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The Billionaire who wanted to die broke

Posted by Craig Reaser on September 22, 2020 - 4:19am


Forbes called him "The James Bond of Philanthropy".  It took decades, but Chuck Feeney, the former Billionaire cofounder of airport retailer giant Duty Free Shoppers has finally given all his money away to charity.  He has nothing left now- and he couldn't be happier.  Over the last four decades, Feeney has donated more than 8 Billion to charities, Universities and foundations worldwide through his foundation, The Atlantic Philanthropies.  And he gave it away anonymously.  Feeney went to great lengths to keep his gifts secret.  The man who amassed a fortune selling luxury goods to tourists, and later launched private equity powerhouse General Atlantic, lives in an apartment in San Francisco.  Feeney gave big money to big problems- whether bringing peace to Northern Ireland, modernizing Viet Nam's health care system or spending $350 Million to turn New York's long neglected Roosevelt Island into a technology hub.  He didn't wait to grant gifts after death or set up a legacy fund that annually tosses pennies at a $10.00 problem.  He hunted for causes where he can have a dramatic impact and went all in.  While his philanthropy is now out of business, its influence reverberates worldwide thanks to its big bets on health, science, education and social action.  Where did 8 Billion go?  Feeney gave 3.7 Billion to education, including nearly 1 Billion to his Alma Mater, Cornell, which he attended on the GI Bill.  More than 870 Million went to humanitarian and social change, like 62 Million in grants to abolish the death penalty in the U.S. and 76 Million for grassroots campaign supporting the passage of Obamacare.  He gave more than 700 Million in gifts to healthcare ranging from a $270 Million grant to improve public healthcare in Viet Nam and a $176 Million gift to the Global Brain Health Institute at the University of California in San Francisco.  And $350 Million for Cornell to build a technology campus on New York City's Roosevelt Island.  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.

M H That is really fantastic how Feeney support marvellous programs, thanks for sharing !
September 22, 2020 at 7:44am