AND died at the age of 92 Charles Feeneythe man behind the retail giant Duty Free Shoppers. Over the course of his life he had secretly donated almost all of his fortune (about 8 billion dollars in 40 years) to charities. The announcement of his passing came fromAtlantic Philanthropiesa group of foundations he created in the early 1980s.
The pioneer of Duty Free
Feeney Charles was grew up in a modest, working-class Catholic family in New Jersey. The concept of “duty-free shopping” – offering concessions on luxury goods to travelers without import taxes – was in its infancy when Feeney and his college friend Robert Warren Miller began selling duty-free liquor to American servicemen in Asia in the 1950s.
Shortly after, the two decided to open up to each other sale of cars and tobacco and they arrived at the foundation of Duty Free Shoppers Group. As the years passed the company became the largest travel retailer in the world.
Charles Feeney. Credit: Facebook
The choices of Charles Feeney, “the James Bond of philanthropy”
“Chuck” Feeney was called “the James Bond of philanthropy,” due to his secrecy and success. The Time in 1997 he wrote that «Feeney’s charitable giving is among the grandest of any living American». For decades, in fact, Feeney had accumulated wealth, including residences in New York, London, Paris, Honolulu, San Francisco, Aspen, Colorado and the French Riviera. But in her fifties, she began to wonder the meaning of all that richness.
So, he decided to change his life. He started traveling economy class and, instead of the limousine, he opted for the subway. And it began a very long series of anonymous donationsso that he can get rid of most of his assets.
Charity in great secrecy
The philanthropist never wanted this news to come out but in 1997 he was “discovered” when he decided to sell his Duty Free empire to Louis Vuitton Moët Hennessy: this operation, in fact, required some legal mechanisms that did not allow him anonymity. And who then presented it to the world as one of the most generous men in America.
So, from that moment, the billionaire decided to speak publicly about his choice. He allocated large sums to universities and hospitals (from Cornell University to Mount Sinai Hospital in New York) and to small institutions (such as Irish hospitals). It was the major financier of the American section of Sinn Fein (the political arm of the IRA) and explicitly requested that its funds be used exclusively for non-violent activities. It was, therefore, also thanks to him that the Good Friday peace agreement (also called Belfast Agreement) of 1998.
Charles Feeney’s life choice affected many people. AND other tycoons such as Bill Gates and Warren Buffett decided to follow his example. He died in his modest rented apartment in San Francisco with the sum (relatively small, if one considers his initial assets) of 2 million dollars to be allocated to the five now adult children.
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