Queensland biotech's reclusive benefactor
Thursday, 21 February, 2002
Self-made billionaire and secretive philanthropist Charles Feeney appears to have a soft spot for Queensland's biotechnology sector.
In the last two years, Feeney's charitable foundation Atlantic Philanthropies has donated an estimated A$40 million to Queensland's medical and biotech institutions.
Queensland enjoys a disproportionate amount of the largesse disbursed by Atlantic in the Asia-Pacific region.
According to Atlantic's website, the philanthropy handed out US$116 million to projects in the Asia-Pacific during the middle and late 1990's, or about six per cent of the US$2.1 billion it gave worldwide over the past two decades.
These days, Atlantic annually donates an estimated US$400 million globally. Of that, approximately AUD$160 million could have been funnelled into the Asia-Pacific over the past two years.
In the same time frame, Queensland alone has received from Atlantic Philanthropies:
- $A20 million for the Queensland Institute of Medical Research
- $17.5 million donated for the Institute for Bioengineering and Nanotechnology
- a "significant portion" of the $100 million committed to build the Institute for Molecular Bioscience.
Why such a large portion?
The reclusive Feeney, 69, isn't saying. Until forced to reveal his gift giving by a 1998 court case, the self-effacing New Jersey billionaire did all his charity work anonymously. Astonishingly, he doesn't even attempt to claim tax benefits from the billions he's donated.
Feeney built a chain of duty-free shops, the DFS Group Ltd, into a US$3.5 billion empire before signing it over to Atlantic Philanthropies after founding the charity in Bermuda. "Money," he said in a rare interview, "has an attraction for some people but nobody can wear two pairs of shoes at one time."
He's described by friends as a "shabby" dresser who flies economy class, does not own a house or car and wears $15 wrist watches. Not surprisingly, Queensland Minister for Innovation and Information Economy, Paul Lucas, respects Feeney's desire for anonymity.
Without mentioning Feeney by name, Lucas says he has met his State's benefactor and calls him "a person with a strong commitment to science, particularly in the biomedical field."
Queensland may also have caught Atlantic Philanthropies' eye because of the biotech boosterism of Premier Peter Beattie.
The high public profile Beattie has given to biotech efforts is widely acknowledged by observers as benefiting the industry and may have been a factor in attracting Atlantic's interest.
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