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

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

Österreich - In 2024, Austrians gave away remarkable 14.5 billion euros to 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 documented a considerable increase. In addition, the average value of individual donations was around 456,000 euros. It is particularly striking that two large donations went over 750 million euros, both in the form of shares in corporations. The highest cash pens was made by an Austrian citizen to a relative with 660 million euros, which makes the donations appear in a new light. Further details confirm that cash gifts alone made up for a value of five billion euros, which illustrates how much the assets were distributed this year.

This increase in donations is favored 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 have already been given to family and friends, the highest value until then. The gifts are unevenly distributed, with particularly rich people often transferring great fortune to their relatives. It is believed that the BabyBoomer generation, which is preparing for retirement, and the feared possibility of future taxes contribute to increasing such assets.

incoming statistics on gifts

of the total of 31,852 donations were aimed directly at relatives, which makes the family ties and the desire for financial support clear. According to the calculations of the Ministry of Finance, the median value of a gift was 100,000 euros. This shows that high average values ​​are strongly influenced by extremely large individual transmissions. During the asset transfers, company shares worth 6.67 billion euros, as well as capital claims (1.71 billion euros), mobile assets (312 million euros) and intangible values ​​(397 million euros) were given. In addition, entire companies worth around 205 million euros were handed over in 1,193 cases.

The current legal situation in Austria plays the gifts in the cards. There has been no inheritance and gift tax in Austria since 2008, which plays an important role in this development. Although there is a lack of current data on the distribution and volume of inheritance, estimates indicate that the annual volume of hereditary generation could increase from around 21 billion euros to 41 billion euros by 2050. This growth is particularly noticeable in the top percentile of wealth distribution, whereby potential tax revenue of over 1 billion euros per year is projected with corresponding allowances.

summarized it is shown that the donations in Austria are on a record high, not least because of the tax conditions and demographic change. The current statistics show a remarkable development in the asset transmission area, which despite the lack of tax burden brings unmistakable social implications.

For more information about the donations in Austria, you can visit these links: 5min , contrast , and .