She was the daughter of Wilhelm Isak Wolf Ritter von Gutmann and his second wife, Ida Wodianer.

His coal mining and trading company, Gebrüder Gutmann, was in a leading position in the market dominated by the Habsburg monarchy.

A few days later, on 1 February 1899, Elisabeth was married in Vienna to Hungarian Baron Géza Erős of Bethlenfalva (1866–1908), the elder son of Baron Alexander Erős of Bethlenfalva (1831-1906) and his former wife, Franziska Chalupecký, by adoption Todesco (1846–1921), later wife of Prince Philipp Karl von und zu Liechtenstein (1837-1901), who was first cousin of Elsa's second husband Franz I, Fürst von und zu Liechtenstein.

[4] In 1914, Elisabeth met the future Franz I, Prince of Liechtenstein at a relief fund[clarification needed] for soldiers.

On 22 July 1929, Elisabeth and Franz married at the small parish church of Lainz near Vienna.

Elsa Foundation, and when there was a polio outbreak in Vaduz in 1931 she obtained medicine from the United States at her own expense.

[7][10] After the death of her husband in 1938, she lived at Semmering Pass, until the annexation of Austria to Nazi Germany, when she went into exile in Switzerland, where she died at Vitznau on Lake Lucerne in 1947.