District V is the heart of Budapest and the political, financial, commercial and touristic center of Hungary.

The name of the district is Belváros-Lipótváros (English: Inner City – Leopold Town), which refers to the two historical neighbourhoods that is located in the district; Belváros ("Inner City") and Lipótváros ("Leopold Town").

Inner City is the old town of Pest, while Leopold Town was established in the early 19th century, and became the political and financial centre of Hungary in the early 20th century when the Hungarian Parliament was built.

The reason Inner City is not the 1st district, is that until 1873, Buda served as the capital city of Hungary, so it was obvious to start the numbering at the Buda Castle District.

The District Assembly, elected at the 2019 local government elections, is made up of 15 members (1 Mayor, 10 Individual constituencies MEPs and 4 Compensation List MEPs) divided into this political parties and alliances:[3] Belváros-Lipótváros is twinned with:[4]