Austrian heiress launches plan to give away $40 million of her fortune

An Austrian heiress is setting up a group of citizens to help her give away a large chunk of her inherited fortune.

Marlene Engelhorn, 31, is seeking 50 fellow Austrians to advise her about how to distribute €25 million ($40m) of the money bequeathed by her grandmother, the BBC reports.

Engelhorn is a campaigner for social justice and a more equitable taxation system.

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"I have inherited a fortune, and therefore power, without having done anything for it," she said.

"And the state doesn't even want taxes on it."

In 2008, Austria abolished inheritance tax. It is one of the few European countries that do not have inheritance tax or death duties.

Marlene Engelhorn is a descendant of German industrial mogul Friedrich Engelhorn. She inherited millions of dollars when her grandmother died in September 2022.

Traudl Engelhorn-Vechiatto's wealth was estimated by US magazine Forbes at €3.8 billion ($6.2 billion). Even before she died her granddaughter had declared that she wanted to give away about 90 per cent of her inheritance.

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On Wednesday, 10,000 invitations targeting randomly selected Austrian citizens aged over 16 began arriving in letterboxes in Austria.

From that initial number, 50 people will be selected.

Engelhorn said the radical action was needed because the political system in Austria was broken.

"If politicians don't do their job and redistribute, then I have to redistribute my wealth myself," she said.

"Many people struggle to make ends meet with a full-time job, and pay taxes on every euro they earn from work. I see this as a failure of politics, and if politics fails, then the citizens have to deal with it themselves."