“It’s much more fun to give while you are alive than to give when you are dead,” said Chuck Feeney, one of America’s most prolific philanthropists.
The multi-billionaire entrepreneur who made his fortune as co-founder of the Duty Free Shoppers Group and pledged to give away all but $2 million of his vast wealth during his lifetime, has died at the age of 92.
In a biography of Feeney, "The Billionaire Who Wasn’t," he said: “I had one idea that never changed in my mind — that you should use your wealth to help people.” And he did so.
Feeney’s foundation, The Atlantic Philanthropies, has given more than $8 billion in grants to people and organizations on five continents. Much of it was given anonymously and Bill Gates said he was the “ultimate example of Giving While Living.”
Charles Francis Feeney, a New Jersey native born to Irish American parents during the Great Depression, never stopped giving but also never stopped seeking out new business opportunities. As a kid he sold Christmas cards door-to-door and at Cornell University he ran a sandwich business. He donated more than $1 billion to the college during his lifetime.
“His life’s mission of consequential philanthropy, the breathtaking impact of his giving to his alma mater, and the way his quiet example has motivated so many others, has been immeasurably transformative to Cornell and to Cornellians,” said Cornell President Martha E. Pollack in an obituary on the university’s website.
The Atlantic Philanthropies was founded in 1982 with all of Feeney’s business assets transferred to it. Christopher G. Oechsli, president and CEO of Atlantic and long-time adviser to Mr. Feeney, said that helping people and business success were equal passions.
“He cared more about being effective at what he did than about amassing wealth or collecting awards,” said Oechsli. “In philanthropy, that meant being present and engaged in an unassuming manner with the people and their work who, with his support, could improve the lives of others in meaningful and lasting ways.”
The foundation closed in 2020 having given away all its funds.
Feeney gave large amounts to provide the infrastructure that is conducive to better lives including around 200 buildings, but none bear his name. He was not about personal recognition; his message was that “Good buildings for good minds can make a big difference in the lives of a lot of people.”
Despite his wealth, Feeney chose a frugal life and was known for his $15 watch, plastic bags as a briefcase, and flying economy.
He also shunned the luxury of real estate, opting to live in modest rented apartments in the past three decades rather than owning a home, or even a car.
In 2011 Feeney signed the Giving Pledge, started by Bill and Melinda Gates and Warren Buffett, and gave his support to encouraging the wealthiest in the world to use their fortunes to help others.
“I cannot think of a more personally rewarding and appropriate use of wealth,” he wrote, “than to give while one is living — to personally devote oneself to meaningful efforts to improve the human condition.”
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
