Austrian heiress Marlene Engelhorn is diverging from the usual trajectory of the rich and famous participating in the Davos summit, taking a stand on the other side. At the Swiss resort, she is advocating for increased taxes on the wealthy and is embarking on an ambitious initiative to seek public input on how to distribute the majority of her 25 million euro ($27.4 million) wealth. Engelhorn, a 31-year-old Austrian-German activist and founder of the Taxmenow initiative, expressed her desire to escape what she terms a "dynastic rich swamp" that she inherited without actively contributing.
Engelhorn is aligning with protests led by a wealthy minority on the fringes of the World Economic Forum, urging governments to implement higher taxes on the affluent. As the scion of the founder of the BASF chemical giant, she is part of an exclusive group of millionaires advocating for tax increases to address the expanding wealth gap, a sentiment echoed in a report by Oxfam highlighting drastic global wealth disparities.
In a move to democratize the decision-making process regarding her fortune, Engelhorn announced the establishment of a citizens group comprised of 50 Austrians who will be paid to generate ideas for its future distribution. To ensure inclusivity, 10,000 randomly selected Austrians aged over 16 are invited to apply, with 50 individuals selected based on their responses to a questionnaire. From March to June, the group will convene in Salzburg to develop solutions in the interests of society. Should the ideas lack broad support, the inheritance will revert to Engelhorn.
Engelhorn, who plans to secure a regular job after redistributing "more than 90 percent" of her wealth, envisions the transition as a move toward a democratic society and away from the dynastic rich swamp. Amid concerns about wealth inequality in Europe, particularly in Austria, her initiative is considered innovative, contrasting with the decision to abolish inheritance tax in the country in 2008. Engelhorn's approach, scientifically supported, diverges from traditional philanthropic pledges and engages the public in shaping the destiny of her wealth. The opposition Social Democrats in Austria have pushed for the revival of inheritance tax, a proposal firmly rejected by the ruling conservative People's Party.
