The Billionaire Who Wasn't

1. Chuck Feeney: The Billionaire Who Gave It All Away

"He Gave Away $600 Million and No One Knew."

A secret philanthropist. Chuck Feeney, co-founder of Duty Free Shoppers, secretly transferred his entire business empire worth billions to his philanthropic foundations in 1984. For over a decade, he continued to appear on Forbes' list of wealthiest Americans while in reality, his personal net worth was less than $2 million.

Unprecedented scale of giving. Feeney's foundations, the Atlantic Foundation and the Atlantic Trust, gave away over $600 million between 1982 and 1997, making him one of the most significant philanthropists in history. His giving focused on education, healthcare, and peace initiatives, particularly in Ireland, Vietnam, and the United States.

Living simply, giving greatly. Despite his enormous wealth, Feeney lived frugally, wearing a $15 watch, flying economy class, and avoiding public recognition for his philanthropy. His philosophy of "giving while living" inspired other billionaires and changed the landscape of modern philanthropy.

2. From Sandwich Man to Duty-Free Tycoon

"We were in the right place at the right time, and we were very lucky."

Humble beginnings. Chuck Feeney started as the "Sandwich Man" at Cornell University, selling sandwiches to fraternities and sororities to support himself through college. This entrepreneurial spirit would define his future success.

The duty-free opportunity. After serving in the Air Force, Feeney and his Cornell classmate Robert Miller recognized the potential in selling duty-free goods to American military personnel and tourists abroad. They founded Tourists International, which later became Duty Free Shoppers (DFS).

Explosive growth. DFS expanded rapidly, capitalizing on the growing Japanese tourism market. By the 1980s, DFS had become the largest retailer of liquor in the world, with annual sales reaching $3 billion. The company's success made Feeney and his partners billionaires.

3. The Birth of Atlantic Philanthropies: Giving in Secret

"I simply decided I had enough money. It doesn't drive my life. I'm a what-you-see-is-what-you-get kind of guy."

A radical decision. In 1984, Feeney secretly transferred his entire 38.75% ownership of DFS, along with his other business assets, to the Atlantic Foundation in Bermuda. This decision was made with minimal fanfare and known only to a handful of trusted advisors.

The structure of secrecy. The Atlantic Foundation, and later the Atlantic Trust, were structured to maintain complete anonymity. Beneficiaries were required to sign confidentiality agreements and were often unaware of the source of their funding.

Motivations for secrecy:

• Avoid the "crowding out" effect where other potential donors might be deterred
• Prevent an onslaught of funding requests
• Maintain a normal life and business relationships
• Uphold the belief that anonymous giving is the highest form of charity

4. Feeney's Philanthropy Philosophy: Giving While Living

"You can't take it with you, and you can't wear two pairs of shoes at one time."

The urgency of now. Feeney believed in the importance of using wealth to solve pressing problems during one's lifetime, rather than creating perpetual foundations or leaving it to heirs.

Inspired by Andrew Carnegie. Feeney was greatly influenced by Andrew Carnegie's essay "The Gospel of Wealth," which argued that the wealthy have a moral obligation to use their money for the greater good.

Key principles of Feeney's philanthropy:

• Focus on making transformative investments
• Support promising people and institutions
• Leverage giving to attract additional funding
• Maintain a low profile to keep the focus on the work
• Be willing to take risks and fund unconventional projects

5. Strategic Philanthropy: Education, Health, and Peace in Ireland

"I felt very strongly about my roots, and I will be very much committed to whatever you want to do."

Transforming Irish universities. Feeney's foundations invested hundreds of millions of dollars in Irish universities, modernizing facilities and expanding research capabilities. This investment played a crucial role in Ireland's economic transformation in the 1990s and 2000s.

Supporting the peace process. Feeney provided crucial funding to support the Northern Ireland peace process, including backing Sinn Féin's Washington office and funding cross-community initiatives.

Health and social initiatives. Atlantic Philanthropies supported various health and social programs in Ireland, including initiatives for the elderly and children.

6. Expanding Horizons: Transforming Vietnam Through Philanthropy

"We owe it to the Vietnamese after the way we treated them."

A chance encounter. Feeney's involvement in Vietnam began after reading a newspaper article about the East Meets West Foundation's work in the country. He saw an opportunity to make a significant impact in a developing nation.

Major investments:

• Modernizing hospitals and healthcare facilities
• Building state-of-the-art university libraries and learning centers
• Funding public health initiatives and medical training programs
• Supporting the establishment of RMIT University Vietnam, the first foreign-owned university in the country

Leveraging partnerships. Feeney's approach in Vietnam involved working closely with local officials and institutions, leveraging Atlantic's investments to attract additional funding and support from government and other sources.

7. The Art of Anonymous Giving: Challenges and Triumphs

"Noble deeds that are concealed are most esteemed."

Maintaining secrecy. For over a decade, Feeney and his team went to extraordinary lengths to keep his philanthropy secret, including using intermediaries, requiring confidentiality agreements, and avoiding public recognition.

The unveiling. In 1997, Feeney agreed to reveal his philanthropy to prevent speculation and potential negative press. The New York Times broke the story, leading to widespread admiration for Feeney's generosity and humility.

Challenges of anonymity:

• Difficulty in inspiring others to give
• Missed opportunities for collaboration
• Suspicion from some potential partners and beneficiaries
• Complexity in managing large-scale philanthropic operations secretly

8. The DFS Sale: A Turning Point in Feeney's Philanthropic Journey

"We left a shitload of money on the table, three-quarters of a billion dollars."

A contentious process. The sale of DFS to luxury goods conglomerate LVMH in 1996 was marked by conflict between the co-owners. Feeney and Alan Parker agreed to sell, while Robert Miller and Tony Pilaro initially resisted.

The outcome. LVMH ultimately acquired control of DFS for $4.2 billion, with Feeney's foundations receiving $1.6 billion. This influx of cash dramatically increased Atlantic Philanthropies' grantmaking capacity.

Consequences:

• Ended long-standing business partnerships
• Allowed Feeney to focus entirely on philanthropy
• Necessitated the public revelation of Feeney's giving
• Marked the beginning of a plan to spend down Atlantic's assets

9. Feeney's Impact: From Universities to Healthcare Systems

"The impact of Atlantic on Vietnam is enormous. It is so unlike any other philanthropy group operating in Vietnam."

Education transformation. Feeney's foundations have funded major infrastructure and program improvements at universities in Ireland, Vietnam, Australia, and the United States, particularly at Cornell University.

Healthcare innovations. Atlantic Philanthropies has supported:

• Modern hospital construction and equipment upgrades
• Public health system reforms
• Medical research and training programs
• Specialized facilities like eye hospitals and burns units

Catalyzing change. Feeney's approach often involved making large, transformative grants that would attract additional funding and support, magnifying the impact of his giving.

10. Living Simply, Giving Greatly: Feeney's Personal Philosophy

"Money has an attraction for some people, but you can't wear two pairs of shoes at one time."

Frugal lifestyle. Despite his enormous wealth, Feeney maintained a modest lifestyle, eschewing luxury and often surprising people with his unassuming demeanor.

Focus on impact. Feeney was less interested in recognition and more concerned with seeing tangible results from his philanthropy. He often visited project sites and engaged directly with beneficiaries.

Legacy of inspiration. Feeney's example has inspired other billionaires, including Bill Gates and Warren Buffett, to commit to giving away the majority of their wealth during their lifetimes. His "Giving While Living" philosophy has become a powerful force in modern philanthropy.

Last updated: March 3, 2025