Among the Davos protesters: an heiress who gave away her fortune and says the rich 'hold too much power'
- Marlene Engelhorn joined protesters in Davos before the World Economic Forum.
- Hildur Schmidt Engelhorn, heiress to a German fortune, has been an outspoken supporter of imposing taxes on those with extremely high incomes.
- She expressed to Business Insider her reason for protesting against the World Economic Forum's annual meeting.
Started on Sunday with a wealthy heiress from a prominent German business family among the attendees.
While the world's top financiers and leaders were meeting in Switzerland, protesters took to the streets, blocking traffic and carrying signs like "Economy for all" and "Tax the rich."
The descendant of a 19th-century German industrialist, who inherited a large fortune, was among those protesting in Davos, advocating for higher taxes on the superrich.
In an interview with Business Insider, Engelhorn stated that Davos seems to feature billionaires and entrepreneurs who are meeting with world leaders, while people "who will be influenced by the decisions" are basically excluded from the discussions.
The wealthy, she said, "already have too much power."
The issue here is that despite being called the World Economic Forum, they meet in isolated areas in the Swiss Alps, shielded by military and law enforcement personnel, supposedly discussing issues that are not being addressed in actual decision-making processes.
Engelhorn's ancestor founded BASF, which later became the world's largest chemical producer.
She inherited approximately $27 million from her grandmother, Traudl Engelhorn-Vechiatto, who passed away in September 2022. At the time of her passing, Forbes reported that her grandmother's net worth was around $4.2 billion.
She is sending out invitations to a randomly selected group of Austrians to help her figure out the best way to share the information.
Fifty people were selected to decide how the majority of the money would be allocated, through an initiative called the "Good Council for Redistribution."
Last year, the group allocated approximately $27 million to around 77 charitable causes, which included several organizations that support women's shelters, children's welfare programs, and climate change initiatives.
The largest portion, approximately $1.75 million, was donated to an environmental organization. Other recipients included the World Inequality Institute.
Engelhorn has advocated for taxing individuals like herself more heavily. Austria, for example, does not have an inheritance tax.
in November 2022.
Engelhorn also participated in last year's protests at Davos, and is a co-founder of a group called Tax Me Now, which advocates for higher taxes on the ultra-rich.
Pointing to the US, Engelhorn said to BI: "We see what happens when wealth and politics get too close. The new US government, the cabinet, as it currently stands, is quite revealing. Thirteen out of 25 members are billionaires."
President-elect Donald Trump's incoming administration is predicted to have the wealthiest cabinet in U.S. history.
"They're very far from the actual residents," Engelhorn said.
Update: January 21, 2025 - We've clarified the information about Marlene Engelhorn's stance on inheritance taxes in Austria. While she supports the idea of inheritance taxes, she isn't advocating for a specific tax rate for her own inheritance. Additionally, she has committed to giving away at least 90% of her inheritance.
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