Product Description

The secret life of the billionaire who is determined to give all his money away before he dies--it's harder than you think!

In 1988 Forbes Magazine hailed Chuck Feeney as the twenty-third richest American alive. Born in Elizabeth, New Jersey to a blue-collar Irish-American family during the Depression, a veteran of the Korean War, he had made a fortune as founder of Duty Free Shoppers, the world's largest duty-free retail chain. But secretly, Feeney had already transferred all his wealth to his foundation, Atlantic Philanthropies. Only in 1997, when he sold his duty free interests, was he "outed" as one of the greatest and most mysterious American philanthropists in modern times. A frugal man who travels economy class and does not own a house or a car, Feeney then went "underground" again, until he decided in 2005 to cooperate in a biography to promote giving-while-living. Now in his mid-seventies, he is determined his foundation should spend the remaining $4 billion in his lifetime. The Billionaire Who Wasn't is a tale of one of the greatest untold retail triumphs of the twentieth century, and of what happens to a unique man and his family when confronted with wealth beyond imagining.

Product Details

• Amazon Sales Rank: #153168 in Books
• Published on: 2007-09-24
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 352 pages

Review
"A smart business book detailing some vicissitudes of retailing, wrapped in a vivid biography of an engaging tycoon." -- Kirkus Reviews, July 15, 2007

"If (Conor O'Clery's) compelling narrative becomes a blue-print for future efforts to record the life stories of philanthropists, then the reading public might become far more aware of the major donors who have existed in their midst. O'Clery's account of how Charles `Chuck' Feeney rose from a blue-collar New Jersey neighbourhood to immense riches as founder of global retail enterprise, Duty Free Shoppers, and then gave almost every cent away, reads like a cross between a whodunnit and an airport business guru book." -- Philantropy UK, December 2007

"You may never read a book as uplifting as Conor O'Clery's "The Billionaire Who Wasn't: How Chuck Feeney Secretly Made and Gave Away a Fortune" In vivid, unvarnished prose, "The Billionaire Who Wasn't" recounts Feeney's meteoric rise from blue-collar beginnings in Elizabeth, N.J., to a perch as one of America's titans of commerce, head of Duty Free Shoppers, the largest liquor retailer in the world." -- Washington Post's Express, November 6, 2007

About the Author
Conor O'Clery is an award-winning journalist and author who served as foreign correspondent for The Irish Times in London, Moscow, Beijing, Washington, and New York. He has written books on Russian, Irish, and American politics. He now lives in Dublin, Ireland.

Customer Reviews

A remarkable and inspiring biography
I saw this book reviewed in The Economist and could scarcely believe what I was reading. I recommend this as a great read, a great book club or church group read, and a good book to give out to the board of directors of any organization, whether for profit or not! Here is a unique insight into the upbringing, growth and mindset of one of the most well grounded individuals of the modern era. If you are interested in how to make the world a better place, drop what you are doing and read this book!

Inspiring story
Next time you get a letter from a charity, think of Chuck Feeney who gave >$1 Billion away in his lifetime. And all without fanfare, without his name on buildings and streets. I found it interesting how he selected his gifts (a lot to education), and to the locations (USA of course, Ireland, Vietnam, etc.) And he managed to leverage his money by getting the government to match many of his contributions.

The book is perhaps a bit heavy on details of how he made his money (Duty Free stores), and the various schemes to tax shelter his money, and the steps to remain anonymous. He believed that one should give money directly to causes that would make a difference, and monitor the progress to see that the money was being wisely used. He distrusted Government spending which often has graft and inefficiency, and political conditions.

In short, an inspiring book well worth reading, and acting on if your finances allow.

A Great American Entrepreneur and Philanthropist
This book is a biography of Charles Francis (Chuck) Feeney, one of the world's billionaires in the twentieth century. Its 337 pages are a quick read, a fascinating story about a self-made American who gave away most of his fortune to various charitable endeavors. It would make a great case study for a business school, and I would guess that many professors will immediately adopt it as a classroom assignment.

Chuck Feeney's early education was at Catholic elementary and high schools in New Jersey and New York. After high school in 1948, Feeney enlisted in the Air Force and was stationed in Japan for four years. After discharge, he attended Cornell University's famous School of Hotel Administration. He financed his college education partly from the G. I. Bill and partly from selling sandwiches to students. After graduation he went off to explore Europe, briefly attending a French university. While there he started a shoestring business selling liquor to sailors on American warships. He and a Cornellian partner, Robert Miller, took orders and accepted payment, then arranged to have the liquor delivered, duty-free. They bout out an unsuccessful competitor, thereby obtaining the name: Duty Free Shoppers (DFS). By 1965 business was good, but there were problems with part of the business strategy. American law changed so the duty free allowance was reduced from five bottle per family member to one bottle per family, effectively ending the rationale for the liquor business. Also, the automobile business turned out to be more complicated and less profitable than predicted. Fortunately, the duty free retail stores opened in Hawaii and Hong Kong selling liquor and luxury goods to Japanese tourists was booming. By 1977, Feeney, Miller and their two other partners were wealthy. Feeney created a foundation in 1982 to give away most of his wealth, conservatively estimated at 500 million dollars. This philanthropy was kept secret until 1996, when the foundation sold its share of DFS for $1.6275 billion cash to the French luxury goods company. LMVH. The foundation, now Atlantic Philanthropies, was giving money all over the world: Ireland, Australia, Vietnam, and Cuba, among others.

While the author's tale is a fascinating history of the DFS's path to great wealth, and of Feeney's many charitable endeavors, the biography provides little insight to many aspects of Feeney's early life. His life to 1956 is covered in a scant ten pages. He had twelve years of Catholic school education, two years at the prestigious Regis High School in New York City. What influence did the Catholic religion and education have on his life? His philanthropy is attributed more to reading Andrew Carnegie than any Catholic influence. What experiences did he have in the Air Force, when he spent four years in Japan? What were his studies at the Cornell hotel school? Was there any training or discussion of the major business issues that came up later? What about the ethical issue of tax avoidance? The secrecy with which DFS conducted is business is attributed to his Air Force experience with classified information. Were the practices of business secrecy a part of the college curriculum? DFS was found to have accounting, legal and tax problems in 1965. Did the college curriculum cover accounting and cost controls, or issues of international law? Feeney is a big fan of Cornell University, and has contributed generously to it. What influence did Cornell campus life have? No mention of his fraternity is made in the book.

Considering Feeney's later-life fame, I would guess that further disclosures will be made: this great man's life will attract further study, provided Mr. Feeney will cooperate with other biographers.