[News Figures] Bill Gates and Warren Buffett's Donation Role Model, Chuck Feeney

Lifetime Donation of Over 10 Trillion Won to Society
Wealth Accumulated Through Duty-Free Shop Business... Successful IT Investments
Earned the Nickname 'James Bond of Philanthropy' Due to Anonymity Principle

Charles Chuck Feeney, the American billionaire known as the 'philanthropy king' who donated his entire fortune of $8 billion (approximately 10.8 trillion KRW) back to society, passed away on the 9th (local time) at the age of 92.

Feeney was a figure who intended to donate his lifelong accumulated wealth anonymously but was forced to reveal himself to the world, earning him the nickname 'James Bond of the philanthropic world.' He was famously influential to figures such as Bill Gates, founder of Microsoft (MS), and Warren Buffett, chairman of Berkshire Hathaway, who regarded him as a role model.

'Donation King' American billionaire Charles Chuck Feeney (Photo by Cornell University website)

"Try it, it's really good" - Feeney spreading happiness through giving

According to The New York Times (NYT) and others, the charitable foundation Feeney established, Atlantic Philanthropies, announced that Feeney died at the age of 92 in San Francisco and expressed condolences for his passing. Feeney lived until recently with his wife in a small two-room rental apartment in San Francisco.

The news of Feeney's death came three years after he declared in 2020 that he would dissolve the foundation after completing the donation of his entire fortune. Feeney publicly pledged to donate all his wealth during his lifetime and had donated a total of $8 billion across five continents by 2020, excluding only $2 million set aside for his wife and retirement living expenses.

When announcing the foundation's dissolution, Feeney said, "I am broke but couldn't be happier," adding, "I am very satisfied and pleased to have achieved my goal in life. I thank my companions on this journey and want to tell those who wondered if I would really donate all my wealth while alive, 'Try it, it's really good.'"

Humble about his business success: "I was lucky to succeed"

Born in 1931, Feeney was an Irish-American entrepreneur who amassed enormous wealth through the duty-free shop business.

After graduating from Cornell University in 1956, he started a duty-free shop business with a college classmate in 1960. The business operated duty-free shops where U.S. military personnel stationed worldwide could stop by when returning home. As global travel expanded in the post-war period, Feeney's business boomed. Starting in Hong Kong, it gradually expanded to Europe, the U.S., and worldwide, generating huge profits.

[Image source=Pixabay]

Additionally, he accumulated wealth by investing in promising startups during the growth period of IT companies.

However, Feeney was not initially someone who easily donated his fortune.

According to a 2007 biography by author Conor O'Clery, when Feeney turned 50 in 1980, he owned large luxury homes in New York, London, Paris, and Honolulu, Hawaii, and enjoyed wealth by purchasing yachts and the like. But the more he had, the more he began to question whether it was right for him to have such vast wealth, and buying ships or yachts no longer appealed to him.

After reading the book by 'Steel King' Andrew Carnegie, Feeney was deeply impressed by Carnegie's thoughts on philanthropy and completely changed his lifestyle. He would hesitate to spend more than $15 even on a watch, flew economy class on business trips, bought ready-made clothes instead of tailored suits, did not own a house or car for decades, sold his limousine, and mostly used subways, buses, or taxis.

He humbly described his success as having come from "dumb luck," according to The Wall Street Journal (WSJ).

Feeney emphasized 'anonymous giving' but was eventually revealed to the public

Feeney's donations were made through charitable organizations. He founded the Atlantic Philanthropies in 1982 and, two years later in 1984, transferred 38.75% of the shares of his duty-free shop company, Duty Free Shoppers, to the foundation. Although the shares were never sold on the market, experts estimate their value at $500 million, according to the NYT. Through this foundation, he donated billions over many years to causes such as Haiti earthquake relief and AIDS clinics in South Africa.

At an event held at Cornell University in 2012, Michael Bloomberg, then Mayor of New York, Larry Page, CEO of Google, David Skorton, President of Cornell University, American billionaires Charles Chuck Feeney and Robert Harrison, Chairman of the Cornell University Board of Trustees, are seen conversing. (Photo by Cornell University)

All these activities were conducted secretly. In fact, Feeney made all his donations anonymously until 1997. This was a measure to avoid attracting people chasing money. To this end, he even based the charity in Bermuda rather than the U.S. to prevent disclosure of his donations due to U.S. reporting requirements.

Feeney donated mostly anonymously to universities, medical institutions, and human rights organizations. He funded the establishment of about 1,000 buildings across five continents, but his name was nowhere inscribed, the NYT reported. Recipient organizations maintained anonymity at the donor's request.

However, in 1997, his donations were accidentally revealed to the public. During the sale of Duty Free Shoppers' shares to Louis Vuitton Mo?t Hennessy (LVMH), accounting books were disclosed, revealing his massive donations. This was the moment he earned the nickname 'James Bond of philanthropy,' inspired by the secret agent James Bond from the 007 series.

Even after being revealed, he did not stop and continued donating until 2020.

Feeney's actions received worldwide praise. Bill Gates, founder of MS, said in Forbes in 2012, "Chuck Feeney is an incredible role model and the best example of giving while living." When Feeney received the Forbes 400 Lifetime Achievement Award in 2014, Warren Buffett called him "my hero and Bill Gates' hero," emphasizing, "He should be everyone's hero."

Feeney is survived by his wife, five children, and sixteen grandchildren. He married Frenchwoman Danielle Morali Daninos in 1959 and had four daughters and one son. After divorcing in the 1990s, he transferred seven homes he owned to his wife and later remarried Helga Ploetz, who had long served as his secretary.