts. Now some of that money may finally flow back to taxpayers.

The political promise is the easy part. The difficult bit is valuing private companies, property and other illiquid assets—and making sure the ultra-rich cannot simply move them beyond the tax’s reach.