Marlene Engelhorn, the Austrian heiress, is on a mission to distribute her substantial inheritance as a part of her commitment to wealth redistribution.
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After the passing of her grandmother, Traudl Engelhorn-Vechiatto, in September 2022, Engelhorn is set to give away a whopping $27.4 million.
She has been a staunch advocate for this cause, even co-founding 'Tax Me Now', a group of affluent individuals in German-speaking countries who support higher taxes for the wealthy.
The 31-year-old is in line to inherit a significant sum due to her family's connection to BASF, a chemical company founded by her ancestor Friedrich Engelhorn.
So, how is she planning to redistribute her fortune?
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Engelhorn has sent out 10,000 invitations to Austrian citizens over 16 years old, chosen randomly to be a part of the Good Council for Redistribution.
This group, comprising 50 participants and 15 substitutes, plans to collaborate with civil-society organizations and academics when it convenes in Salzburg from March to June.
Each participant will receive $1,300 for every weekend they attend to cover their travel and childcare expenses.
Credit: FABRICE COFFRINI/AFP via Getty Images
This initiative itself seems like it's going to make a significant impact on her wealth.
Engelhorn has openly acknowledged her privilege, often referring to it as winning the 'birth lottery'.
She is an ardent supporter of imposing higher taxes on society's top one percent.
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Credit: FABRICE COFFRINI/AFP via Getty Images
In August 2022, she participated in the Millionaires for Humanity event in Amsterdam, advocating for increased taxes on the wealthy.
In a Facebook video, she expressed, "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."
In an interview with the Washington Post, Engelhorn highlighted the wealth disparity in Austria, stating, "In Austria, the richest one percent hoards up to 50 percent of the net wealth."
It's worth noting that Austria did away with taxes on gifts and inheritances in 2008.
Meanwhile, the United States doesn't have a federal inheritance tax, though it's implemented in some states.
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In the UK, the inheritance tax is set at 40 percent for estates exceeding £325,000, with some exceptions like leaving everything above the threshold to a spouse, a charity, or a 'community amateur sports club' – which does sound oddly specific.
Engelhorn's approach to her inheritance is a refreshing take on wealth and social responsibility, challenging the norms of wealth accumulation and distribution.