The Austrian heiress giving away her entire fortune

Marlene Engelhorn grew up as part of one of the wealthiest families in Europe, but her assessment of the world's class of super-rich is scathing.

"They're disconnected idiots, and I know it because I'm one of them," she tells triple j hack.

At 33, Engelhorn has both possessed and given away more money than the vast majority of people in the world could ever imagine.

And she wants to use her experience as a member of the one per cent to draw attention to the increasing rate of wealth inequality worldwide, and the excesses of the super-rich.

"I have never considered this money to be mine because I understood when I got it that it was unfair and unjust," she says of her multi-million-dollar inheritance.

Engelhorn, based in Austria, leads the Tax Me Now initiative, which campaigns against taxation policies in German-speaking countries.

Engelhorn first made headlines four years ago after it was revealed she intended to give away the vast majority of her inheritance, worth more than 25 million euros ($44.4 million).

Now she says the wealth transfer is almost complete, and by next year "most of it will be gone".

From that point on, she intends to be financially self-sufficient, earning a living through paid employment while paying rent and managing her own budget.

It's a world away from the life of luxury and extreme privilege in which she grew up, but she says she feels strongly it's the right thing to do.

"It's not possible to make a mistake when you give back what's not supposed to be yours, that's just decent," she tells hack.

'There's always enough money'

Growing up surrounded by extreme wealth, Engelhorn says she never really understood the value of money.

"I didn't have a relationship with money because money was not something that was ever to be worried about."

But Engelhorn says her relationship with money changed when she realised that soon she would be in control.

"When the inheritance was announced, I realised it's not going to be the money of my family anymore, it will be my money.

Engelhorn's inheritance came from her grandmother Traudl Engelhorn-Vechiatto, who was estimated to be worth 3.8 billon euros ($6.8 billion) at the time of her death in September 2022.

An ancestor had co-founded the chemical company BASF — now the world's largest — but the lion's share of the family's extreme wealth had come from its involvement with the pharmaceutical company Boehringer Mannheim, which was sold in 1997 for $US11 billion ($16.8 billion).

"It's a company that got money from collaborating with the Nazis," Engelhorn tells hack.

'Eat the rich'

Englehorn's rebellion against the ultra-rich is not in isolation.

This weekend, voters in Switzerland — a world-renowned haven for billionaires — will go to a referendum on whether to introduce a steep 50 per cent tax on inheritances above 50 million euros, while in the UK a group of wealthy Britons are leading a campaign called "Patriotic Millionaires", calling for increased taxes on the rich.

Even pop superstar Billie Eilish recently made headlines last month for scolding billionaires, advising them to "give your money away".

It is in stark contrast to the prediction Elon Musk — already the world's richest man — could become the world's first trillionaire within the next decade, after having a pay package approved by Tesla shareholders earlier this month.

According to Engelhorn, that is a recipe for disaster.

"And power, when it is not checked, will corrupt.

"You don't get democracy … you get tyranny."

Power to the people

The question most have for Engelhorn when they learn she is giving her fortune away is: who did you give it to?

Last year, Engelhorn tasked a group with sourcing 50 ordinary people, representative of the Austrian population, to decide how best to distribute her inheritance.

The group decided to donate the money to 77 organisations, including social and climate groups, and groups working to end violence against women.

"I couldn't have been happier," she says of the selections.

"You don't need to pretend like there's anything super about the super rich."

'I'm not cos-playing'

When it comes to some of the scepticism and criticism levelled against her, Engelhorn is quick to dismiss it, while acknowledging that people are right to be suspicious of any wealthy person claiming to be trying to do the right thing.

But on one point, she is clear: she denies she is "cos-playing" as poor.

"I am trying to get as close as possible to being part of the 99 per cent, but I'm never going to be even like remotely close to being poor.

"I come from one of the richest families in Austria and Germany — worst case scenario, I can just call home, which is something that most people can't do."

The advocate says she understands why some may question her motives.

"The people from my class, the people from the top one richest per cent, we did so much harm to so many people around the globe.

"I am not entitled to anybody's trust, or anybody's well wishes."

But she maintains she is not giving up her fortune to appear philanthropic.

"And that can be achieved through wealth redistribution and tax justice.

"It's so goddamn worth it."