One Philanthropist Uses Fortune to Spark Conversations About Wealth Inequality

Imagine you had $27 million at your disposal. What would you do with it? Buy a yacht? Travel the world? How about giving it all away to spark conversations about wealth inequality and social justice?

That’s exactly what Marlene Engelhorn, an Austrian heiress from the BASF family, decided to do. In a move that's making headlines, Engelhorn has handed over a small fortune to those dedicated to addressing some of the most pressing issues of our time. This is not just about philanthropy; it's about using money to make a statement and inspire change in how inhertiance is handed down. Engelhorn was in large part influenced by her own experience of coming to fuller awareness of the needs of society. She was also influenced by her reading of the philosophical works of feminist economist, Ingrid Robeyns, a student of Martha Nussbaum.  

“It became clear to me that being wealthy in an unequal world means you’re doing so at the cost of other people’s lives,” Engelhorn said.

If you were in Engelhorn’s shoes, how would you decide how to allocate such a significant amount of money? Would you invest in education, healthcare, or perhaps environmental conservation? The possibilities are endless, but the objective remains the same – making a meaningful impact. For Engelhorn, it wasn’t just about giving away money; it was about giving it to the right causes. She wanted to ensure that her contribution would foster long-term, sustainable change. This raises an important question for all of us: How do we ensure our charitable donations are truly making a difference? Engelhorn didn't trust the government to distribute it, so why should we?

Choosing the Right People to Spend the Money

Engelhorn's decision also sheds light on another critical aspect of philanthropy – choosing the right people to manage and distribute the funds. It's not enough to have money; it’s about ensuring it reaches the right hands. Transparency, accountability, and a clear vision are key criteria to consider when selecting organizations to support. Fraud is a problem for many charities, and there is no shortage of examples. Not only do charities commit fraud, but fraud is often comitted against them, with people claiming benefits who do not qualify.  

Engelhorn has set a remarkable example by meticulously vetting the recipients of her donations. This is a practice that all aspiring philanthropists should adopt. Before you give, do your homework. Look into the organization’s track record, their use of funds, and their overall mission. Websites like Charity Navigator and GuideStar can be invaluable resources in this process.

My Take on Funding Allocation

If I had the opportunity to allocate $27 million, I would invest it in research on how iodine impacts health. Iodine deficiency is a global issue that affects millions of people, leading to severe health problems such as thyroid disorders, developmental delays, and even brain damage. By funding research in this area, we could uncover new ways to combat iodine deficiency and improve public health on a massive scale. Research on Iodine used to take place without question, but fewer and fewer studies have been done over time. At this point, in order for the large number of researchers influenced by industry to objectively study a nutraceutical is to combine it with a synthetic drug.  

Call to Action

Marlene Engelhorn’s philanthropic gesture is a powerful reminder that we all have a role to play in addressing social injustices and wealth inequality. Whether you have millions to give or just a few dollars, your contribution matters.

But here’s the catch – it’s not just about giving; it’s about giving wisely. Take the time to vet charities for their transparency and trustworthiness. Your due diligence can ensure that your hard-earned money is making the biggest impact possible.

Ready to make a difference? Start by researching causes that resonate with you and find reputable organizations that align with your values. Together, we can create a more equitable and just world, one donation at a time. What are some of your favoriate charities? List in the comments below!

Sources

https://www.newyorker.com/magazine/2024/09/09/how-to-give-away-a-fortune