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Heiress seeks 50 strangers to help her give away $27M inheritance
Marlene Engelhorn, a 31-year-old Austrian pharmaceuticals heiress and descendant of BASF founder Friedrich Engelhorn, is taking steps to address wealth inequality. She is planning to give away $27.4 million of her inheritance and is recruiting 50 strangers to help her distribute the money to worthy causes in Austria.
Engelhorn recently set up a citizens’ group called the Good Council for Redistribution, which will decide how the funds will be distributed. She sent out 10,000 invitations to randomly selected Austrian citizens over the age of 16 to participate in the council. The group, consisting of 50 chosen participants and 15 substitutes, will meet in Salzburg from March to June and collaborate with academics and civil society organizations.
Participants in the council will have their childcare and travel expenses covered, receiving $1,300 for each weekend they attend. Engelhorn views her inherited fortune as an opportunity for scrutiny and redistribution, and she has committed to distributing 90 percent of her inheritance. Over the past decade, she has been advocating for tax policies that heavily tax and redistribute wealth.
In August 2022, Engelhorn joined the Millionaires for Humanity event in Amsterdam, where she campaigned for increased taxes on affluent individuals. She has been a vocal advocate for taxing the top 1 percent and co-founded Tax Me Now, a collective of affluent individuals in German-speaking countries, in 2021. The group aims to address extreme inequality resulting from tax policies.
“In Austria, the wealthiest one percent hoards up to 50 percent of the net wealth,” Engelhorn said. Austria abolished inheritance and gift taxes in 2008, while the United States only has some states imposing such taxes. In a Facebook video from 2021, she stated, “Millionaires should not get to decide whether or not they contribute in a just way to the societies they live in. Social justice is in everyone’s best interest. Wealth taxes are the least we can do to take responsibility. Tax us.”
Engelhorn’s initiative highlights the growing trend of wealthy individuals using their fortunes for philanthropic purposes and addressing wealth inequality. By involving 50 strangers in the decision-making process, she hopes to ensure a diverse range of perspectives and maximize the impact of her inheritance on the community.
Sources:
- Business Insider: Heiress seeks 50 strangers to help her give away $27M inheritance
