Current:Home > InvestShe asked 50 strangers to figure out how she should spend her $27 million inheritance. Here's what they came up with. -SecurePath Capital
She asked 50 strangers to figure out how she should spend her $27 million inheritance. Here's what they came up with.
View
Date:2025-04-19 20:04:38
Last year, heiress Marlene Engelhorn presented a question to her fellow Austrians: "How should I spend my 25 million euro inheritance?" Engelhorn, who comes from a European business dynasty, said she would choose 50 strangers from different demographics to brainstorm ways for her to use her money – and now, their spending plan has been released.
Englehorn sent invitations to 10,000 randomly-selected Austrians, asking them to complete a survey. She narrowed the survey participants to 50 council members and tasked them with distributing 25 million euros — more than $27 million — to those who need it, since Austria doesn't impose taxes on wealth and inheritance.
The diverse council included people from different ages, incomes, education levels and even attitudes on wealth distribution. They were moderated by a team of eight and were also advised by academics and experts.
After meeting over six weekends, the team of 50 people, called "Guter Rat" or Good Council, decided to distribute the inheritance to 77 initiatives, including Tax Justice Network, Attac Austria, the Momentum Institute and the World Inequality Lab.
They decided to use the money to fight against poverty-related illness as well as protect women from violence. "Poor makes you sick and sick makes you poor," said council member Dietmar Feurstein, quoting from the council's deliberations.
They are donating some of Englehorn's inheritance to women's shelters, the deaf association and inclusive soccer clubs.
Another area of focus – housing, integration and education – was brought to the table by 17-year-old council member Kyrillos Gadall. They chose to donate to organizations that work to obtain affordable housing for those in need.
They also wanted to focus on migrants and refugees by supporting language and other educational courses as well as organizations that advocate for better access to health care and working conditions.
"In summary, the result is as diverse as the council itself," said project manager Alexandra Wang. "Initiatives that directly support those affected or tackle the causes of the problem were supported. Both small and large organizations were considered, as well as young initiatives and long-established organizations."
She said all the decisions had one thing in common: "They want a fairer society. They want everyone to live well together. And they want to support those who are discriminated against."
Caitlin O'KaneCaitlin O'Kane is a New York City journalist who works on the CBS News social media team as a senior manager of content and production. She writes about a variety of topics and produces "The Uplift," CBS News' streaming show that focuses on good news.
veryGood! (95)
Related
- US appeals court rejects Nasdaq’s diversity rules for company boards
- Some hospitals rake in high profits while their patients are loaded with medical debt
- Why Disaster Relief Underserves Those Who Need It Most
- Fortune releases list of top 10 biggest U.S. companies
- Alex Murdaugh’s murder appeal cites biased clerk and prejudicial evidence
- Daily 'breath training' can work as well as medicine to reduce high blood pressure
- Are Electric Vehicles Leaving Mass Transit in the Shadows?
- Abortion is legal but under threat in Puerto Rico
- Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
- Here's what will happen at the first White House hunger summit since 1969
Ranking
- What to know about Tuesday’s US House primaries to replace Matt Gaetz and Mike Waltz
- Here's what will happen at the first White House hunger summit since 1969
- Electric Car Bills in Congress Seen As Route to Oil Independence
- High rents outpace federal disability payments, leaving many homeless
- North Carolina justices rule for restaurants in COVID
- Ukraine's counteroffensive against Russia appears to be in opening phases
- Why Queen Camilla Officially Dropped Her Consort Title After King Charles III’s Coronation
- Climate Change Is Happening Faster Than Expected, and It’s More Extreme
Recommendation
Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
With early Alzheimer's in the family, these sisters decided to test for the gene
How Life Will Change for Prince George, Princess Charlotte and Prince Louis After the Coronation
Here's What Prince Harry Did After His Dad King Charles III's Coronation
Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
3 common thinking traps and how to avoid them, according to a Yale psychologist
How ESG investing got tangled up in America's culture wars
How to behave on an airplane during the beast of summer travel