Thursday, September 20, 2007

What would you do with a Billion Dollars?

I came across an interesting story about an American billionaire, Chuck Feeney. According to Forbes he is worth $1.3 billion and is the 23rd richest American. Yet, despite his overwhelming wealth he has secretly been giving most of his money away throughout his life.

Apparantely Chuck wears a $15 watch, flies economy class and does not own a house or car.

Chuck wanted to keep his philanthropy secret because he felt there was "no need to blow his own horn" or discourage people from giving to same charities. His philanthropic activities became know in 1997 only when he sold his shares in his duty free company, DFS

The thing I like about Chuck is that he is committed to giving his money away now, whilst he is still alive, rather than waiting until he is dead.

I love people who don't conform to the economist model of profit and utility maximisation.

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