Hungary plans to introduce a wealth tax next year on people with assets above 1 billion forints, about $3.1 million.

The 1 percent annual tax was a campaign promise of the Tisza party, which won April’s parliamentary elections and ended 16 years of rule by Viktor Orban’s Fidesz. Prime Minister Peter Magyar says the government wants the tax running by January.

At a rally in Szolnok, Magyar said fortunes above 500 billion forints could face a rate higher than 1 percent. Three Hungarian businessmen hold assets above that level, according to Forbes.

The tax would cover all assets in Hungary and abroad: real estate, vehicles, yachts, private jets, art, cash, bank deposits, precious metals, securities, company shares, crypto, and pension savings.

The government expects annual revenue of 300 to 600 billion forints. It aims to cut the budget deficit from a possible 7.5 percent of GDP this year to 3 percent by 2030, a step toward adopting the euro.