Wealth in Austria is extremely unevenly distributed, with an enormous concentration in the hands of a few individuals and families. The results of the study, opens an external URL in a new window by Stephan Pühringer and his team show how legal frameworks and gray areas are exploited in order to secure this wealth and why this extreme concentration of wealth represents a serious social problem.

Austria stands out among the OECD countries due to a particularly high concentration of wealth among the top one percent of the population. The richest household owns roughly as much as the poorer half of the Austrian population combined. The richest five households of the approximately 60 households and families surveyed own almost 50 percent of the total wealth of the sample. The richest household in Austria, the Porsche & Piëch family, owns more than a fifth (22%).

The use of various legal forms with limited liability, such as GmbHs and GmbH & Co KGs, often embedded in complex structures consisting of holding and investment companies, real estate companies and private foundations, frequently leads to non-transparent asset and company ownership structures. Private foundations are particularly popular with Austria's super-rich: of the approximately 3,000 private foundations registered in Austria, almost half (1,389) are part of the network analyzed. However, the real estate sector also plays a central role in wealth preservation and accumulation: almost all households have relationships with real estate companies, which highlights the importance of preserving wealth.

In addition, a large number of households and their surroundings have a certain proximity to politically exposed persons. This can be referred to as a “revolving door effect” as a form of political influence. The sample analyzed includes former federal chancellors, former ministers and members of the Austrian parliament.

This shows that wealth in Austria is even more concentrated than previously assumed. The power of Austria's super-rich is often concentrated in complex real estate companies and private foundations. Due to their wealth and the resulting power, the super-rich often maintain contacts with (former) politicians and people within political influence. Through legal gray areas and the advice of resourceful asset managers, already very rich households and families can continue to expand their wealth.

The Vienna Chamber of Labor has created an interactive website on the networks of the super-rich such as Benko, Pierer and Co. which can be found here, opens an external URL in a new window.