Austrian millionaire Karl Rabeder has given up all the trappings of a wealthy life.

Austrian millionaire Karl Rabeder, who earned his fortune through his interior furnishings business, has raffled his luxury home and sold his assets because “money is counterproductive – it prevents happiness to come.”

He has so far sold his business, is selling his French farmhouse and is currently selling raffle tickets for his Alpine villa at £87 each. His possessions are being sold online, and all proceeds will go to his own charity – which he does not take an income from – that offers loans to needy businesses and the self-employed in South America.

He told the Daily Telegraph newspaper that the idea to give up his wealth came to him on holiday in Hawaii: “It was the biggest shock in my life, when I realised how horrible, soulless and without feeling the five-star lifestyle is… We had the feeling we hadn’t met a single real person – that we were all just actors. The staff played the role of being friendly and the guests played the role of being important and nobody was real.”

The villa is set in the Alps, and boasts a lake and a sauna, and is valued at around £1.4 million. The lucky winner will be announced on 28 February 2010.

Rabeder summed up: “I had the feeling I was working as a slave for things that I did not wish for or need. I have the feeling that there are a lot of people doing the same thing.”

So does this further the argument that money can’t buy happiness? Do you think having millions would leave you feeling ‘empty’? What would be the most desired amount of money to have?