(Former) Billionaire Chuck Feeney gave away over 99% of his multi-billion dollar fortune to philanthropic endeavors, such as helping underprivileged kids go to college. He is now worth a few million dollars.
The Billionaire Who Gave Away 99% and Died Happy
Most billionaires spend their golden years protecting their wealth. Chuck Feeney spent his giving it all away—in secret. The co-founder of Duty Free Shoppers made billions selling luxury goods to travelers, then quietly transferred his entire fortune to charity, reducing himself from billionaire to regular retiree with about $2 million in assets.
In 1984, Feeney did something almost unheard of: he secretly transferred his stake in Duty Free Shoppers—worth over $500 million at the time—to create The Atlantic Philanthropies. For years, almost nobody knew. While other mega-donors hired publicists to announce their gifts, Feeney went to extraordinary lengths to stay anonymous. Recipients had no idea where the money came from.
The Man Who Flew Coach With a Plastic Bag
Despite his billions, Feeney lived like your frugal uncle. Until age 75, he flew coach. He carried his reading materials in a plastic bag instead of a briefcase. He never owned a car or a house, living in rented apartments. His watch? A $10 Casio F-91W—the same model favored by both schoolkids and, oddly enough, terrorists (it was used as a timer in improvised explosives, earning it the nickname "the al-Qaeda watch").
By 2016, Feeney was living in a rented San Francisco apartment with $2 million to his name. He'd given away 99.975% of his wealth. In Forbes terms, he'd donated 375,000% more than his remaining net worth.
Giving While Living
Feeney's philosophy was simple but radical: "It's a lot more fun to give while you live than give while you're dead." Why wait until you're gone to make a difference? He wanted to see the impact of his donations, to use his energy and connections while he still had them.
Over four decades, The Atlantic Philanthropies distributed more than $8 billion to causes worldwide:
- Education and opportunity for disadvantaged youth
- Health care and medical research
- Human rights and social justice initiatives
- Reconciliation efforts in Northern Ireland and South Africa
On September 14, 2020, Feeney achieved his goal: he signed the documents shutting down The Atlantic Philanthropies. The foundation had distributed its entire endowment. Mission accomplished.
The Inspiration Behind the Giving Pledge
Warren Buffett called Feeney "a cornerstone in terms of inspiration for the Giving Pledge," adding, "He's a model for us all." When Bill Gates and Buffett launched the Giving Pledge in 2010—convincing billionaires to give away at least half their wealth before death—Feeney's radical generosity was a driving force behind it.
Feeney died on October 9, 2023, at age 92 in San Francisco. He left behind a legacy far more valuable than the billions he gave away: proof that you don't need to die rich to die successful.