High-net-worth individuals (HNWIs) and family offices in Central and Eastern Europe are influential players in the investment landscape—much like underground rivers, shaping the financial ecosystem in ways that are not always immediately visible. We know they exist and play a significant role, yet their exact movements and allocation strategies remain largely uncharted.

These difficulties in understanding what they like and how they operate can be addressed, but it requires alignment among key organizations that can navigate the private capital ecosystem and challenge prevailing assumptions.

To shed light on this subject and provide data-driven insights, The Recursive conducted a study supported by ROCA Investments and Vertik Group, together with a group of strategic partners: Innotechnics, CEE Wealth Summit, FBN Bulgaria, FBN Hungary, Endeavor, VC Leaders, ROPEA,  Bulgarian Angels Club, BVCA, CVCA, 0100 Conferences, Money Motion and Growceanu.

The report with the final conclusions is being released in stages to highlight distinct perspectives within the private capital landscape:

• May 13: High-Net-Worth Individuals in CEE: Investment Preferences and Trends
• June 3: Role Of Financial Advisors In HNWI’s Investment Decisions
• June 23: Single Family Offices and Their Implications in the CEE Investment Ecosystem

Money in Motion, Part I: Where CEE HNWIs are investing their wealth

Central and Eastern Europe (CEE) is undergoing a quiet, yet profound shift in how private wealth is managed and grown. Long associated with concentrated ownership in traditional sectors such as manufacturing, construction, and real estate, the region’s High-Net-Worth Individuals (HNWIs) are gradually repositioning themselves in the financial ecosystem. Today, with close to 400,000 HNWIs across countries like Poland, Czechia, Romania, Greece, and Hungary, this demographic is becoming a pivotal player in the regional economy.

The change is structural. While tangible assets like real estate and equities continue to account for a high percentage of many portfolios, there is a growing appetite for more complex, less liquid investments. HNWIs and their family offices are broadening their horizons, turning to private markets, alternative asset classes, and innovation-driven sectors to diversify risk and capture new opportunities.