Billionaire gives away his fortune

Billionaire gives it all away - 12th October 2020

Chuck Feeney, an Irish American billionaire, has realised his long-held ambition to divest himself of his entire $8 billion fortune while still alive, to witness something of its impact.

Feeney's philanthropic foundation has spent the last 38 years making clandestine endowments to worthy causes around the world.

Charitable organisations that have benefitted from Feeney's generosity include human rights groups, with many grants going to campaigns opposed to capital punishment in the US. Of Irish descent, his grandparents having emigrated to North America, Feeney has also endowed numerous projects in Ireland with considerable sums. His wealth was instrumental in the founding of the University of Limerick. Having finally fulfilled its purpose, the philanthropic venture was dissolved this week, with Feeney remarking on his own satisfaction at successfully "completing things on my watch".

Feeney accumulated his fortune through his duty-free shopping empire DFS, which still operates in excess of 420 boutiques at 11 airports internationally. In 1982, Feeney ceded the majority of his wealth to the foundation "The Atlantic Philanthropies", which he tasked with distributing his billions, a dream which has taken almost four decades to be fully realised.

Having always maintained a frugal existence, Feeney was renowned for flying economy, unmoved by relatives or associates who were spending their money on club. With no car, house and a sole pair of shoes, his attitude to money contrasts starkly with the co-founder of DFS, Robert Miller, who has amassed his own $6 billion fortune and a portfolio of luxury properties spanning the globe.

Now aged 89, this beneficent tycoon, now regrettably confronted by ailing health, has wise words to offer. His counsel to others among the wealthy elite, many of whom have pledged to donate their own fortunes posthumously, is: "To those wondering about giving while living: try it, you'll like it". Urging them to get involved with a global cause they're passionate about, he muses "how many yachts or pairs of shoes do you need?"