CHARLES FEENEY: «Giving while you live is more fun than after you die»

Charles Feeney / gbhi.org

Imagine a person who earned 8 billion dollars yet wore a $15 watch, preferred the subway to a limousine, and chose mass-market goods over luxury clothing. You might say it sounds unlikely — but such a person did exist. This was Charles (Chuck) Feeney (23.04.1931–9.10.2023), an American businessman and co-founder of Duty Free Shoppers, who lived more modestly than the average office worker: without a personal car, in a rented apartment, and without worrying about it in the least.

And here is where the real intrigue begins: over 40 years, he donated almost 8 billion US dollars to charity — to education, healthcare, science, and homes for the elderly in the United States, Ireland (where his roots lie), Vietnam, Australia, and South Africa. More than anyone since Saint Patrick. But this is precisely the philosophy of Charles Feeney — to be a philanthropist while you are alive.

FROM VETERAN TO ENTREPRENEUR: HOW CHARLES FEENEY BUILT DUTY FREE

harles Feeney was born on April 23, 1931, at the height of the Great Depression, in the industrial city of Elizabeth, New Jersey. His mother worked as a nurse, and his father as an insurance agent. Charles took part in combat during the Korean War. After returning from the front, he took advantage of veterans’ benefits and studied at the Cornell School of Hotel Administration. He then went to France to start his own business. Thus, in 1960, Charles Feeney, together with entrepreneur Robert Miller, founded the airport retail company Duty Free Shoppers, selling luxury goods exempt from customs duties.

The business flourished during Japan’s economic boom. When restrictions on overseas travel for Japanese citizens were lifted in 1964, affluent tourists from the Land of the Rising Sun began traveling the world. Feeney reacted quickly: he hired attractive saleswomen of Asian appearance, stocked the shops with souvenirs, cigarettes, and cognac, and it worked. The business grew rapidly. He later opened outlets in San Francisco, Anchorage, and Guam. And to gain the right to operate on the island of Saipan, in 1979, he invested $5 million in the construction of the local airport.

In 1988, Forbes published an estimate of his wealth, placing him 31st among the richest Americans. Feeney responded simply: «Well, now we’re in full view». But the magazine was wrong about one thing — by that time, all of the billions had already been given to charity. Back in 1982, Charles Feeney had founded the international philanthropic organization Atlantic Philanthropies, through which he distributed his earned wealth to good causes — healthcare, education, science, and human rights organizations.

«THE JAMES BOND OF PHILANTHROPY»

What is truly remarkable is that during the first 15 years of his philanthropic activity, he made donations anonymously and avoided public life altogether — until 2012, Feeney had given only five interviews. Because of this, he was later dubbed the «James Bond of philanthropy». Indeed, Chuck Feeney engaged in charity without publicity, while other wealthy individuals hired entire PR teams to boast about their generosity.

In 2012, he calculated that he had set aside about $2 million for retirement for himself and his spouse — meaning that his donations exceeded his personal capital by 375,000%. Even then, he continued to travel the world, looking for projects to which he could donate money. Charles Feeney did not want a charitable foundation bearing his name, after his death, to be handing out token sums to solve minor problems. He sought out large-scale causes where he could make a decisive impact and took them on without hesitation.

Once, Charles said, «I see no reason to postpone philanthropy if it is already possible to do so many good and important things now. Besides, giving while you live is more fun than after you die». Feeney’s philanthropic work and personal modesty became an example for many influential entrepreneurs and philanthropists.

For example, in 2010, billionaires Bill Gates and Warren Buffett launched the Giving Pledge initiative. Its essence was to persuade the world’s wealthiest people to donate at least half of their fortunes during their lifetimes. «Chuck inspired us. He is a role model for everyone. After my death, it will take another 12 years to accomplish what he achieved in his lifetime», Buffett admitted.

WHERE THE 8 BILLION DOLLARS WENT

For Charles Feeney, education was always a top priority. It was to the development of this field that the philanthropist allocated $3.7 billion, including $1 billion to his alma mater, Cornell University, as well as an additional $350 million invested in the creation of a high-tech center on Roosevelt Island. One of Feeney’s greatest achievements is the University of Limerick, to whose development he contributed $170 million. Today, it is home to the Irish World Academy of Music and Dance, as well as a medical school. The university currently enrolls 17,000 students and is considered one of the best institutions of higher education in Ireland.

The benefactor also funded Trinity College Dublin, where, with his support, a center for genetic research and a state-of-the-art neurobiology laboratory were established. Queen’s University Belfast received one of the largest grants from Chuck Feeney’s foundation: a total of $132 million between 1993 and 2015. Another important area of his philanthropic activity in Northern Ireland was the promotion of integrated education. Over 18 years, Atlantic Philanthropies supported 21 primary and eight secondary schools, as a result of which the number of students increased from 7,000 to 22,000.

In addition to education, more than $870 million was allocated to the fight for human rights and social change. Healthcare received $700 million, including $270 million for public health in Vietnam and $176 million for the International Brain Health Institute at the University of California, San Francisco. «I have become convinced that you get far more satisfaction when you give money away and see something come into being because of it. For example, a university or a hospital», Charles Feeney said.

MISSION ACCOMPLISHED

In 2020, Chuck Feeney completed his 40-year philanthropic mission by signing the documents to close Atlantic Philanthropies. At its peak, the foundation had 10 offices located across seven different time zones and employed more than 300 staff members. To be frank, the closure date had been planned long in advance. The legendary philanthropist’s strategy was to make bold and meaningful contributions by 2020, give away all the funds, and shut down the organization. This decision added discipline and motivation: Atlantic Philanthropies managed to document its history, analyze its successes and failures, and become a model for other foundations.

«What is happiness to me? I think I feel happy if what I do benefits people. And unhappy when it does not», admitted Charles Feeney, who became known around the world as a billionaire without billions. On October 9, 2023, at the age of 93, the great heart of Charles Feeney stopped beating — but the causes into which he poured his soul continue to live on.