The memorial, in Szabadság Square, in the centre of Budapest, was dedicated by U.S. Ambassador April H. Foley, Swiss Ambassador Marc-Andre Salamin, Budapest Mayor Gábor Demszky and Carl Lutz Foundation Chairman György Vámos.
Lutz was the Swiss vice consul in Budapest in 1942-1945 and looked after the interests of the United States, Britain and other countries that had severed diplomatic relations with Hungary because of the war.
Lutz set up his office in the U.S. Embassy building, where he and his colleagues issued letters of safe passage to Jews, helped thousands of them emigrate to Palestine and declared more than 70 buildings housing Jews to be under Swiss protection. He is credited with saving the lives of 62,000 Jews.
"Carl Lutz was determined to save the lives of as many Hungarian Jews as he could," said Foley. "We need to keep working to prevent horrors like the Holocaust from ever being repeated."
Salamin said Lutz had designed the biggest and most successful rescue action of the 20th century.
Demszky said Budapest would not be the multicultural metropolis it is today if the Swiss diplomat had not been stationed here.
Lutz was one of several diplomats, including Sweden?s Raoul Wallenberg and Papal nuncio Angelo Rotta who worked hard to save Jews from the death camps.
A memorial plaque to Lutz can be found at the entrance to Budapest?s former ghetto. A street is named after him in Israel.