Chuck Feeney

Charles Francis Feeney (April 23, 1931 – October 9, 2023) was an American businessman and philanthropist who made his fortune as a co-founder of Duty Free Shoppers Group, the travel retailer of luxury products based in Hong Kong.

He was the founder of the Atlantic Philanthropies, one of the largest private charitable foundations in the world.

Feeney gave away his fortune in secret for many years, choosing to be anonymous, and donating more than $8 billion in his lifetime.

Feeney was born in Elizabeth, New Jersey, on April 23, 1931, during the Great Depression to modest blue collar Irish-American parents.

His mother was a hospital nurse, and his father was an insurance underwriter.

His ancestry can be traced to County Fermanagh in Northern Ireland.

As a youth, Feeney worked selling Christmas cards door-to-door, as a golf caddy, and shoveling snow from driveways.

Feeney graduated from Elizabeth's St. Mary of the Assumption High School in 1949; he has credited his charitable spirit to his education at St. Mary.

He served as a U.S. Air Force radio operator during the Korean War, and began his career selling duty-free liquor to U.S. naval personnel at Mediterranean ports in the 1950s.

The concept of "duty-free shopping"—offering high-end concessions to travelers, free of import taxes—was in its infancy when Feeney and his college classmate Robert Warren Miller started selling duty-free liquor to American servicemen in Asia in the 1950s.

Feeney graduated from the Cornell University School of Hotel Administration in 1956.

He was a member of Alpha Sigma Phi, and an honorary member of the Sphinx Head Society.

They later expanded to selling cars and tobacco, and founded the Duty Free Shoppers Group (DFS Group) in 1960.

DFS began operations in Hong Kong, later expanding to Europe and other continents.

A breakthrough came in the early 1960s, when DFS secured a concession for duty-free sales in Hawaii, allowing it to market its products to Japanese travelers.

DFS eventually expanded to off-airport duty-free stores and large downtown Galleria stores and became the world's largest travel retailer.

In 1982, Feeney created the Atlantic Philanthropies, and in 1984, secretly transferred his entire 38.75% stake in DFS, then worth about $500 million, to the foundation.

Not even his business partners knew that he no longer personally owned any part of DFS.

Feeney expanded Atlantic's assets with investments in Facebook, Priceline, E-Trade, Alibaba, and Legent.

For years, Atlantic gave away money in secret, requiring recipients to not reveal the source of their donations.

Quoting the president of Atlantic, The New York Times writes, "Beyond Mr. Feeney's reticence about blowing his own horn, 'it was also a way to leverage more donations—some other individual might contribute to get the naming rights.

The largest single beneficiary of Feeney's giving is his alma mater Cornell University, which has received nearly $1 billion in direct and Atlantic gifts, including a donation of $350 million enabling the creation of Cornell's New York City Tech Campus on Roosevelt Island.

Through Atlantic, he has also donated around one billion dollars to education in Ireland, mostly to third-level institutions such as the University of Limerick and Dublin City University.

By the mid-1990s, DFS was distributing profits of up to $300 million a year to Feeney, Miller, and two smaller partners.

Laura Bird writes in The Wall Street Journal, "The rich returns came about in large part because DFS, like most other retailers in Asia, took a far higher markup on Western luxury items than was the case in Europe and the U.S. In New York, a retailer might price a designer handbag at 2.2 or 2.3 times the wholesale price. But in Asia, the retail price was a standard three times wholesale."

In Northern Ireland he supported "mixed", i.e. Catholic-Protestant, child education, in 1991 giving £8m to the Integrated Education Fund a grant-making charitable body which aims "to make integration, not separation, the norm in our education system".

Queens University Belfast also received grants of more than £100m, both for capital projects and for child education and medical research.

More controversially, Feeney gave substantial personal donations to Sinn Féin, a left-wing Irish nationalist party that is historically associated with the IRA.

Following the IRA ceasefire in 1994, he funded the party's office in Washington D.C.

Feeney supported the modernization of public-health structures in Vietnam; AIDS clinics in South Africa, Operation Smile's free surgeries for children with cleft lips and palates, earthquake relief in Haiti, and the UCSF Medical Center at the University of California at San Francisco.

Jim Dwyer wrote in The New York Times that none of the one thousand buildings on five continents that were built with Feeney's gifts of $2.7 billion bear his name.

In 1996, Feeney and a partner sold their stakes in DFS to the French luxury conglomerate Louis Vuitton Moët Hennessy.

Miller opposed the sale, and before a presumptive lawsuit could reveal that Feeney's stake was owned not in fact by him but by the Atlantic Philanthropies, Feeney outed himself in a New York Times article.

Atlantic made $1.63 billion from the sale.

In February 2011, Feeney became a signatory to The Giving Pledge.

In his letter to Bill Gates and Warren Buffett, the founders of The Giving Pledge, Feeney writes, "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. More importantly, today's needs are so great and varied that intelligent philanthropic support and positive interventions can have greater value and impact today than if they are delayed when the needs are greater."

His 2016 donation of $250,000 was the largest in the school's history from a single contributor.

He gave away a final $7 million in late 2016, to the same recipient of his first charitable donations: Cornell.

Over the course of his life, he has given away more than $8 billion.

At its height, Atlantic had over 300 employees and 10 offices across the globe.