True to his “Giving While Living” philosophy, Irish-American billionaire Charles “Chuck” Feeney has finally achieved the ambition of giving away his entire fortune during his lifetime.
(Ex-)Billionaire Chuck Feeney is finally broke, and he’s a happy man
Three years ago, BrightVibes published an article ‘The Most Generous Billionaire You Probably Never Heard Of’, about the admirable ambition of billionaire Charles “Chuck” Feeney to give all his money away in his lifetime. Well, it’s taken him almost 40 years, but now Feeney, (former) billionaire co-founder of retail giant Duty Free Shoppers has finally given all his money away to charity. He has nothing left—and he he’s delighted about it!
His foundation, The Atlantic Philanthropies (Atlantic), ceased operating on Monday, 14 September, when Feeney signed the dissolution papers in his San Francisco residence, officially achieving his oft-stated ambition to have his last check bounce. Feeney signed the dissolution papers in the presence of his wife, Helga, and Christopher Oechsli, president and CEO of Atlantic, successfully concluding the philanthropy’s more than 6,500 grants of over $8 billion, upholding Feeney’s motto of "Giving while Living."
Chuck Feeney has given away 375,000% more money than his current net worth
Charles “Chuck” Feeney, 89, who cofounded airport retailer Duty Free Shoppers with Robert Miller in 1960, amassed billions while living a life of frugality, according to Forbes. As a philanthropist, he pioneered the idea of Giving While Living—spending most of your fortune on big, hands-on charity bets instead of funding a foundation upon death. Since you can’t take it with you—why not give it all away, have control of where it goes and see the results with your own eyes?
“We learned a lot. We would do some things differently, but I am very satisfied. I feel very good about completing this on my watch,” Feeney tells Forbes. “My thanks to all who joined us on this journey. And to those wondering about Giving While Living: Try it, you’ll like it.”
Over the last four decades, Feeney has donated more than $8 billion to charities, universities and foundations worldwide through his foundation, The Atlantic Philanthropies. In 2012, he estimated he had set aside about $2 million for his and his wife’s retirement. In other words, he’s given away 375,000% more money than his current net worth. And he gave it away anonymously.
While many wealthy philanthropists enlist an army of publicists to trumpet their donations, Feeney went to great lengths to keep his gifts secret. Because of his clandestine, globe-trotting philanthropy campaign, Forbes called him the James Bond of Philanthropy.
Source: Forbes
Our giving is based on the opportunities, not a plan to stay in business for a long time.”
Feeney didn’t wait to grant gifts after death or set up a legacy fund that annually tosses pennies at a $10 problem. He hunted for causes where he can have a dramatic impact and went all-in.
On September 14, 2020, Feeney completed his four-decade mission and signed the documents to shutter The Atlantic Philanthropies. The ceremony, which happened over Zoom with the Atlantic Philanthropies’ board, included video messages from Bill Gates and former California Gov. Jerry Brown. Speaker of the House Nancy Pelosi sent an official letter from the U.S. Congress thanking Feeney for his work.
At its height, the Atlantic Philanthropies had 300-plus employees and ten global offices across seven time zones.
The specific closure date was set years ago as part of his long-term plan to make high-risk, high-impact donations by setting a hard deadline to give away all his money and close shop. The 2020 expiration date added urgency and discipline. It gave the Atlantic Philanthropies the time to document its history, reflect on wins and losses and create a strategy for other institutions to follow. As Feeney told Steven Bertoni for Forbes in 2019: “Our giving is based on the opportunities, not a plan to stay in business for a long time.”
While his philanthropy is out of business, its influence reverberates worldwide thanks to its big bets on health, science, education and social action.
Where did $8 billion go? Well, among other places:
- Feeney gave $3.7 billion to education, including nearly $1 billion to his alma mater, Cornell, which he attended on the G.I. Bill.
- More than $870 million went to human rights and social change, like $62 million in grants to abolish the death penalty in the U.S. and $76 million for grassroots campaigns supporting the passage of Obamacare.
- He gave more than $700 million in gifts to health ranging from a $270 million grant to improve public healthcare in Vietnam to a $176 million gift to the Global Brain Health Institute at the University of California, San Francisco.
One of Feeney’s final gifts, $350 million for Cornell to build a technology campus on New York City’s Roosevelt Island, is a classic example of his giving philosophy. While notoriously frugal in his own life, Feeney was ready to spend big and go for broke when the value and potential impact outweighed the risk.
Source: Forbes
Influential Philanthropists On How Chuck Feeney Changed Charity And Inspired Giving
When Forbes asked leading philanthropists how Feeney had changed charity and inspired giving, this is what some of them had to say:
“Chuck’s been the model for us all. If you have the right heroes in life, you’re 90% of the way home. Chuck Feeney is a good hero to have.”
WARREN BUFFETT: Chairman & CEO Berkshire Hathaway, The Gates Foundation, The Giving Pledge
“Chuck Feeney is a true pioneer. Spending down his resources during his lifetime has inspired a generation of philanthropists, including me. And his dedication to anonymous giving—and focus on addressing the problems of the day—reflect the strength of his character and social conscience. We all follow in his footsteps.”
Laurene Powell Jobs: Founder and President, Emerson Collective
“Chuck created a path for other philanthropists to follow. I remember meeting him before starting the Giving Pledge. He told me we should encourage people not to give just 50%, but as much as possible during their lifetime. No one is a better example of that than Chuck. Many people talk to me about how he inspired them. It is truly amazing.”
BILL GATES: Microsoft cofounder, The Gates Foundation, The Giving Pledge
Source: Forbes
HOW TO BE GENEROUS (WITH PICTURES)
Being generous begins with treating each person as though they have already achieved the potential for greatness that is in every one of us. Giving something willingly and happily without expecting anything in return is generosity, whether you're donating money to an organisation you believe in or you're giving time to a friend in need. In essence, generosity is the sincere desire to make others' lives easier and more pleasant. So how do you cultivate generosity? Click to get started.