Irish America Hall of Fame: Charles Feeney
The billionaire who selflessly and quietly gave it all away.
Charles “Chuck” Feeney has amassed billions of dollars in wealth. However, he doesn’t own an opulent house, a car or a Rolex. He prefers taking cabs, riding the subway, or just walking when he’s in New York. He flies economy, even on international flights. And since the 1980s, he has given away his fortune to humanitarian and educational causes throughout the world. Preferring to give it all away while he is still alive, Feeney wants to better the lives of people around the world in the here and now.
From New Jersey to France
Chuck Feeney was born in 1931 and raised in a working class section of Elizabeth, NJ during the Great Depression. His father, the son of an immigrant from Co. Fermanagh, Ireland, was an insurance underwriter and his mother was a nurse. In 1948, at age 17, Chuck enlisted in the United States Air Force, serving for four years in postwar Japan and Korea. After his military service, Feeney received a GI scholarship and enrolled at Cornell University’s School of Hotel Administration. It was at Cornell that Feeney’s flair for business was first discovered. His GI scholarship funds were sent to him in monthly installments of $110, scarcely enough to cover the Ivy League university’s tuition. To make ends meet, he began to sell sandwiches that a fellow classmate would make, earning a decent income.
Upon graduating from Cornell in 1956, Feeney still had four months of scholarship funds left and no idea what to do with his degree. He decided to study political science at the University of Grenoble.
After studying in Grenoble, Feeney decided to travel to the south of France. He eventually landed in Villefranche-sur-Mer, and began running a summer camp for children from the U.S. fleet stationed there. On a trip to Barcelona, he ran into Robert Miller, a fellow Cornell alumnus. Feeney had an idea: sell goods to the fleet duty free – without tax. Miller and Feeney partnered up and began selling perfume, tape recorders and transistor radios.
In 1960, the partners founded Duty Free Shoppers (DFS), opening up duty-free shops in Honolulu and Hong Kong. When the Japanese government lifted travel restrictions on its citizens in 1966, the company found success. Feeney learned Japanese and arranged deals with tour guides to bring groups through the shops. DFS became a global retail giant with duty-free shops all over the world, and made the partners incredibly wealthy.
Forbes estimated Feeney’s wealth to be $1.3 billion in 1988, landing him in the top 20 of its 400 richest people list. However, he was actually worth less than $5 million. Six years earlier, Feeney transferred his 38.75 percent interest in DFS to a charitable foundation. As he said in a previous interview with Irish America, “I did not want money to consume my life.”
The impetus for Feeney’s charity career was a $700,000 bequest to Cornell University in 1981. After the bequest, Feeney was bombarded with requests for donations. Wanting to do something but on his own terms, he turned to his friend Harvey Philip Dale for advice. Dale’s advice was to set up a foundation to carry out all future donations. Feeney proceeded to found The Atlantic Philanthropies, a collective of separate foundations, in Bermuda in order to avoid disclosure requirements that a U.S.-based organization would have to meet. Unlike many philanthropists, Feeney wanted anonymity. The foundation did not, and still does not, bear his name, and he never took tax deductions on his philanthropic work. The anonymity allowed him to walk down the street unrecognized and keep his family safe. However, it also prevented him from being able to correct any inaccuracies.
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