Newsroom
Austro-German heiress Marlene Engelhorn, 31, residing in Vienna, is initiating a novel approach to philanthropy by forming a citizens' group to decide the allocation of €25 million ($28 million) from her inherited fortune.
Expressing unease over inheriting wealth without contributing, Engelhorn, a descendant of BASF founder Friedrich Engelhorn, criticizes Austria's lack of inheritance tax. In a bid to address societal needs, she aims to redistribute 90% of her inheritance, emphasizing citizen involvement in the absence of political action.
Invitations have been sent to 10,000 randomly selected Austrians aged over 16 to participate in the "Good Council for Redistribution." From this pool, 50 participants and 15 substitutes will be selected, and tasked with collectively determining the allocation of funds. Meetings will take place in Salzburg, with participants receiving compensation and expenses covered.
If consensus eludes the group, the funds revert to Engelhorn. The initiative sparks debate amid Austria's longstanding absence of inheritance tax and political discord over its reinstatement.
[Source: BBC]
