Austrian millionaire Karl Rabeder is giving away all of his £3 million fortune because it wasn’t making him happy.

“My idea is to have nothing left. Absolutely nothing,” millionaire Karl Rabeder said. “Money is counterproductive – it prevents happiness to come.

“For a long time I believed that more wealth and luxury automatically meant more happiness. 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.”

He is going to move out of his luxury house into a small hut in the mountains.

He made the decision when he was on a luxury holiday with his wife in Hawaii.

“It was the biggest shock in my life, when I realised how horrible, soulless and without feeling the five star lifestyle is,” he said. “In those three weeks, we spent all the money you could possibly spend. But in all that time, 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.”

Mr Rabeder says that after selling all this properties he no feels "free, the opposite of heavy".