Chuck Feeney, the billionaire who gave away his wealth, dies at 92

Charles "Chuck" Feeney, a retail magnate and investor who accumulated a multibillion-dollar fortune and subsequently donated his entire wealth, has passed away at the age of 92.    

He peacefully passed away in San Francisco on Monday, as confirmed by the Atlantic Philanthropies, the foundation he established. With the organization, Feeney donated over $8 billion to educational, health, science and social causes on five continents.   

Feeney championed the concept of "Giving While Living," inspiring fellow billionaires to make substantial donations during their lifetimes, rather than creating foundations to do so posthumously.     

The philanthropist expressed in his biography, The Billionaire Who Wasn't, that giving while alive is far more enjoyable than giving after one has passed away. 

The retail entrepreneur amassed a significant portion of his wealth by co-founding Duty Free Shoppers in 1960, a chain of airport stores that specialized in luxury goods. He embarked on this venture with a fellow undergraduate from Cornell University.  

In 1996, Feeney parted ways with his DFS shares, selling them to the French luxury goods conglomerate LVMH. As a result, LVMH currently holds the majority of the retailer's ownership. 

According to the foundation, Feeney chose to live the last three decades of his life frugally—he did not own a car or home and lived in a rented apartment in San Francisco. 

Born into a working-class Irish-American family during the Great Depression in Elizabeth, New Jersey, Feeney enrolled at Cornell University in 1952 with assistance from the GI Bill.    

He earned the nickname of Cornell's "third founder" because of the substantial contributions he made to the university. His foundation has donated nearly $1 billion to Cornell since 1982, as reported in an obituary on Cornell's website.