ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Millionaire gives away her $27 million inheritance to public and wants them to decide where it's used

Marlene Engelhorn has invited 10,000 people out of which 50 will help her in giving away money.
UPDATED OCT 30, 2024
A photo of Marlene Engelhorn at a press conference | Wikimedia Commons | Photo by Jan Zappner / republica
A photo of Marlene Engelhorn at a press conference | Wikimedia Commons | Photo by Jan Zappner / republica

A young Austro-German heiress has sought suggestions from people about how to give away $27.4 million of her inheritance, per a BBC report. Austrian multimillionaire Marlene Engelhorn has invited about 10,000 people out of which 50 lucky people will get to be part of an exclusive gathering in Salzburg, Austria, to help her decide how to give away the money. The 31-year-old heiress has sworn to redistribute her wealth in the most meaningful to help as many as people possible.



 

Engelhorn is a descendant of Friedrich Engelhorn, the founder of the German chemical and pharmaceutical company BASF. The company, founded in 1865, went on to become the largest chemicals company in the world.

Engelhorn inherited her wealth from her grandmother, Traudl Engelhorn-Vechiatto, who was estimated to be worth $4.2 billion at the time of her death in 2022, as per Forbes. However, even before her death, her granddaughter had declared that she wanted to give away about 90% of her inheritance.



 

Engelhorn went on to create a team and established the Good Council for Redistribution to help her with giving away the money. It is not confirmed how much she is keeping but it is reported that she was retaining some kind of financial buffer, as per BBC.

Earlier this month, Engelhorn mailed out 10,000 invitations to randomly selected Austrians. These people can register to participate in the Good Council for Redistribution.

From the 10,000 a lucky 50 citizens, from diverse age groups, federal states, social classes, and backgrounds will be chosen to convene in Salzburg in March. About 15 alternates will also be chosen in case anyone from the initial batch cannot attend the planned sessions.

In Salzburg, the selected 50 people will participate in a series of meetings with nonprofit organizations, charities, academics, and civil society organizations from March to June this year.

Christoph Hofinger, managing director of the Foresight Institute, who is helping with the initiative told the BBC that the participants will be asked to “contribute their ideas to jointly develop solutions in the interests of society as a whole.”

According to the organizers, the participants will be provided with childcare and interpreters if required. Further, the travel costs will be covered and the participants will also be paid about $1300 (€1,200) for every weekend they attend.

Ever since Engelhorn inherited her fortune, she has been planning to redistribute her wealth. "I have no veto rights, I am putting my assets at the disposal of these 50 people and placing my trust in them,” Engelhorn told the BBC.



 

In 2008, Austria abolished inheritance tax, widening the gap between the rich and poor citizens. Even now, the move remains contentious, and one major political party, the opposition Social Democrats, wants it reinstated. Even Engelhorn has also pushed for higher taxes for fellow millionaires and billionaires who control most of the world’s wealth.

Earlier in 2021, she co-founded the nonprofit Tax Me Now, with the aim to address income inequality in German-speaking countries. She says she inherited her wealth and therefore power without having to do anything for it. "And the state doesn't even want taxes on it,” she added in the BBC report.

This article originally appeared 9 months ago.

MORE ON MARKET REALIST
Fans gathered on the show's unofficial Reddit forum to discuss the 'dumb and useless' items.
11 hours ago
The contestant, Matt Benton expressed he wanted to enjoy the moment before thinking of the future.
14 hours ago
The guest who treasured the collection had no idea how significant it was.
15 hours ago
Even the contestant admitted that there was no way he could've got the answer.
17 hours ago
Jennings told TV Insider that Seacrest is a generational talent and there's nothing he couldn't do.
1 day ago
The co-founders of 'Bro Glo' managed to bag the biggest Shark for their innovative self-tanner.
1 day ago
While some said the QBall was unscalable, Mark Cuban, Lori Greiner, and Rohan Oza saw its potential
2 days ago
Before the Bonus Round, another impossible puzzle had already upset the fans.
2 days ago
Harrison managed to get a pretty good deal for the artistic item after the appraisal.
2 days ago
Despite impressing the Sharks, the founder of Lord Von Schmitt failed to get a deal
2 days ago
While the car was super cool for the shop, Harrison and the seller couldn't agree on the price.
3 days ago
The TikTok creator claimed the hack worked with just two simple steps.
3 days ago
When the friends were whispering their letter picks, the host was eavesdropping.
3 days ago
The contestant, Janine gave her mother one of the best birthday gifts ever.
3 days ago
The guest who brought the collecton in a pocketbook was left beyond astonished.
4 days ago
The seller simply refused to budge and was happy to hold on to the doll for a longer time.
4 days ago
This was rare on the show where Harvey is the one doing most of the talking and shutting people down.
4 days ago
Fans complained that the unusual clue cost the player a chance to challenge for the win.
5 days ago
The founders of xCraft struck a rare and expensive all investor deal on Shark Tank.
5 days ago
The dynamic host finally broke silence on exit rumours, cementing his intent to continue his job.
5 days ago