The Billionaire Who Wanted Nothing: The Chuck Feeney Story

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Have you ever heard of the billionaire who gave away his entire fortune to die broke, revolutionizing philanthropy? Discover how Chuck Feeney founded one of the largest private charitable foundations in the world to donate more than $8 billion in his lifetime.

Early Life

Born on April 23, 1931, in Elizabeth, New Jersey, amidst the Great Depression, Charles Francis Feeney hailed from humble beginnings, born to hardworking Irish-American parents. His mother worked as a hospital nurse, while his father was an insurance underwriter. With roots tracing back to County Fermanagh in Northern Ireland, Feeney's upbringing instilled a strong work ethic from a young age. He hustled as a youth, peddling Christmas cards door-to-door, working as a golf caddy, and clearing snow from driveways.

Completing his education at Elizabeth's St. Mary of the Assumption High School in 1949, Feeney attributes his philanthropic spirit to his formative years at St. Mary. His generosity became evident in 2016 when he made a historic donation of $250,000 to the school, marking the largest contribution from a single donor. Following his high school graduation, Feeney served as a radio operator in the U.S. Air Force during the Korean War before embarking on his career journey.

In the 1950s, Feeney ventured into selling duty-free liquor to U.S. naval personnel at Mediterranean ports, laying the groundwork for his future endeavors. He furthered his education, graduating from the Cornell University School of Hotel Administration in 1956. During his time at Cornell, he was affiliated with Alpha Sigma Phi and honored as a member of the Sphinx Head Society.

Early Career

After serving in the U.S. Air Force during the Korean War, he began his career by selling duty-free liquor to U.S. naval personnel at Mediterranean ports in the 1950s. Following this, Feeney pursued higher education, graduating from the Cornell University School of Hotel Administration in 1956. At Cornell, he honed leadership skills and formed connections crucial to his philanthropic work.

The notion of duty-free shopping, offering upscale goods to travelers sans import taxes, was nascent when Feeney and college peer Robert Warren Miller commenced selling duty-free liquor to American servicemen in Asia during the 1950s. Their ventures extended to automobiles and tobacco, culminating in Duty Free Shoppers Group (DFS Group) in 1960. DFS initiated operations in Hong Kong, subsequently expanding globally. A pivotal moment arose in the early 1960s when DFS obtained a concession for duty-free sales in Hawaii, enabling them to target Japanese travelers.

Taking Shape

DFS later expanded its operations to include off-airport duty-free stores and large downtown Galleria stores, eventually becoming the world's largest travel retailer. By the mid-1990s, DFS was generating profits of up to $300 million annually, distributed among Feeney, Miller, and two additional partners. According to Laura Bird in The Wall Street Journal, the substantial returns were largely attributed to DFS's higher markups on Western luxury items in Asia compared to Europe and the U.S. While a designer handbag might be priced at 2.2 or 2.3 times the wholesale price in New York, the standard retail price in Asia was three times the wholesale cost.

In 1996, Feeney and a partner divested their stakes in DFS to the French luxury conglomerate Louis Vuitton Moët Hennessy. Miller objected to the sale, and Feeney preemptively revealed in a New York Times article that his stake was owned by the Atlantic Philanthropies, averting a potential lawsuit. The Atlantic Philanthropies profited $1.63 billion from the transaction.

Philanthropy

In 1982, Feeney established the Atlantic Philanthropies, and by 1984, he covertly transferred his entire 38.75% DFS stake, valued at approximately $500 million at the time, to the foundation, unbeknownst even to his business partners. He augmented Atlantic's assets through investments in companies like Facebook, Priceline, E-Trade, Alibaba, and Legent. For years, Atlantic operated discreetly, compelling beneficiaries to keep the source of their donations undisclosed, as noted by the organization's president in The New York Times. Feeney's alma mater, Cornell University, received nearly $1 billion in direct and Atlantic gifts, facilitating the establishment of Cornell's New York City Tech Campus with a $350 million contribution. He also donated around $1 billion to education in Ireland, primarily supporting institutions like the University of Limerick and Dublin City University.

In Northern Ireland, Feeney backed integrated education, donating $10.4 million to the Integrated Education Fund and providing significant grants to Queen's University Belfast for capital projects, child education, and medical research. He controversially supported Sinn Féin, particularly after the IRA ceasefire in 1994, funding the party's Washington D.C. office.

Feeney's philanthropy extended globally, supporting initiatives such as public health modernization in Vietnam, AIDS clinics in South Africa, earthquake relief in Haiti, and Operation Smile's surgeries for children with cleft lips and palates. Despite his immense contributions, none of the thousand-plus buildings erected with his $2.7 billion in gifts bear his name, as noted by Jim Dwyer in The New York Times.

In February 2011, Feeney joined The Giving Pledge, emphasizing the importance of philanthropy during one's lifetime. He concluded his charitable giving in late 2016, directing a final $7 million to Cornell, bringing his lifetime donations to over $8 billion. Atlantic, which once boasted over 300 employees and 10 global offices, closed its doors on September 14, 2020, having fulfilled its mission of disbursing all of its funds by 2020.

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