Why the creator of the Duty Free network is called the most generous person in the world

2024 Author: Richard Flannagan | [email protected]. Last modified: 2023-12-15 23:55

The name of Charles Feeney was not known to the general public a few decades ago, despite the fact that it was in those years that this amazing man was engaged in a very strange business: he diligently and with great enthusiasm got rid of his money. The creator of a unique chain of duty-free shops started from scratch, managed to amass $ 7.5 billion in this business, and then spent almost all of his fortune on charity. This case is probably the only one in history, and today the 88-year-old philanthropist, who left himself only 2 million, can rightfully be considered the most generous person on Earth.

Feeney was born in the United States in 1931 in a small industrial town. The family was poor enough. Parents - immigrants from Ireland, did not succeed in business, and young Charles was forced to make his way in life on his own. But before starting to fulfill his dreams, the young man had to fight. As the Korean War broke out, Charles Feeney was enlisted as a radio operator in the US Air Force. However, it was here that he managed to get his ticket to life. At the end of the service, the soldiers were entitled to monetary compensation. The future billionaire spent his first big money, as it turned out, very profitably - he invested it in his own education and entered the Cornell School for training personnel for hotels. He received his diploma in 1956 and went to France, dreaming of continuing his studies. However, here the lively young man saw an opportunity to start his own business. American warships were stationed in local ports, and Feeney began selling duty-free alcohol to former comrades-in-arms. It is clear that he found a common language with the sailors faster than other competitors, because the business was incredibly profitable and there were enough people willing to do it.

Further more. The young businessman attracted a friend, a former classmate, to the business, and together they began to sell a variety of goods to tourists. The very idea of duty-free trade was not new, but it was Feeney who was able to take advantage of the right economic situation. He was lucky that during these years the world was filled with tourists from Japan, who, thanks to the Japanese economic boom, have enough funds both for travel and for buying perfume, alcohol and cigarettes. The young businessman showed incredible flair, flexibility and ingenuity - hiring pretty Asian-looking girls as saleswomen who speak several languages, and following the main tourist flows, Feeney managed to "catch the wave." The first store for the new company, Duty Free Shoppers, opened in Hong Kong in 1960, then in tourist centers on the US coast, and later around the world. Over the next decade, Feeney managed to raise his first $ 300 million and invested it in hotels, shops, apparel and tech startups. In 1988, Forbes, even having underestimated Feeney's fortune several times, put him in 31st place in the ranking of the richest people in America.

As a result, today the Duty Free Shoppers network has more than 400 stores in 11 countries, and, of course, brings huge revenues, but there is one caveat, it no longer belongs to its creator. Back in the 80s, Feeney transferred all of his shares in the company to the charity foundation The Atlantic Philanthropies, which he created. All his fortune gradually migrated there - about 7 billion dollars. The main spheres of investment of these funds were science, health care, education, maintenance of nursing homes, protection of civil rights in many countries, including Australia, USA, South Africa, Vietnam and, especially, Ireland. They say that Feeney gave to his historical homeland as much as no other person did for it except St. Patrick.

Moreover, the philanthropist approached the cause of charity in much the same way as with the business - he still controls that every dollar he invests brings as much benefit as possible. Feeney set up the business in such a way that charitable organizations compete for his money, submitting real detailed business plans. Promising significant donations, he even "forces" the state to do the same. So, in 1997, Feeney offered to invest $ 100 million in the development of universities in Ireland, but only on condition that the government also invests heavily. As a result, the education system received $ 1.3 billion. I must say that these principles of "high-margin" charity were also his invention, and when the foundation, together with its creator, came out of the shadows, Feeney's example was followed by many of the richest people in the world. Bill Gates and Warren Buffett say that Feeney was the main inspiration for their huge charities.

All activities of the foundation are likely to be completed by 2020. At this point in time, presumably, all the money earned by the billionaire will be most profitably invested in good deeds. Today Feeney is 88 years old, does not own a car or yacht (he says he is seasick), wears a $ 15 watch (since they run no worse than expensive ones) and lives in apartments owned by The Atlantic Philanthropies - in Dublin, Brisbane and Sun -Francisco. True, we must pay tribute to him, the ex-wife and children shared about 150 million among themselves and live in mansions, needing nothing, but for himself this amazing person chose a very modest life, the remaining two million are quite enough for his current expenses. By the way, while it was possible, during the first 15 years no one knew about his charity. Later, the truth was revealed, but the former richest man on the planet still prefers to talk not about himself during an interview, but about what he managed to do with his money.

Feeney believes that in order to help people, you do not need to wait for old age. You need to do more in your youth, while there is energy and strength: - says a person who has given all his fortune to good deeds.