Billionaire gives away his fortune

Billionaire donates entire fortune - 12th October 2020

Irish American billionaire Chuck Feeney has finally achieved an unusual lifelong goal – donating his entire $8 billion fortune to good causes.

Since 1982, Feeney's charitable foundation, 'The Atlantic Philanthropies', has been making donations to good causes across the globe. Billions of dollars have gone to higher education and millions to human rights groups, including donations to groups battling against the death penalty in the US.

As Feeney has Irish heritage, that country has been shown particular generosity, with his wealth playing a key role in the foundation of the University of Limerick. On signing the papers to break up the foundation this week, Feeney commented that he was happy with "completing things on my watch".

Feeney's fortune was made in retail. In 1960, he set up the duty-free boutique DFS which still runs over 420 airport shops worldwide. His dream of "giving it all away" began to take shape 38 years ago, when he secretly transferred most of his riches to his anonymous philanthropic organisation.

Spending his entire life living frugally, he insisted on flying economy, even when family and colleagues were sitting in club. Not owning any property or cars and with a single pair of shoes, he couldn't be more different to Robert Miller, his DFS co-founder. Miller maintains a $6 billion fortune and a string of luxury homes across the world.

Now sadly faced with worsening health, the entrepreneur has some advice for fellow members of the one per cent who aim to give their own wealth away after their deaths; "To those wondering about giving while living: try it, you’ll like it.” He suggests finding a cause close to their heart, and starting to donate right away. In the end, he asks, "how many yachts or pairs of shoes do you need?"