Friday, June 21, 2024

Think Tank Gets Donation from Heiress Giving Away Her Money

Here is more from Time:

Marlene Engelhorn, an Austrian heiress who inherited tens of millions of euros from her grandmother, opted to let strangers decide where to give away €25 million ($27 million)—at least 90% of her fortune—over the past six weeks. Engelhorn has long criticized the Austrian policy of not placing any taxes for inheritances, since she feels being born into a wealthy family is a matter of luck and she did not earn the money.

In an attempt to give away her fortune in as democratic of a way as possible, Engelhorn sent out emails to approximately 10,000 randomly selected Austrians, and chose 50 people who were designed to be as representative as possible of Austria’s demographics in terms of gender, ethnicity, and income. 

The group was developed into an organization called the Good Council for Redistribution, and chose 77 different organizations, revealed on Tuesday, to which Engelhorn’s wealth would be distributed. 

The largest distribution of cash went to the Austrian society for nature conservation, which received the equivalent of $1.7 million. The second largest distribution of $1.6 million went to an organization called Neunerhaus, which offers aid to homeless people. Other organizations that received money included climate charities, the left-wing think tank Momentum Institute, and religious organizations. 


The Momentum Institute, based in Vienna, Austria, was founded in 2019.