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Person

Chuck Feeney

Occupation(s):

Billionaire, Businessman

Founder, Atlantic Philanthropies
Born:

April 23, 1931
Died:

October 9, 2023

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Chuck Feeney was an Irish-American billionaire businessman and philanthropist who made his money in duty-free retail and formed the Bermuda-based grantmaking organization Atlantic Philanthropies. Throughout much of the 1980s and 1990s, Feeney anonymously gave away much of his fortune to schools, hospitals, and other philanthropic ventures in the United States and around the world. In 1997, Feeney’s role in Atlantic Philanthropies was revealed and he became known as one of the largest modern grantmakers. By 2017, Feeney had given away almost his entire fortune.

Feeney was reportedly spotlight-averse and said little on his beliefs regarding American politics. As Feeney aged, Atlantic Philanthropies became increasingly active in left-of-center advocacy spending. Though the advocacy goals aligned with Feeney’s personal views, he was skeptical of the activism because it could take resources away from his preferred philanthropic projects. 1 Feeney was in Irish politics, supporting Sinn Fein’s “shift” to peaceful politics 2 and then as a supporter of left-of-center social policy, such as securing government recognition of same-sex marriages.

Feeney died in October 2023 at the age of 92.

Early Life and Education

Chuck Feeney was born in Elizabeth, New Jersey, to an Irish Roman Catholic family in 1931. His father worked in insurance and his mother was a nurse. Feeney was the first in his family to go to college, attending the Cornell University School of Hotel Administration on the GI Bill after serving in the U.S. Air Force. 3 Feeney later earned a master’s degree in political science from Grenoble University in France. 4

Career

At Cornell University, Chuck Feeney met Robert Miller. In 1960, the two founded Duty Free Shoppers Group, one of the first businesses to specialize in duty-free sales to travelers. The company was based in Bermuda and initially made sales in Hong Kong and Hawaii before spreading around the world. 5 6 7 By 1964, the company had 200 employees in 27 countries. Duty Free Shoppers Group then took off due to the lifting of travel restrictions on Japan which permitted millions of Japanese tourists to travel abroad and purchase duty-free products at Feeney’s stores located in transit hubs. One of Feeney’s most daring expansions was a store on the tiny tropical island of Saipan; Feeney correctly predicted that it would become an Asian transit hub, and invested $5 million into the island to build an airport. By 1988, Duty Free Shoppers Group had annual sales of $1.6 billion, and Feeney was estimated to be the 31st wealthiest American. 8

Feeney also maintained a highly successful investment portfolio, with early investments made in Facebook, Priceline, E-Trade, Alibaba, and Legent. 9

Philanthropy

According to a 2023 Mother Jones article, Feeney lived a life of luxury in the 1970s and 1980s off the proceeds of his business, with homes in New York City, Connecticut, France, and Hawaii. Feeney was later introduced to the writings of Andrew Carnegie by a friend. Carnegie’s Gospel of Wealth inspired Feeney to embrace philanthropy and reject material luxury. 10

In 1982, Feeney founded The Atlantic Foundation, which would later be known as Atlantic Philanthropies, to disburse his charitable donations. 11 In 1984, Feeney transferred all of his Duty Free Shoppers Group shares, amounting to 38.75 percent of the company and valued in the hundreds of millions of dollars, to Atlantic. For the first 15 years of Atlantic’s operations, few individuals knew that Feeney was the source of Atlantic’s funding, and they were sworn to secrecy. He also refused to take tax deductions from his donations. Feeney preferred anonymity out of modesty and to vet potential recipients. He paid grant recipients with cashier checks that concealed the source. Atlantic Philanthropies board members, who included the president emeritus of Cornell University and the vice chairwoman of the John D. and Catherine T. MacArthur Foundation, also concealed their roles. 12 13

In 1996, Feeney sold his Duty Free Shoppers Group shares to Louis Vuitton Moet Hennessy (LVMH) for $3.5 billion. The sale provoked a legal dispute between Duty Free Shoppers Group’s partners and LVMH’s board that would have revealed Feeney’s role in Atlantic. To preempt the exposure, Feeney offered the story to the New York Times which revealed that he had given away $600 million and had a net worth of only about $5 million. 14 15

After the sale, Feeney focused full-time on his philanthropic ventures. He traveled around the world seeking out philanthropic opportunities, and often multiplied his giving through government support, such as from Ireland and Vietnam. 16

In 2002, Atlantic announced it would be a limited-life organization that would wind down operations between 2016 and 2020. 17 Feeney’s motive was to avoid the sclerosis typical of older foundations, to ensure the intent of his donations were respected, and to maximize his own pleasure in giving: “You get more satisfaction from giving while you’re alive and involved. You learn and make adjustments to achieve the highest and best use of your resources. You get to see what you’ve helped accomplish.” 18

In 2011, Feeney signed the Giving Pledge promising to give away his fortune before his death. 19

In 2017, Feeney’s net worth declined to $2 million after having given away about $8 billion. 20

In 2020, Atlantic shut down after spending the last of its endowment. 21

Atlantic Philanthropes

Feeney’s Atlantic Philanthropies was a major foundation providing support to international left-wing advocacy organizations. 22 Other philanthropic areas of interest included aging, children and youth, health, human rights and reconciliation, and knowledge, research, and innovation. 23

Atlantic Philanthropies focused on a total of eight regions for its grants, including the United States, Australia, Bermuda, Cuba, Northern Ireland, the Republic of Ireland, South Africa, and Vietnam. 24

In 2009, then-Atlantic president Gara LaMarche shifted the focus of Atlantic toward “social justice philanthropy,” including engagement in political spending. Feeney reportedly opposed the shift because it “would threaten his own ability to make discretionary grants for bricks-and-mortar projects. He made clear that these sorts of social justice grants were not programs he would have supported himself with his own money.” However, Feeney still permitted Atlantic’s new focus. 25

In the United States, Atlantic took advantage of lax restrictions on the funding of 501(c)(4) advocacy groups by offshore foundations, most notably through spending in the 2016 general elections via the Civic Participation Action Fund. Atlantic reportedly provided the group with $50 million in support. 26 The group was also a key funder of Health Care for America Now, a left-wing “social welfare” issue-advocacy organization that pushed for Obamacare and further government control of American health care. 27

Atlantic Philanthropies has also substantially funded groups supporting increased immigration to the United States and promoting closer relations with Communist-ruled Cuba. 28 Atlantic Philanthropies was involved in advancing left-wing movements abroad: Irish advocates for legal recognition of same-sex unions reportedly received up to $17 million from Atlantic over a ten-year period that culminated in a successful referendum. 29 In 2015, numerous right-wing Irish legislators accused Feeney of having excessive influence over Ireland’s democracy. 30

Grantees have included the following organizations: Global Brain Institute, Social Change Initiative, Cornell University, The London School of Economics and Political Science, Rockefeller Philanthropy Advisors, Health Equity South Africa, American Civil Liberties Union, Civic Participation Action Fund (a creation of Atlantic Philanthropies), Reach Vietnam, UCSF Foundation, Trinity Foundation, and The Rhodes Trust. 31

Between 2007 and 2015, Atlantic Philanthropy’s 501(c)(4) Atlantic Advocacy Fund provided a series of grants toward several Tides Advocacy projects and policy initiatives, totaling $42,617,750 (a number provided by Atlantic Philanthropies based on conversion rates of different currencies into U.S. dollars at the time of grant disbursement). 32

Ireland

Through his Irish-born grandparents, Chuck Feeney was a dual American and Irish citizen. 33 34

In the 1980s and early 1990s, Feeney gave several donations amounting to $280,000 to Sinn Fein, an all-Ireland nationalist political party that BBC News has characterized as “the political wing of the Provisional IRA [Irish Republican Army].” 35 Unlike Feeney’s other donations at the time through The Atlantic Philanthropies, these were made publicly. Though Feeney supported Sinn Fein’s goals, he insisted that his donations were made to support nonviolent activity. 36

In the early 1990s, Feeney personally met with paramilitary forces and urged the cessation of guerrilla warfare, and promised financial support if they turned to nonviolent politics. 37 Feeney funded Sinn Fein’s office in Washington, D.C. for many years. 38 In 1994, Feeney attended a White House St. Patrick’s Day Celebration as an unofficial peacemaker. 39

As of 2015, Feeney donated £1 million ($1.27 million at 2023 exchange rates) to the Northern Ireland Assembly, the devolved legislature for Northern Ireland within the U.K. 40

Through Atlantic Philanthropies, Feeney co-invested in Irish University research programs with the intention of raising Ireland’s living standards. 41 42 By 2007, Atlantic Philanthropies had given away more than $1 billion in Ireland. 43

References

  1.  Walter, Scott. “Charles “Chuck” Feeney, R.I.P.” Capital Research Center. October 13, 2023. Accessed October 20, 2023. https://capitalresearch.org/article/charles-chuck-feeney-r-i-p/.
  2. IrishCentral. “Chuck Feeney Played ‘Pivotal Role’ in Northern Irish Peace Process, Gerry Adams Says: Atlantic Philanthropies.” The Atlantic Philanthropies, October 13, 2023. https://www.atlanticphilanthropies.org/news/chuck-feeney-played-pivotal-role-in-northern-irish-peace-process-gerry-adams-says.
  3. “Laying the Foundation.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chapter-1.
  4.  “Chuck Feeney: An Excerpt from The Billionaire Who Wasn’t.” Irish America. November 2007. Accessed October 20, 2023. https://www.irishamerica.com/2007/10/chuck-feeney-an-excerpt-from-the-billionaire-who-wasnt/.
  5. Gallagher, Paul. “The secret billionaire giveaway.” Reuters. September 21, 2007. Accessed October 20, 2023. https://www.reuters.com/article/us-books-billionaire-idUSL1186134020070921.
  6. Miller, Judith. “He Gave Away $600 Million, and No One Knew.” The New York Times. January 23, 1997. Accessed October 20, 2023. https://www.nytimes.com/1997/01/23/nyregion/he-gave-away-600-million-and-no-one-knew.html.
  7. O’Cleary, Conor. “The Chuck Feeney I Know.” DRI. Accessed October 20, 2023. https://dri.ie/atlanticphilanthropies/spotlight/amplifying-change/feature/the-chuck-feeney-i-know.
  8. Bertoni, Steven. “Chuck Feeney: The Billionaire Who Is Trying To Go Broke.” Forbes. September 18, 2012. Accessed October 20, 2023. https://www.forbes.com/sites/stevenbertoni/2012/09/18/chuck-feeney-the-billionaire-who-is-trying-to-go-broke/?sh=52b49ebc291c.
  9. Dwyer, Jim. “’James Bond of Philanthropy’ Gives Away the Last of His Fortune.” The New York Times. January 5, 2017. Accessed October 20, 2023. https://www.nytimes.com/2017/01/05/nyregion/james-bond-of-philanthropy-gives-away-the-last-of-his-fortune.html.
  10. Mechanic, Michael. “Chuck Feeney’s Legacy Is a Lesson for America’s Billionaires.” Mother Jones. October 10, 2023. Accessed October 20, 2023. https://www.motherjones.com/politics/2023/10/chuck-feeney-legacy-obituary-billionaire-philanthropy/.
  11. “Laying the Foundation.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chapter-1.
  12. Miller, Judith. “He Gave Away $600 Million, and No One Knew.” The New York Times. January 23, 1997. Accessed October 20, 2023. https://www.nytimes.com/1997/01/23/nyregion/he-gave-away-600-million-and-no-one-knew.html.
  13. “Laying the Foundation.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chapter-1.
  14. “Going Big.” From Anonymity to Philanthropic Role Model.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chuck-feeneys-story-chapter-2.
  15. Miller, Judith. “He Gave Away $600 Million, and No One Knew.” The New York Times. January 23, 1997. Accessed October 20, 2023. https://www.nytimes.com/1997/01/23/nyregion/he-gave-away-600-million-and-no-one-knew.html.
  16. O’Cleary, Conor. “The Chuck Feeney I Know.” DRI. Accessed October 20, 2023. https://dri.ie/atlanticphilanthropies/spotlight/amplifying-change/feature/the-chuck-feeney-i-know.
  17. “Going Big.” From Anonymity to Philanthropic Role Model.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chuck-feeneys-story-chapter-2.
  18. Walter, Scott. “Charles “Chuck” Feeney, R.I.P.” Capital Research Center. October 13, 2023. Accessed October 20, 2023. https://capitalresearch.org/article/charles-chuck-feeney-r-i-p/.
  19. “Going Big.” From Anonymity to Philanthropic Role Model.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chuck-feeneys-story-chapter-2.
  20. Dwyer, Jim. “’James Bond of Philanthropy’ Gives Away the Last of His Fortune.” The New York Times. January 5, 2017. Accessed October 20, 2023. https://www.nytimes.com/2017/01/05/nyregion/james-bond-of-philanthropy-gives-away-the-last-of-his-fortune.html.
  21. “Atlantic Philanthropies officially closes its doors.” Candid. September 20, 2020. Accessed October 20, 2023. https://philanthropynewsdigest.org/news/atlantic-philanthropies-officially-closes-its-doors#:~:text=Feeney%20and%20the%20leadership%20of,large%2C%20concentrated%2C%20high%2Dimpact.
  22. Callahan, David. “A Closer Look at Atlantic’s End Game – And Where It’s Putting the Biggest Money. Accessed October 20, 2023. https://www.insidephilanthropy.com/home/2014/8/20/a-closer-look-at-atlantics-end-gameand-where-its-putting-the.html.
  23.   “Issues.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/issues.
  24. “Global Reach.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/global-reach.
  25. Morse Wooster, Martin. “Chuck Feeney and his “giving while living” ethic.” Philanthropy Daily. July 6, 2017. Accessed October 20, 2023. https://philanthropydaily.com/chuck-feeney-and-his-giving-while-living-ethic/.
  26. Midar, Zachary. “Little-Known Force on the Left Tiptoes into 2016 Races.” Bloomberg.com. October 21, 2016. Accessed October 20, 2023. https://www.bloomberg.com/politics/articles/2016-10-21/little-known-force-on-the-left-tiptoes-into-2016-races.
  27. Smith, Ben. “Funding the left, from Bermuda.” POLITICO. May 17, 2011. Accessed October 20, 2023. https://www.politico.com/blogs/ben-smith/2011/05/funding-the-left-from-bermuda-035903.
  28. Maghami, Neil. “A Donor Can Stand Up: Battling over Donor intent at the Atlantic Philanthropies.” Capital Research Center. April 13, 2013. Accessed October 20, 2023. https://capitalresearch.org/article/a-donor-can-stand-up-battling-over-donor-intent-at-the-atlantic-philanthropies/.
  29. Gaetan, Victor. “Follow the Money: American Entity Funded Irish Same-Sex ‘Marriage’ Campaign.” National Catholic Register. May 24, 2015. Accessed October 20, 2023. http://www.ncregister.com/daily-news/follow-the-money-american-entity-funded-irish-same-sex-marriage-campaign.
  30. Kelly, Fiach. “Senator claims Chuck Feeney interfering in Irish democracy.” The Irish Times. May 14, 2015. Accessed October 20, 2023. https://www.irishtimes.com/news/politics/senator-claims-chuck-feeney-interfering-in-irish-democracy-1.2211570.
  31. [1] “Grants Database.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/grants.
  32. “The Advocacy Fund.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/grantees/the-advocacy-fund.
  33. Miller, Judith. “He Gave Away $600 Million, and No One Knew.” The New York Times. January 23, 1997. Accessed October 20, 2023. https://www.nytimes.com/1997/01/23/nyregion/he-gave-away-600-million-and-no-one-knew.html.
  34. “Celebrating Irishness: Charles ‘Chuck’ Feeney.” The Atlantic Philanthropies. March 18, 2011. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/news/celebrating-irishness-charles-chuck-feeney.
  35. “Ni Election Results 2022: Who Are Sinn Féin and What Do They Stand For?” BBC News, May 8, 2022. https://www.bbc.com/news/uk-northern-ireland-61362607.
  36. “Laying the Foundation.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chapter-1.
  37. Dwyer, Jim. “’James Bond of Philanthropy’ Gives Away the Last of His Fortune.” The New York Times. January 5, 2017. Accessed October 20, 2023. https://www.nytimes.com/2017/01/05/nyregion/james-bond-of-philanthropy-gives-away-the-last-of-his-fortune.html.
  38. “Celebrating Irishness: Charles ‘Chuck’ Feeney.” The Atlantic Philanthropies. March 18, 2011. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/news/celebrating-irishness-charles-chuck-feeney.
  39. O’Cleary, Conor. “The Chuck Feeney I Know.” DRI. Accessed October 20, 2023. https://dri.ie/atlanticphilanthropies/spotlight/amplifying-change/feature/the-chuck-feeney-i-know.
  40. Magee, Kevin. “Chuck Feeney: Atlantic Philanthropies funds NI politicians’ classes.” BBC. January 16, 2015. Accessed October 20, 2023. https://www.bbc.com/news/uk-northern-ireland-30842387.
  41. “Going Big.” From Anonymity to Philanthropic Role Model.” The Atlantic Philanthropies. Accessed October 20, 2023. https://www.atlanticphilanthropies.org/chuck-feeneys-story/chuck-feeneys-story-chapter-2.
  42. Walter, Scott. “Charles “Chuck” Feeney, R.I.P.” Capital Research Center. October 13, 2023. Accessed October 20, 2023. https://capitalresearch.org/article/charles-chuck-feeney-r-i-p/.
  43. Gallagher, Paul. “The secret billionaire giveaway.” Reuters. September 21, 2007. Accessed October 20, 2023. https://www.reuters.com/article/us-books-billionaire-idUSL1186134020070921.
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