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Chuck Feeney: The Billionaire Who Is Trying To Go Broke
Key Excerpts from Article on Website of Forbes
Posted: September 3rd, 2013
http://www.forbes.com/sites/stevenbertoni/2012/09/18/chuck-f...
Chuck Feeney is the James Bond of philanthropy. Over the last 30 years hes crisscrossed the globe conducting a clandestine operation to give away a $7.5 billion fortune derived from hawking cognac, perfume and cigarettes in his empire of duty-free shops. His foundation, the Atlantic Philanthropies, has funneled $6.2 billion into education, science, health care, aging and civil rights in the U.S., Australia, Vietnam, Bermuda, South Africa and Ireland. Few living people have given away more, and no one at his wealth level has ever given their fortune away so completely during their lifetime. The remaining $1.3 billion will be spent by 2016, and the foundation will be shuttered in 2020. While the business worlds titans obsess over piling up as many riches as possible, Feeney is working double time to die broke. Feeney embarked on this mission in 1984, in the middle of a decade marked by wealth creationand conspicuous consumptionwhen he slyly transferred his entire 38.75% ownership stake in Duty Free Shoppers to what became the Atlantic Philanthropies. I concluded that if you hung on to a piece of the action for yourself youd always be worrying about that piece, says Feeney, who estimates his current net worth at $2 million (with an m). People used to ask me how I got my jollies, and I guess Im happy when what Im doing is helping people and unhappy when what Im doing isnt helping people. Hes not waiting to grant gifts after hes gone nor to set up a legacy fund that annually tosses pennies at a $10 problem. He hunts for causes where he can have dramatic impact and goes all-in.
Note: For lots more on this great philanthropist, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
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