Why Did Chuck Feeney Devote His Wealth to Philanthropy? | Atlantic Philanthropies (2024)

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Why Did Chuck Feeney Devote His Wealth to Philanthropy? | Atlantic Philanthropies? ›

Chuck Feeney's decision to devote his wealth to philanthropy grew out of a deeply held belief that people of great means should use their wealth to address today's problems and make a difference now. He didn't just make a big gift to fund Atlantic and then leave the scene.

After serving in the Korean War in the early 1950s, Feeney won a scholarship to study at Cornell Ivy League university, unheard of for Irish-American Catholics at the time. His entrepreneurial talents blossomed and he made his fortune from Duty Free Shoppers which he set up in 1960 and eventually sold off in 1996.

Duty-free shops innovator Chuck Feeney died this week at the age of 92. He achieved his goal of giving away most of his $8 billion fortune three years ago. He lived a frugal lifestyle, flying economy, driving a secondhand car, and renting his apartment.

He was the founder of the Atlantic Philanthropies, one of the largest private charitable foundations in the world. Feeney gave away his fortune in secret for many years, choosing to be anonymous, and donating more than $8 billion in his lifetime.

Feeney officially emptied the Atlantic Philanthropies' accounts. It also fulfilled his pledge to give away virtually all of his wealth before he died, a rarity in the philanthropic world. With what he called decent but unextravagant provisions made for his five adult children, Mr.

Chuck Feeney's decision to devote his wealth to philanthropy grew out of a deeply held belief that people of great means should use their wealth to address today's problems and make a difference now. He didn't just make a big gift to fund Atlantic and then leave the scene.

Remembering Chuck Feeney, A Maverick Philanthropist Who Became A Billionaire—And Gave It All Away. Charles "Chuck" Feeney, who cofounded airport retailer Duty Free Shoppers. His goal was to die broke—having given away his billions. And he did.

Wealthy donors receive the biggest tax breaks from philanthropic giving. Millions of U.S. donors give directly to local charities without any reduction in their taxes. Less than ten percent of households use the charitable deduction. Wealthy donors, in turn, receive most of the taxpayer subsidies for charitable giving.

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Known as the 'James Bond of philanthropy,' Feeney made a name for himself by giving $8 billion to charity — including $1 billion to Cornell — during his lifetime, much of which came in the form of anonymous donations.

Bill Gates, the Microsoft founder, is one of the richest tycoons in the world. He and his ex-wife Melinda Gates are the biggest names in the tech world. Even though Bill Gates is worth around $10,560 crore and his ex-wife Melinda Gates is worth $660 crore, the Gates children are not entitled to any inheritance.

You must take all reasonable steps to avoid asking for regular donations (for example, by direct debit) from anyone aged under 18. Young people aged between 16 and 18 can take part in charity lotteries, but if you receive money for a lottery from a child or young person aged under 16 you must return the money.

Cornell Chronicle

Charles F. “Chuck” Feeney '56, founding chairman of The Atlantic Philanthropies, quietly devoted his fortune to worldwide causes, including nearly $1 billion through his foundation to Cornell.

Through Atlantic Philanthropies Chuck Feeney gifted in the region of €150m to the UL Foundation, which has been transformational to the campus, the city and wider region. He was the catalyst behind the establishment of the ULF in 1989 and was a long-time Foundation Board Member.

That's how much Feeney earned through his empire of duty-free shops. By 2022, he was worth less than $2 million.

“My will provides that more than 99% of my estate is destined for philanthropic usage,” he wrote in the press release. In 2006, Buffett pledged to give away 85% of his stock in the company to charity, designating the majority of it to the Bill & Melinda Gates Foundation.