Austrian millionaire gives up his fortune to help entrepreneurs

An Austrian who became disillusioned with the millionaire lifestyle and has therefore already sold his company, has sold several properties and is now raffling off his more than $1 billion mansion in the Alps in order to raise capital for a microfinance bank for the poor in America, Africa and Asia.

In 2004, millionaire Karl Rabeder decided to leave his successful furniture business to engage in philanthropic activities, such as funding orphanages and microcredit organizations in Bolivia, El Salvador and Nicaragua.

Rabeder has since gotten rid of his limousine, his candle, and almost all of his possessions, and lives in a rented apartment in Innsbruck, Austria.

“When I see a sparkle in other people’s eyes, I’m really happy,” said the former millionaire, who comes from a humble family in Austria. From his past millionaire, he still maintains in his name the mansion that will be raffled off on February 28, and which is valued at 1,093 million pesos.

Rabeder will benefit from the sale of the 321 square meter house, on an area of ​​2,711 m2.

Any citizen of the European Union can purchase one of the more than 21,999 raffle tickets or “numbers” and become the owner of the mansion. Each one costs 99 euros.

On the other hand, its organization called MyMicroCredit offers small loans ranging from 200 to 1.5 billion dollars to poor families interested in starting their own business or expanding their business.

For less than 400 euros you can buy a small kitchen, sewing machine or a cart to sell fruit juice, for example.

Carijo Rafaela from Bolivia, is one of the beneficiaries of the Austrian project and now sells coconut water with a cart bought for 300 euros, with the MyMicroCredit loan.

“I hope that MyMicroCredit becomes a big family, allowing regular exchange in all directions”Rabeder said. The Austrian said that the debt discharge rate of beneficiaries is approximately 98%.