Charles Feeney: The billionaire who gave away $8 billion and chose to die poor
Co-founder of Duty Free Shoppers wore $15 watch, flew economy, gave his wealth to charity
It’s been a year since Charles Francis “Chuck” Feeney, a US billionaire, passed away (on October 9, 2023, at the age of 92).
Feeney, one of the co-founders of global travel retailer of luxury goods Duty Free Shoppers group, was not as widely known until after his death.
The Irish-American billionaire revolutionised philanthropy by giving away nearly all of his $8 billion fortune.
Early life and humble beginnings
Born on April 23, 1931, in Elizabeth, New Jersey, Feeney came from a middle-class Irish-American family.
His parents instilled in him the values of hard work and giving back, which would later become key tenets of his life.
After serving in the U.S. Air Force during the Korean War, Feeney attended Cornell University on the G.I. Bill, an experience that shaped his philanthropic focus on education.
Founding Duty Free Shoppers group
In 1960, Feeney co-founded the Duty Free Shoppers group (DFS), along with his partner Robert Warren Miller.
DFS revolutionised travel retail by selling duty-free goods to international travellers, starting in airports and expanding into major cities.
The concept became a global hit.
By the 1980s, Feeney was a billionaire. Yet, his enormous wealth didn’t lead to extravagant living. Instead, Feeney’s frugal lifestyle became legendary.
Often dubbed the “James Bond of Philanthropy,” Feeney’s life was an incredible tale of wealth and generosity.
DFS Group employs over 5,000 people, operating in 14 countries worldwide.
The decision to give it all away
In 1984, at the height of his financial success, Feeney made a life-altering decision — he would give away his entire fortune to charity.
He secretly transferred his entire 38.75 per cent stake in DFS, then worth about $500 million, to the foundation. Not even his business partners knew that he no longer owned any part of DFS.
His ultimate goal: distribute his money to causes he cared about during his lifetime. Feeney’s secret philanthropy remained largely unknown.
Preference for anonymity
Feeney kept Atlantic Philanthropies — his philanthropic organisation — under wraps for several key reasons, all rooted in his personal values and philosophy on giving.
Feeney believed in giving quietly and didn’t seek recognition for his contributions.
His philanthropic journey has been marked by a commitment to anonymity and a desire to avoid the spotlight.
He has often insisted that recipients of his donations remain anonymous to protect their privacy and ensure that the focus remains on the causes they support.
Feeney famously said, “I see little reason to delay giving when so much good can be achieved through supporting worthwhile causes today.”
By keeping Atlantic Philanthropies out of the spotlight, Feeney avoided the publicity and requests that typically come with wealth.
He feared that if his giving became widely known, he would be inundated with requests for money, which could distract from carefully selected causes.
Feeney gave big money to big problems—whether bringing peace to Northern Ireland, modernising Vietnam’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 problem. He hunted for causes where he can have a dramatic impact and went all-in.
This helped him maintain focus on his mission of strategic philanthropy, which centred on education, public health, human rights, and peace.
'Giving while living'
Yet, despite the immense wealth he accumulated, Feeney became famous not for lavish spending, but for his radical decision to give it all away.
Feeney coined the term "Giving While Living" to describe his approach to philanthropy, believing that wealth should be used to improve lives in real-time rather than hoarded for posterity.
Through his foundation, Feeney donated billions to education, healthcare, human rights, and peace efforts around the world — all while remaining almost entirely anonymous.
$15 watch
Yet, Feeney's incredible generosity was matched only by his legendary frugality.
While quietly giving away a fortune, he lived in a manner that made even the middle class seem extravagant.
He wore a $15 plastic Casio watch, carried his papers in a plastic bag, and drove a second-hand Volvo.
According to Conor O'Clery, the author of Feeney's biography, “The Billionaire Who Wasn't”, Feeney was always uncomfortable with his wealth.
Early in his career, he realised that "money, buying boats and all the trimmings, didn’t appeal" to him.
Feeney’s lifestyle was a reflection of his deeply-held beliefs.
Flying economy
He insisted that he and his family fly economy, even on long-haul international flights, because it was better value for money.
He famously told O'Clery during their first meeting, “Why do I need a Rolex when it tells the same time?”—even offering to sell him the plastic Casio watch off his wrist as a joke.
Feeney’s appearance was as unassuming as his lifestyle.
One former business associate recalled a meeting where Feeney entered the room wearing a faded aloha shirt, white dungarees, and shoes without socks.
“Of course, this was Chuck Feeney,” he said—someone to whom wealth was a tool, not a symbol of status.
Public transport
Even as he aged and his health began to wane, Feeney continued to fly coach until his friends and family convinced him it was detrimental.
On land, he avoided private cars, opting instead for buses, taxis, or trains. Unlike many billionaires who enjoy sprawling estates, Feeney and his wife, Helga, never settled in one place; they lived in modest rented apartments, moving from city to city, with their final residence being a humble rental in San Francisco.
Modest trusts for five children
By 2012, Feeney had set aside only $2 million for his retirement—a remarkably small sum compared to his former wealth—and modest trusts for each of his five children, ensuring they had “enough for what they should, and will, need in life.”
Feeney's commitment to frugality and philanthropy didn’t go unnoticed by his fellow billionaires.
He signed the Giving Pledge in 2011, joining the ranks of Bill Gates and Warren Buffett.
Both men admired Feeney's ethos, with Buffett famously remarking: “Chuck's been the model for us all... If you have the right heroes in life, you’re 90% of the way home. Chuck Feeney is a good hero to have,” Buffett was quoted as saying.
Feeney’s legacy is not just the billions he gave away or the causes he championed, but the simple yet profound idea that wealth can be wielded for good—and that one can live richly without riches.
By the time Atlantic Philanthropies closed in 2020, Feeney had accomplished his mission: he was broke by design. He leaves behind a world forever changed by his radical generosity, and perhaps a reminder to live simply—so others can simply live.