Follow U.S. immigration and listen to American stories: 82-year-old American Chuck Feeney (hereinafter referred to as Feeney) is known as the "James Bond of Philanthropy." For the past 30 years, he has been traveling around the world on a secret mission—quietly donating his entire $7.5 billion fortune. To date, he has donated $6.2 billion to education, science, healthcare, elder care, and human rights around the world through his Atlantic Philanthropies, making him one of the most generous living donors in the world. His goal is to donate the remaining $1.3 billion by 2016, "to meet God with nothing left!"
Veteran Builds Duty-Free Empire
Born in 1931 to an ordinary family in Elizabeth, New Jersey, Feeney was the son of an Irish immigrant who worked as an insurance salesman, and his mother, Madeline, was a nurse. Feeney's parents were both helpful; he still remembers his mother giving a disabled neighbor a ride to the bus stop every morning on her way to work.
In 1948, Feeney joined the U.S. Air Force as a radio operator, serving for four years in Japan and South Korea. After his discharge, he used a G.I. Bill scholarship to attend the Cornell University School of Hotel Administration. Since the scholarship was only $110 a month and far from enough to cover his expenses, he and a classmate started a sandwich business, which generated decent income. After graduating in 1956, Feeney went to the University of Grenoble in southeastern France to study political science.
After graduation, Feeney did not return home immediately but set his sights on the U.S. Navy's Atlantic Fleet. At the time, the fleet's ships were frequently stationed in Villefranche-sur-Mer, where he organized a summer camp primarily serving the children of military personnel. Soon, he began selling duty-free goods, including brandy, cigarettes, and radios, to fleet officers and sailors. Although the competition was fierce, Feeney had his own advantages. He used his status as a veteran to get close to the Navy personnel and often managed to board ships to sell his goods directly. He would also find out the fleet's next destination from local prostitutes to prepare in advance. During this period, he met Cornell alumnus Robert Miller, and the two began collaborating, expanding their inventory to include cars, perfume, and jewelry. In 1960, they founded Duty Free Shoppers (DFS). They opened their first stores in Honolulu and Hong Kong, the ports most frequently visited by U.S. naval ships. By 1964, they had expanded to 27 countries and employed over 200 people.
During the 1964 Tokyo Olympics, the Japanese government relaxed travel restrictions for its citizens. The Japanese flocked overseas with their savings to snap up various goods. Having mastered the Japanese language and local customs while serving in Japan, Feeney hired beautiful Japanese women to work in his duty-free shops and stocked the shelves with brandy, cigarettes, and handbags that the Japanese liked to bring back as gifts. He also paid tour guides to bring tourists directly to his duty-free shops.
The Japanese were easy to sell to, so Feeney hired analysts to predict their next travel hotspot. When analysts suggested Saipan might be the next destination, Feeney discovered it didn't even have an airport. In 1976, DFS invested $5 million to build the airport in Saipan, which later brought the group substantial returns.
DFS grew rapidly. In 1967, Feeney's year-end bonus was only $12,000; by 1977, it had soared to $12 million. Today, DFS has grown into the world's largest duty-free retail chain. In 1988, an article in Forbes magazine analyzed that a single DFS store earned an average of $20,000 per square foot annually—equivalent to $38,700 in today's terms, whereas the figure for an Apple Store is only $5,000.
Philanthropy in Anonymity
The Forbes article estimated Feeney's wealth at $1.3 billion, ranking him 31st among American billionaires. However, it made two mistakes: first, Feeney's personal wealth was far more than $1.3 billion, and second, it no longer belonged to him. As early as 1984, Feeney had transferred his 38.75% stake in DFS to The Atlantic Philanthropies.
In 1981, Feeney donated $700,000 to his alma mater, Cornell University, and requests for money began pouring in. To better manage his donations, Feeney established The Atlantic Philanthropies at the suggestion of a friend. Unlike other billionaires who are high-profile in their charity, Feeney tried his best to hide his good deeds. To avoid U.S. laws regarding foundation information disclosure, Feeney registered in Bermuda, far from the U.S. mainland. The foundation did not use Chuck Feeney's name, and he even required foundation employees not to tell their families where they worked. According to his strict requirements, recipient organizations were not allowed to place a plaque for him. Many beneficiaries did not know the source of the funds, and even if they did, they had to sign a confidentiality agreement—if they disclosed it to the outside world, funding would stop. Feeney never named the libraries or hospitals his foundation donated to after himself, always leaving that honor to other tycoons participating in the same project. Cornell University President Frank Rhodes once helplessly remarked: "I have to do everything I can to convince the board that this money is not illicit, not Mafia money!"
Feeney's donations were not scattered thoughtlessly; he showed the shrewdness of a businessman in managing charitable projects. Recipient charities had to provide detailed business plans, and if any project deviated from the plan, he would stop the funding. He also calculated the return on investment when choosing projects. For example, "Operation Smile," which provides free surgery for children with cleft lips in developing countries, was one of his favorite projects. In his view, a $250 surgery could significantly change a patient's destiny.
In the mid-1990s, Feeney sensed that the profit margins for duty-free shops were shrinking and decided to leave DFS. In 1997, French luxury giant Bernard Arnault acquired DFS for $3.5 billion. Such a large acquisition required the disclosure of relevant information, and Feeney could no longer hide it. Only then did the public learn that his shares had long been transferred to The Atlantic Philanthropies. Feeney received great attention and gained two "fans"—Bill Gates and Warren Buffett. Inspired by Feeney, they also successively announced their intentions to donate their wealth.
You Can't Take It With You
"If you are too attached to something, it becomes a burden." This is Feeney's attitude toward wealth. Although he is worth billions, he has always taken money lightly and lived a frugal life. He wears a $15 Casio watch because "it keeps time as accurately as a Rolex"; he has no car and usually travels by bus, subway, or taxi "because parking in the city is too difficult"; he has properties in Dublin, Ireland, Brisbane, Australia, and San Francisco, but they are all under the foundation's name; before the age of 75, he only flew economy class, and only later switched to first class due to aging knees, "because first class won't get you there any faster"; he is not particular about his clothes and once called himself a "ragged philanthropist."
Feeney is also very strict with his five children, requiring them to work part-time in hotels, restaurants, and supermarkets during their vacations. When Feeney's daughter, Bailey, was a teenager, she made a lot of long-distance calls for a period of time. After discovering the long phone bill, Feeney immediately cut the phone line and posted a city map in the house, marking the nearby public phones. The children were very supportive of Feeney's anonymous "giving away of wealth." Feeney's son, Leslie, said: "This makes us no different from ordinary people."
Chris Oechsli, President and CEO of The Atlantic Philanthropies, knows Feeney's "stinginess" well. When the two went to Vietnam on business, they stayed in a very simple hotel. But when it was time to be generous, Feeney did not hesitate. He once had Oechsli fly home on the expensive Concorde supersonic jet just so he could make it home in time for the holidays with his family.
Currently, The Atlantic Philanthropies is "giving away wealth" at a rate of $400 million per year, while Feeney's personal net worth is only about $2 million. His view is that one should do good deeds early: "Don't wait until you are old or after you have passed away to do good deeds. You should do them early while you have the energy, connections, and influence, so the effect will be better."
Not long ago, there was news that Hollywood star George Clooney was considering bringing Feeney's story to the screen. Consequently, a reporter asked Feeney who would be suitable to play him. He did not choose the heartthrob Clooney, but instead handpicked the short and plain-looking comedy star Danny DeVito.