Chuck Feeney, billionaire co-founder of Duty Free Shoppers, quietly set up the Atlantic Philanthropies and gave it nearly all his fortune. He and Atlantic Philanthropies—the largest endowed institution in history to spend itself down—are evangelists for term-limited giving. Feeney recently spoke to the New York Times about the importance of giving while living and his progress in achieving his goal of giving away his fortune in his lifetime.
Jim Dwyer reports:
Why shut it down? Mr. Feeney, 81, a man with no romantic attachment to wealth or its trappings, said the world had enough urgent problems that required attention now, before they became even more expensive to solve.
“When you’ve got the money, you spend it,” Mr. Feeney said. “When you’ve spent it all, let someone else get going and spend theirs.”
For more on Feeney and Atlantic Philanthropies, see Scott Walter’s review of The Billionaire Who Wasn’t: How Chuck Feeney Made and Gave Away a Fortune Without Anyone Knowing by Conor O’Clery and visit the spend down section of our donor intent resource library.