Record sum: Austrians give away 660 million euros to relatives!

Record sum: Austrians give away 660 million euros to relatives!

In 2024, Austrians gave away a remarkable 14.5 billion euros in assets. This number exceeds the record value of the previous year, when it was just over 10 billion euros. According to the Ministry of Finance, there were a total of 31,852 donations during this period, which documents a considerable increase. In addition, the average value of individual donations was around 456,000 euros. What is particularly striking is that two large donations amounted to 750 million euros, both in the form of shares in corporations. The highest cash gift of 660 million euros was made by an Austrian citizen to a relative, which casts the gifts in a new light. Further details confirm that cash gifts alone accounted for a value of five billion euros, illustrating how widespread wealth transfers were this year.

This increase in donations is encouraged, among other things, by the fact that there is no gift tax in Austria. While such taxes are common in many EU countries, the wealthiest classes in Austria benefit from this regulation. In 2023, 13.66 billion euros were given away to family and friends, the highest value to date. The gifts are distributed unevenly, with particularly rich people often transferring large assets to their relatives. It is believed that the baby boomer generation preparing for retirement and the feared possibility of future taxes are contributing to increased gifting of such assets.

In-depth statistics on donations

Of the 31,852 donations, 27,458 were addressed directly to relatives, which highlights family ties and the desire for financial support. According to the Finance Ministry's calculations, the median value of a gift was 100,000 euros. This shows that high average values ​​are strongly influenced by extremely large individual transmissions. The asset transfers included, among other things, company shares worth 6.67 billion euros, as well as capital claims (1.71 billion euros), movable assets (312 million euros) and intangible assets (397 million euros). In addition, in 1,193 cases, entire companies worth around 205 million euros were handed over.

The current legal situation in Austria plays into the hands of donations. There has been no inheritance and gift tax in Austria since 2008, which plays a key role in this development. Despite the lack of current data on the distribution and volume of inheritances, estimates suggest that the annual volume of inheritances could increase from around €21 billion to €41 billion by 2050. This growth is particularly noticeable in the top percentile of the wealth distribution, with potential tax revenues of over 1 billion euros per year being projected with corresponding tax allowances.

In summary, it can be seen that donations in Austria are at a record high, not least due to tax conditions and demographic change. The current statistics show a remarkable development in the area of ​​wealth transfer, which, despite the lack of tax burden, has unmistakable social implications.

For more information about giving in Austria, you can visit these links: 5min, contrast, and AK Vienna.