Heiress is letting 50 strangers give her €25 million fortune away

Posted on March 20, 2024 by Yoram Gat

Fortune tells the story of Marlene Engelhorn who is busy dispensing with €25 million which she inherited.

Engelhorn settled on an idea: Let 50 strangers decide how to give it away.

Those strangers, all of whom live in Engelhorn’s native Austria, will meet for the first time this weekend at a hotel in Salzburg. Dubbed the Guter Rat, or Good Council, they were chosen through a statistical process run by research group Foresight and range in location, age, race, socioeconomic background and other demographic factors chosen in an effort to be representative of the overall Austrian population.

Engelhorn’s goal is not only to give away €25 million, but also to spark conversations on wealth inequality. She’s frustrated that her windfall wasn’t taxed — Austria eliminated its inheritance tax in 2008 — and doesn’t see traditional philanthropy as a good solution because it still gives her too much power.

“I’m just one brain, I’m just one person and so to me, this is a huge relief knowing that the process of redistribution is much more legitimate and thorough and democratic than I could ever do it,” she said in an interview. “Nobody needs another foundation.”

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