Birmingham-born billionaire pledges to give away most of his fortune

A Birmingham-born billionaire has pledged to give away most of his fortune. John Caudwell is worth £1.5 billion and is the 109th richest person in Britain, according to The Sunday Times Rich list.

The 72-year-old self-made billionaire launched what would become Phones 4U with his brother Brian. The pair sold it for a whopping £1.46 billion in 2006.

The philanthropist, who was brought up in Stoke-on-Trent, is among 250 billionaires globally to have signed 'The Giving Pledge'. This is a commitment to donate over half their fortune to charitable causes - either before or after death, the Mirror reports.

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Elon Musk, Mark Zuckerberg and Richard Branson are also on the list. Mr Caudwell said: "I've pledged 70 per cent during and after my lifetime. It's such a privileged position, but rich people don't generally 'get' it. They think I'm mad for giving my money away and for the time I dedicate to charitable causes.

"But of those 250 of us that do – out of maybe 6,000 – it's our duty to try and make the world a better place. Helping those who can't help themselves is a privilege, not a burden."

The dad-of-seven also spearheads Caudwell Children for disabled kids and the mentoring charity Caudwell Youth. He added: "There's absolutely no value in wealth if you don't do something with it that's meaningful."

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