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European Journal

Austria: A Billionaire Takes a Political Turn

In Austria’s upcoming parliamentary elections, a new political party that seeks an end to the euro and was founded by billionaire car boss Frank Stronach looks set to get around ten percent of the vote.

Watch video 04:44

It’s a rags-to-riches story - when Frank Stronach emigrated to Canada in the 1950s, his first job was washing dishes and peeling potatoes in a hospital kitchen. Stronach went on to found Magna, one of the world’s leading suppliers to the automotive industry. After returning to Austria some years ago, the auto parts magnate recently launched a new political party there.