Divine Intervention: Billionaire Giving Away Riches
An 82-year old Welsh billionaire is honoring his pact with god and giving away his wealth.
Online, March 31, 2010 (Newswire.com)
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Divine Intervention: Billionaire Giving Away Fortune
An 82-year old Welsh billionaire is honoring his pact with god and giving away his wealth.
82-year old Welsh billionaire, Albert Gubay, made a deal with god.
In return for some divine intervention and financial help, Gubay would give half back to the big man in time. Five decades have passed and Dubay is a man of his word. Aside from $15 million that Dubay is keeping until death, all of his money is going into a trust. Half of the money in the trust will go to the Roman Catholic Church, for projects that they deem appropriate. It is estimated that the total donated is 700 million dollars. The rest of the money will go to trustee.
Gubay founded Value Foods in the late 1950's. Gubay was able to concoct a profitable recipe for succesful grocery stores and soon founded Kwik Save Discount. He sold it for $28 million in 1973, but replicated the business in Ireland, New Zealand and the U.S. More recently, he experienced success with a chain of gyms and property development.
Gubay isn't the only billionaire to give his fortune away. Bill Gates has donated over $28 billion dollars to charity during his lifetime. Warren Buffett has promised to give 85% of his wealth to the Bill & Melinda Gates foundation.