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Chuck Feeney was one of the pioneers of duty-free trade and made a fortune selling duty-free perfume, cigarettes, and alcohol.
Chuck Feeney (left) has inspired Bill Gates and other wealthy people to dig into their pockets.
But the 89-year-old Irish-American is best known as a philanthropist and for his sober lifestyle. He was born in moderate conditions in New Jersey during the Depression of the 1930s, and the seeds of the duty-free adventure were sown when, as a liaison officer during the Korean War in the 1950s, he began selling duty-free products. taxes on soldiers on leave.
The secret was revealed
Feeney is said to have given away at least $ 8 billion, or more than $ 70 billion, over four decades. Until the late 1990s, all donations were made hidden and in silence.
In 1996, an offer was made to the Duty Free Shoppers Group (DFS) of the French luxury goods group LVMH. Feeney’s co-founder and partner, Robert W. Miller of DFS, opposed the sale, while Feeney wanted to sell.
Feeney’s involvement was then in the Atlantic Philanthropies charity, which would become public knowledge in a lawsuit. To get the reveal in advance, Feeney appeared in The New York Times with the information. The sale was finally completed and $ 1.6 billion was transferred to the foundation.
“Philanthropiens James Bond”
Feeney continued to donate money, following the principle of giving while he was still alive, unlike many rich people who leave money when they die.
He still has a very low profile even after the name came out and is therefore often called the “James Bond of philanthropy.” Famous philanthropists like Bill Gates and Warren Buffett highlight Feeney as inspiration.
Almost half of the money has gone to education around the world, and it has also donated money to the health system, both in the United States and Vietnam, and to a technology center in New York. He has also donated money to projects with political sting, such as human rights work, the fight against the death penalty and the defense of Obamacare in the United States, and support for the peace process in Northern Ireland, where his funds come from. parents.
Forbes magazine writes that this week Atlantic Philanthropies shut down, emptied the accounts and gave the last of the money to good causes.
He himself lives in a simple apartment in San Francisco, with two million dollars as financial guarantee for himself and his wife, which he says was the plan from the beginning.
– I see little reason to postpone giving when so much good can be achieved by supporting good causes. Plus, it’s a lot more fun to give while you’re alive than when you’re dead, Feeney said in the rare interview with Forbes.
– It feels great to complete this while I’m still on duty. Thanks to everyone who participated in this trip and to everyone who is considering giving while living: Try it, you will like it.
Although the accounts are now almost empty, that does not change the life of Feeney and his wife, they continue to live soberly and fly economy class, as they always have.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
