Millionaire gives away fortune to microcredit charity

Austrian millionaire Karl Rabeder decided to raffle his Alpine home, selling 21,999 lottery tickets priced at just £87 each.

All the money will go into his microcredit charity, which offers small loans to Latin America and builds development aid strategies to self-employed people in El Salvador, Honduras, Bolivia, Peru, Argentina and Chile.

Since selling his belongings, Mr Rabeder said he felt "free, the opposite of heavy".

"For a long time I believed that more wealth and luxury automatically meant more happiness," he said. "I come from a very poor family where the rules were to work more to achieve more material things, and I applied this for many years," said Mr Rabeder.

But he said he did not judge those who chose to keep their wealth. "I do not have the right to give any other person advice. I was just listening to the voice of my heart and soul."

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