89-year-old philanthropist gives away $8 billion fortune so he can die broke

An 89-year-old philanthropist finally achieved his goal of giving away his fortune and live the rest of his life broke.

According to an exclusive report on Forbes, Charles “Chuck” Feeney, co-founder of airport retailer Duty Free Shoppers, distributed more than $8 billion in anonymous donations worldwide through his foundation, The Atlantic Philanthropies.

Over the last four decades, Feeney gave $3.7 billion to education, more than $870 million to human rights and social change campaigns, about $62 million in grants to abolish the death penalty in the United States, $76 million for grassroots campaigns supporting the passage of the Affordable Care Act (Obamacare), and over $700 million went to medicine and research such as the Global Brain Health Institute in San Francisco, California and the public health care in Vietnam. He also gave back to his alma mater, Cornell University, to build a technology campus in New York City’s Roosevelt Island.

After four decades of global giving, Feeney officially closed down his foundation. He set aside about $2 million for his and his wife Helga’s retirement.

“We learned a lot. We would do some things differently, but I am very satisfied. I feel very good about completing this on my watch,” he told Forbes.

At its height, the Atlantic Philanthropies had over 300 employees and 10 global offices across seven time zones, according to the report.

It added that the specific closure date of the foundation was set years ago as part of Feeney’s long-term plan to make “high-risk, high-impact donations by setting a hard deadline to give away all his money and close shop.”

Aside from his foundation, Feeney also pioneered the idea of the “Giving While Living” approach to philanthropy.

“I see little reason to delay giving when so much good can be achieved through supporting worthwhile causes. Besides, it’s a lot more fun to give while you live than give while you're dead,” he said in a report in 2019.

Feeney also influenced Bill Gates and Warren Buffet when they launched the campaign called “Giving Pledge” in 2010, which aims to convince the world's wealthiest to donate at least half their fortunes before they die.

“Chuck was a cornerstone in terms of inspiration for the Giving Pledge,” Buffett said. “He’s a model for us all. It’s going to take me 12 years after my death to get done what he’s doing within his lifetime.”?—Ma. Angelica Garcia/LDF, GMA News