Catholic Billionaire Gives Away 90% of his Money

Bogotá, Colombia, Mar 30, 2010 / 01:54 pm (Story from CNA)

Albert Gubay, an 82-year-old English billionaire has pledged all but $15 million of his $1.1 billion fortune to charity, fulfilling a promise made to God while he was still poor.

When he got out of the Royal Navy after WWII with the clothes on his back and roughly $120, he told God, “Make me a millionaire and you can have half of my money,” reports the British Broadcasting Corporation (BBC). The Welsh-born Gubay went on to found a supermarket chain, which he later sold for $28 million.

Gubay, who is number 880 on the Forbes list of the world’s billionaires, has kept his promise and donated $1.1 billion to a charitable trust. According to Portafolio.com.co, “The trust to which the money has been donated will distribute more or less half of the money to projects associated with the Catholic Church.” The other half of the money will be distributed at the discretion of the trust’s board members.

It is reported that Gubay is keeping $15 million to live off for the remainder of his life. Gubay, a practicing Catholic, currently resides on the Isle of Man in the United Kingdom.