Lorinc Meszaros, widely regarded as Hungary's most influential oligarch, embodies the new business elite built by Prime Minister Viktor Orban's semi-authoritarian regime. His rise has also come to symbolise crony capitalism, where business success depends on loyalty rather than financial skill or technological innovation. 

The 58-year-old has risen from a small-town gas fitter to become a business magnate with an estimated fortune of HUF1 trillion (€2.45bn), equal to two years of Budapest's budget. His rapid ascent has coincided with the election victory of Orban, his long-time friend, in 2010. While Meszaros portrays himself as a skilled entrepreneur, critics argue he merely serves as a proxy for Orban, an accusation he denies.

Meszaros’ ties to Orban date back to the 1970s, when they both attended the same elementary school in the village of Felcsut. In the early 1990s, he ran a business connecting homes to the gas network under a state-funded programme. In 2001, the company bearing his name, Meszaros & Meszaros, was founded with an expanded portfolio that included engineering works and construction.

His business grew to handle larger projects in nearby towns but struggled in the mid-2000s due to increased competition. The company nearly went bust a year before the 2007-8 global financial crisis.

Football focus

There are rumours that in 2007 he sought help from Orban, then opposition leader, with whom he shared a passion for football. They were often seen together at matches of the local club FC Felcsut, which in hindsight marked the beginning of a long and fruitful collaboration.

Despite financial troubles, Meszaros became a major sponsor of FC Felcsut and was appointed president of the newly founded football academy in 2008, which bears the name of legendary Hungarian footballer Ferenc Puskas. The launch of the academy was a dream come true for Orban, who also played for the team as a substitute before 2010.

People familiar with the situation said Meszaros had little decision-making power in football matters, acting as a frontman for Orban, just as critics argue he does in business.

In 2008, two years before Fidesz swept into power, Meszaros took over the club from its founder Csaba Molnár, who disagreed with plans to construct a 4,000-capacity stadium in a village of less than 2,000 residents.

After Fidesz's supermajority victory in 2010, Molnar fell out of favour with the party leadership, and his company lost all state contracts, leaving Meszaros—and indirectly Orban—in charge of the club. In a move foreshadowing future events, Meszaros took over Molnar’s companies, mirroring his later acquisition of businesses owned by former Fidesz treasurer Lajos Simicska.

The club's promotion to the first division in 2012 was celebrated by the construction of a new stadium, built by Meszaros' company. The project and the football academy were partially funded through Hungary’s corporate tax benefit scheme (TAO), which allows companies to deduct taxes for sponsoring sports clubs. Puskas Akadémia has since become the largest recipient of TAO funds among Hungarian sports clubs.

Despite the billions of forints invested, the academy has yet to produce internationally recognised football talent. The first division team, which is chasing its first championship title,  mainly fields foreign players, much to Orban's disappointment.

Road to politics

Locals recount that Meszaros initially showed little interest in national politics, and during Orban's first term as premier (1998-2002) he was elected to the local council as an independent. After an eight-year hiatus, he returned to politics in 2010, leveraging his role as president of the local football academy, and won a council seat with Fidesz’s backing.

Despite Fidesz’s sweeping victories in the general and local elections that year, the mayoral candidate of the ruling radical rightwing party narrowly lost to independent incumbent Gyorgy Varga, a setback for Orban. In 2011, the mayor was removed from office under a newly amended law disqualifying public servants with outstanding debts. The politically motivated campaign highlighted Orban's ruthless power politics. In the subsequent election, Meszaros won by a landslide.

As mayor, he maintained a low profile, rarely granting interviews or engaging with constituents. Council meetings were often announced only hours beforehand, violating procedural rules. On one occasion, he called the police on a journalist attempting to attend public meetings

Since 2010, tens of billions of state and EU funds have transformed Felcsut into a Potemkin village of Orban’s design. High-profile projects include a narrow-gauge railway connecting Felcsut to Bicske, funded largely by EU grants, which has been criticised as a vanity project because of its low use. Tourism investments have spurred guesthouses, an artificial lake with a swan-shaped bridge, and a glass-walled restaurant with a HUF1.5bn state-funded price tag.

Business kicks off

In the year of the 2007-8 financial crisis, Meszaros & Meszaros was just a small business with 40 workers. Annual revenue was close to HUF100mn and profits reached HUF5mn.

The turning point came in 2011, following Orban's return to power. Revenue soared to HUF2.2bn and after-tax profit reached HUF853mn, of which HUF322mn was taken out as a dividend. From this point onwards, the company reported an exponential rise in revenue, while profits rose at a less robust pace.

The former Felcsut mayor was flooded with state contracts after the falling out between Fidesz treasurer Simicska and Orban in 2015. The businessman turned against the prime minister because of his shift towards Russia and for dismantling the rule of law. By 2020, Meszaros & Meszaros raked in HUF113bn in revenue and HUF15.5bn in profit, which rose to HUF129bn and HUF32bn respectively by 2023.

Meszaros's rapid wealth accumulation was primarily linked to lucrative public procurement contracts, as Orban sought to create a new bourgeoisie – a class of loyal, domestic entrepreneurs aligned with his political agenda –  replacing the pre-existing elite, which was dominated by foreign investors and liberal businessmen.

Hungary's strongman has used the state's regulatory and financial power to shift wealth and resources toward politically connected individuals. Besides lucrative state contracts often funded by the European Union, the government has nationalised strategic assets, such as energy utilities and banks, and later sold them to chosen Hungarian businessmen at favourable terms.

Sector-specific taxes were introduced targeting foreign companies, particularly in banking, retail, and telecommunications, driving some out of the market, creating space for local players and national champions.

The making of a national champion

Prominent examples include the creation of Opus Global Holding, the flagship company of Lorinc Meszaros listed on the Budapest Stock Exchange. In just three years, the holding company, which consists of more than 40 entities. tripled its turnover to a record HUF686bn, while net profit rose two-fold to HUF45bn.

Opus has grown from a small holding to a national champion, securing market-leading positions in several sectors. Its resilience lies in strong fundamentals, supported by a diversified, multi-industry portfolio.

Meszaros personally owns over 200 companies, 40 of which are managed under the Opus umbrella. The holding includes enterprises in tourism, construction, industry, food production, energy, and insurance—sectors deemed strategic within Orban’s economic agenda.

One notable subsidiary, R-Kord, is Hungary's sole company specialising in railway development. It is part of the Chinese-Hungarian consortium tasked with constructing the Hungarian section of the Budapest-Belgrade railway line. In tourism, the Hunguest Hotel chain is the largest operator of hotels outside the capital.

In alignment with the government’s strategic vision, Opus has become Hungary’s second-largest energy supplier after state-owned MVM, covering 40% of the country geographically. Its gas subsidiary, Opus Tigaz, serves 1.27 million consumers, while Opus Titasz provides electricity to 784,000 households. In 2023, the energy division accounted for 41% of the group's total assets and 32% of its turnover, making it the largest segment by asset value and the second-largest by revenue.

Opus has set ambitious long-term goals, projecting a compound Ebitda growth of 26% from 2023 to 2026, with a focus on consolidating its business lines and boosting profitability. Management has committed to reviewing shareholder entitlements, aiming to distribute 15% of consolidated net profit as dividends and conduct share buybacks up to HUF10bn between 2024 and 2026.

Foreign expansion

In an April interview with Index.hu, Meszaros stated that the company is prioritising efficiency and consolidation in its key sectors. However, foreign expansion remains a strategic goal, particularly in areas where Opus has a strong domestic presence, such as infrastructure development.

The Orban government has actively encouraged Hungarian companies to invest abroad, helped by various state-supported schemes. While large players like OTP, MOL, and 4iG have the resources for international growth – the latter bolstered by bilateral agreements in the Balkans and North Africa – the strategy has recently been extended to SMEs.

Opus also plans to expand its tourism portfolio further. Meszaros is involved in the dynamically growing Croatian tourism industry and is ploughing €100mn into new hotel developments. It is building a 185-room luxury hotel in Opatija, on the Croatian coast that will operate under the Marriott Hotels brand from early 2025. Opus also has hotels in Austria and Montenegro.

In the agriculture sector, Opus recently acquired Rabo, Croatia’s largest apple producer. In addition, it purchased Lukavac Cement, the leading cement manufacturer in Bosnia and Herzegovina, enhancing its foothold in the regional construction industry.

Cosy links

Meszaros has been a significant beneficiary of allegedly politically-influenced lending by MBH Bank, which was created through the three-way merger of MKB, Budapest Bank, and Takarekbank in 2023, in which the oligarch himself holds a stake. According to some economists, this politically-driven lending poses substantial macroeconomic risks, particularly in the event of a government change.

Meszaros dismisses accusations that his wealth stems from political connections. However, between 2010 and 2020, his company's revenues increased by a multiple of 1,000. When asked how this was possible compared to Facebook’s "mere 600% growth" in the same period, Meszaros quipped: "Maybe I'm smarter than Zuckerberg.”

In 2022, Meszaros' companies won 12% of all public procurement contracts in value, down from the peak of 16% in 2021, according to Budapest-based think-tank Corruption Research Centre Budapest (CRCB).

This redistribution of resources has been criticised for fostering crony capitalism. Transparency International and other watchdogs frequently cite Hungary for declining transparency and rising corruption. 

Some of these corruption allegations come close to the premier himself. Meszaros's business ventures have frequently overlapped with the interests of Orban's family. In the Felcsut area, extensive tracts of land are owned by members of either the Meszaros or Orban families.

Among these is the Hatvanpuszta estate, an opulent complex boasting a palm house, guesthouse, library, and underground garage. Although officially owned by Orban's father, Meszaros has leased the property for a decade. The highly secretive construction of the estate has fuelled speculation that it functions as Orban's private retreat.

Dolomit Ltd., owned by the prime minister's father, has supplied materials from its mine for several state or EU-funded infrastructure projects, including sewerage works, road, and railway construction led by companies owned by Meszaros. Dolomit Ltd. supplied over 200,000 tonnes of railway stone for the Budapest-Belgrade railway project between 2022 and 2023, allegedly at above-market prices.

Despite evidence of family enrichment, Orban maintains that he does not involve himself in business matters, and this is a standard response of his press office when queried by journalists.