The Billionaire Who Wasn't

By Chung Ah-young

This is a worthwhile book to read particularly for many Korean chaebol and others not aware of the importance of giving back to society.
In 1988, Forbes Magazine hailed Chuck Feeney as the 23rd richest American alive. Feeney was born in Elizabeth, New Jersey to a blue-collar Irish-American family during the Great Depression. Not well known to the public until recently, Feeney made a big fortune as the founder of Duty Free Shoppers, the world's largest duty-free retail chain.
But Feeney decided in 2005 to cooperate in the writing of his biography to promote what he calls ``giving-while-living'' because he wants to promote his philosophy to many other rich people. Feeney believes that the wealthy have a moral duty to spend their money on good cause during their lifetime.
This book portrays Feeney as a frugal man who takes economy class flights, does not have a luxurious house or car, and has donated large sum of his wealth to charitable and philanthropic causes.
In his mid-seventies, he startled the world again by determining his foundation will spend the remaining $4 billion in his lifetime.

The Korea Times