Billionaire Reaches His Goal Of Giving Away His Entire Fortune

Chuck Feeney made his fortune in the duty-free shopping business, building a nest-egg of $8 billion over the course of his life. The Irish-American is known for his humility and, despite the money he’s got, he does not own a car. He rents a small apartment, flies economy class, and owns only one pair of shoes.

The co-founder of the Duty-Free Shoppers Group managed to keep his charitable activities hidden from the public for 15 years, until his identity was revealed to the public in 1997 when he sold his shares in the company. He continued to keep a low profile until 2005, when the opportunity came along to do some good with the publicity.

The New Jersey-born businessman decided to cooperate in journalist Conor O’Cleary’s writing of his biography, with an eye toward promoting ‘giving while living’ to other wealthy people. In 2007, former Irish Taoiseach (Prime Minister) Bertie Ahern launched the book at Trinity College Dublin.

Now, Feeney’s foundation, The Atlantic Philanthropies, finally ran out of money. The elderly businessman told the “Guardian” that he was very happy with “completing this on my watch”. He urged other super-rich folks not to wait until after they have passed away to experience the joy of giving away their fortunes.

In explaining what motivated his generosity, the duty-free shopping mogul said: “Wealth brings responsibility. People must define themselves, or feel a responsibility to use some of their assets to improve the lives of their fellow humans, or else create intractable problems for future generations.”

Feeney has donated $3.7 billion to higher education institutions, including close to $1 billion to Cornell University alone, where he studied for free under the GI Bill after serving in the Air Force during the Korean War.

He has also donated $870 million to various human rights groups, and $1.9 billion to fund various projects in Northern Ireland and the Republic of Ireland, where he helped found the University of Limerick.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Chinese (Simplified)DutchEnglishFrenchGermanItalianPortugueseSpanish