Good causes, not children, will get most of my cash – tycoon
A BILLIONAIRE has promised to leave the majority of his fortune to charity instead of his children to ‘rebalance the rich-poor’ divide.
John Caudwell, who founded Phones4u, attacked the ‘disgusting’ tax avoidance of the super-rich as he pledged to leave 70 per cent of his assets – estimated at £1billion – to good causes when he dies.
The 66-year-old businessman said handing his entire £1.57billion fortune to his five children after his death would probably ruin their lives. He said the £450million they could now expect would still leave them ‘filthy rich’.
He added: ‘I’ve had to work like hell to get where I am, but Britain has been good to me, the people of Britain have been good to me.
‘Why should I feel I can rob them of all that money?’
He said wealthy friends had called him a ‘mug’ for not slashing his tax bill with offshore methods.