Marlene Engelhorn, a 31-year-old Austrian heiress, has inherited a $27.3 million fortune from her grandmother who passed away in September 2022. Unlike many who might eagerly embrace such wealth, Engelhorn feels conflicted about the unearned privilege and has decided to give away 90% of her inheritance.
“I’ve inherited a fortune, and therefore power, without having done anything for it,” Engelhorn stated. “And the state doesn’t even want taxes on it.” Austria abolished inheritance tax in 2008, allowing her to receive the entire amount tax-free.
Seeking a democratic approach to wealth distribution, Engelhorn has launched the Guter Rat (Good Council) project. She sent letters to 10,000 randomly selected Austrians over the age of 16, inviting them to participate in deciding how her fortune should be allocated. From the respondents, 50 decision-makers will be chosen to determine the distribution of the funds, along with 15 substitutes in case of any withdrawals.
Engelhorn’s move reflects a growing trend among wealthy individuals advocating for systemic change through wealth redistribution. Many are calling for the implementation of wealth taxes to address economic inequalities and fund solutions to global challenges such as the cost of living crisis and environmental issues.
