Pakistan

PM Imran eulogises US billionaire who fulfils promise to 'die broke'

This is what I call true richness – a liberated soul, says the premier

News Desk September 19, 2020

Feeny, 89, was a co-founder of a retail chain called Duty Free Shoppers which specialised in luxury goods. PHOTO: COURTESY/FORBES

Prime Minister Imran Khan on Saturday praised US billionaire Chuck Feeney, who recently fulfilled his promise to "die broke" after giving away his entire $8 billion fortune.

"This is what I call true richness – a liberated soul," the premiere wrote on his official Twitter handle.

Feeny, 89, was a co-founder of a retail chain called Duty Free Shoppers which specialised in luxury goods, and he’s gradually been giving away his lifetime’s worth of earnings over the past few decades.

“We learned a lot. We would do some things differently, but I am very satisfied. I feel very good about completing this on my watch,” Feeney told Forbes in an interview. “My thanks to all [those] who joined us on this journey and to those wondering about Giving While Living: Try it, you'll like it.”

This is what I call true richness - a liberated soul. https://t.co/2dgcMEvpFS
— Imran Khan (@ImranKhanPTI) September 19, 2020

As a philanthropist, he pioneered the idea of "Giving While Living" — spending most of your fortune on big, hands-on charity bets instead of funding a foundation upon death.

This week, he officially closed Atlantic Philanthropies, having given away his fortune in its entirety. Feeny, who could be living in a sprawling mansion staffed with personal assistants, private chefs, and all manner of shiny things, instead resides in a modest apartment in the US city of San Francisco.

“Chuck Feeney is a true pioneer,” Laurene Powell Jobs told Forbes. “Spending down his resources during his lifetime has inspired a generation of philanthropists, including me. And his dedication to anonymous giving — and focus on addressing the problems of the day — reflect the strength of his character and social conscience. We all follow in his footsteps.”

According to Forbes, Feenay's stark generosity and gutsy investments influenced Bill Gates and Warren Buffett when they launched the Giving Pledge in 2010 — an aggressive campaign to convince the world’s wealthiest to give away at least half their fortunes before their deaths.

The article was originally published in Forbes