Citizens group decides fate of heiress’ fortune
A citizens’ group has determined how to distribute the inheritance of Marlene Engelhorn, an heiress from Austria and Germany.
Earlier this year, Marlene Engelhorn established a group of 50 individuals tasked with deciding how to allocate the millions inherited from her grandmother. The funds, amounting to €25 million (£21 million), will benefit 77 organizations. These include social, climate-focused, and prominent left-leaning groups.
At 32 years old, Ms. Engelhorn made headlines in January by announcing her decision to distribute the bulk of her inheritance. As a descendant of Friedrich Engelhorn, founder of BASF, she has been vocal about wealth redistribution.
Ms. Engelhorn appointed a panel, representing Austrian society and chosen by a pollster, to oversee the allocation process earlier this year. Over six weekends from March to June, the panel convened in Salzburg to deliberate on distribution strategies.
The group has allocated funds to 77 organizations, encompassing environmental protection, education, integration, health, social issues, poverty alleviation, homelessness, and affordable housing initiatives in Austria.
Donations range from €40,000 (£33,400) for climate change data-based reporting to €1.6 million for the Austrian Nature Conservation Federation. Notably, €1 million went to the Momentum Institute and Attac Austria, both prominent in left-wing advocacy against neoliberal economic policies and deregulated financial markets.
Religious charities, such as projects by the Catholic aid organization Caritas, are also beneficiaries of the distribution.
Most funds will be disbursed over several years, reflecting the group’s careful planning and consideration. The youngest panel member, 17-year-old student Kyrillos Gadalla from Vienna, expressed profound learning from the experience.
In a statement, Ms. Engelhorn emphasized her commitment to democratic principles by redistributing inherited wealth that had conferred unearned power upon her.
She inherited millions when her grandmother, Traudl Engelhorn-Vechiatto, died in September 2022.
Traudl Engelhorn-Vechiatto’s wealth was estimated by US magazine Forbes at $4.2bn (£3.3bn; €3.8bn).
Even before her grandmother died, Ms Engelhorn had declared that she wanted to hand out much of her inheritance.
The sum she retains is undisclosed, but back in 2021, Ms Engelhorn said she wanted to hand out at least 90% of her wealth because she had done nothing to earn it and had merely struck lucky in a “birth lottery”.
In the past, Ms Engelhorn has called for inheritance tax to be reinstated in Austria.
Austria abolished inheritance tax in 2008, one of a handful of European countries that do not impose inheritance tax – or death duties.
