When Marilyn Engelhorn reached her multi-million dollar fortune, she wasn't sure what to do about it.
Her fortune, which she inherited from the founder of German chemical company BASF Friedrich Engelhorn, also conflicted with some of the causes she led, such as Such as TaxMeNowa group aimed at combating wealth inequality.
So, the 32-year-old heiress to the chemical giant decided to donate the bulk of her €25 million ($27 million) fortune to 77 groups working for climate change, social reform and other left-wing causes.
A committee of 50 people, called the Guter Rat (“Good Council” in German), was selected by a poll group and tasked with choosing the amount of money for each group without Engelhorn's participation. The committee met for six weekends in Salzburg to discuss how the funds would be used and publish the full list of recipients Tuesday. One of the committee members said in a statement that the goal is to push for a more fair and transparent way of distributing wealth.
“A significant portion of my inherited wealth, which elevated me to a position of power simply by virtue of my birth, contrary to every democratic principle, has now been redistributed in accordance with democratic values,” Engelhorn said in a statement.
Donation amounts range from 40,000 euros ($43,000) to 1.63 million euros ($1.75 million), and causes include housing, consumer activism, women's rights, access to education, and the fight against rare diseases.
“The outcome is as diverse as the council itself,” said Alexandra Wang, director of the Jotter Rat Project. “Small and large organizations were taken into account, as well as young initiatives and established organisations.”
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Engelhorn's contrasting view
Engelhorn has long criticized the “birth lottery” and the Austrian system for its lack of strong wealth and inheritance taxes — which left her with $27 million after her grandmother Gertraud Engelhorn-Vecchiato died in 2022.
When reports of Engelhorn's plans emerged in March, she said she wanted to start a discussion about wealth inequality, since her windfall was not taxed after a 2008 Austrian law abolished the inheritance tax.
A number of billionaires have recently given away their wealth. For example, the Gates Foundation, established by Bill and Melinda French, has dedicated Gates $8.6 billion For donations this year to causes such as fighting disease, hunger and poverty. Chuck Feeney, also co-founder of Duty Free Shoppers Give All his wealth for education, healthcare and more while he was alive.
However, unlike other billionaires who have dedicated their fortunes to philanthropy, such as MacKenzie Scott, Engelhorn does not believe this is the best way to redistribute wealth. One common criticism of philanthropy is that it can enhance the power of donors in society by directing money toward their interests and needs.
“Philanthropy should only be taken seriously when it is considering abolishing it,” she told Bloomberg earlier this year. “I can't wait for my government to tax me. They won't do this anytime soon. But we need to redistribute this wealth to society.”