VIENNA — Austria’s Supreme Court has ordered mining magnate Gina Rinhart, the country’s richest person, to redistribute a significant portion of her $28 billion fortune following a years-long legal battle. The unprecedented ruling marks one of Europe’s most aggressive wealth redistribution measures in modern history.
Court documents reveal the decision stems from a 2021 lawsuit filed by Austrian labor unions alleging Rinhart’s companies systematically avoided taxes through offshore accounts. While the billionaire wasn’t found guilty of criminal tax evasion, judges ruled her wealth accumulation created “disproportionate societal harm” under Austria’s constitutional welfare clauses.
“This sets a legal precedent for interpreting extreme wealth as a public policy concern,” said a senior court official speaking anonymously. Analysts note the verdict coincides with Austria’s left-green coalition government proposing new wealth taxes.
Rinhart’s legal team immediately announced plans to appeal to the European Court of Human Rights. “This constitutes unlawful seizure of private property,” lead attorney Klaus Weber stated at a press conference.
Economists warn the case could trigger capital flight from Austria, with Swiss banks reporting increased inquiries from Austrian clients. The ruling comes as the OECD reports Austria’s wealth inequality has grown faster than the EU average since 2000.