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Miserable Millionaire gives up all to charity

Karl Rabeder has traded unbridled luzury for life in a two-room flat. This kind of story gives you faith in humankind, or makes you feel you've entered the Twilight Zone.

An Austrian multimillionaire is giving away all his money to charity in pursuit of a simple, happy life.

Happiness and self-realization eluded Karl Rabeder as he indulged in a supremely materialistic lifestyle: a $2.2million, 3,455square-foot lakeside villa in the Alps, a farmhouse on 42 acres in Provence, six gilders, an Audi A8. His entire fortune was estimated at $4.7million.

Rabeder, now 47 and divorced, lives in a two-room apartment in Innsbruck, and gets by on just $1,260 a month. "The worst that can happen to me is that I have to take a small job to get by", he told the public.

"My idea is to have nothing left. Absolutely nothing. Money is counterproductive it prevents happiness".

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