American billionaire wanted to die broke. So he secretly donated his entire wealth of $8 billion and officially died broke in 2023

Billionaires often spend years building enormous fortunes, and many eventually leave most of their wealth to their families, foundations or charitable causes. But American businessman Chuck Feeney took a very different approach. After making billions through the duty-free shopping business, he spent decades giving his fortune away while he was still alive, much of it quietly and without attaching his name to the donations. By the time he died in 2023, Feeney had given away more than $8 billion and was living a remarkably modest life.

Feeney, who co-founded the global duty-free retailer Duty Free Shoppers, died in San Francisco on October 9, 2023, at the age of 92. According to the BBC, his private foundation, Atlantic Philanthropies, had distributed more than $8 billion to causes across five continents.

Chuck Feeney's philanthropy philosophy was about seeing results

Feeney's philosophy towards philanthropy was based on an idea he called “Giving While Living”. Instead of keeping his fortune for decades and donating it after his death, he wanted to use the money while he could still see what it achieved.


“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,” Feeney told Forbes.

He established Atlantic Philanthropies in 1982 and gradually moved his wealth into the organisation. His giving remained secret for many years. Donations were often made anonymously, with recipients not being told who was actually behind the money.

His identity was eventually revealed in 1997 after the sale of Duty Free Shoppers to luxury goods company LVMH brought details of his ownership and philanthropic organisation into the open.

Forbes later called him the “James Bond of Philanthropy” because of the secrecy surrounding his donations.

Where did Chuck Feeney's $8 billion go?

Feeney did not concentrate his money on one particular cause. His donations went towards education, healthcare, human rights, social change and peace efforts in different parts of the world.

According to Forbes, around $3.7 billion of his giving went towards education. Cornell University, where Feeney studied, was one of the biggest beneficiaries. He eventually donated about $1 billion to the university, including $350 million for a technology campus on New York City's Roosevelt Island.

His foundation also spent hundreds of millions of dollars on healthcare projects. One major example was support for the improvement of Vietnam's public healthcare system. Other donations supported healthcare institutions in the US, Ireland and South Africa.

Northern Ireland was another major focus. The BBC reported that Atlantic Philanthropies gave about $570 million to causes there over four decades, supporting health, education, reconciliation and human rights.

Feeney also backed efforts connected with peace and reconciliation during the long-running conflict in Northern Ireland.

He once had luxury homes but later gave up the lifestyle

The billionaire's personal life became almost the opposite of what people might expect from someone who had accumulated billions.

The New York Times reported that Feeney eventually did not own a home or a car. He and his second wife lived in a rented two-bedroom apartment in San Francisco.

That was a major change from his earlier years. His business success had once given him access to expensive homes, yachts and other symbols of wealth. But he gradually moved away from that lifestyle.

He became known for flying economy class, buying ordinary clothes and using public transport. His personal spending was kept modest even as his foundation was distributing enormous sums of money around the world.

He also made provisions for his children, meaning he did not literally leave himself with nothing. The New York Times reported that he retained around $2 million for himself and his family, a tiny amount compared with the billions he had accumulated.

Bill Gates said Feeney influenced other billionaires

Feeney's approach eventually attracted the attention of other major philanthropists, including Bill Gates and Warren Buffett.

In a tribute published on Gates Notes after Feeney's death, Gates wrote that Feeney had transferred his entire stake in his company to his foundation and then spent decades giving that money away.

Gates also said Feeney had helped influence the thinking behind the Giving Pledge, the initiative launched by Gates, Buffett and Melinda French Gates that encourages billionaires to commit most of their wealth to philanthropy.

Gates described Feeney as someone who had remained humble despite becoming extremely wealthy. He also noted that Feeney and his wife lived in a rented apartment after he had given away his fortune.

Feeney's own explanation for his approach was direct.

“I cannot think of a more personally rewarding and appropriate use of wealth than to give while one is living; to personally devote oneself to meaningful efforts to improve the human condition.”

Atlantic Philanthropies eventually shut down

Feeney's plan was always to spend the fortune rather than keep the foundation running indefinitely. The Atlantic Philanthropies had a fixed end date, giving the organisation a deadline for distributing its remaining assets.

In December 2016, a $7 million donation to Cornell for student community-service work effectively emptied the foundation's accounts, according to The New York Times. Atlantic Philanthropies formally closed in 2020 after distributing more than $8 billion.

The scale of the giving was unusual, but so was the way Feeney went about it. He had made his fortune selling luxury goods to travellers, yet eventually rejected much of the luxury that came with being rich.

He died in 2023 after spending decades trying to do something that is still rare among the ultra-wealthy: give away almost everything while he was alive and remain around long enough to see what that money could accomplish.