Phones4U founder John Caudwell says billionaire title 'not important' and vows to give away most of fortune

John Caudwell, a mega-wealthy businessman, has expressed his desire not to be remembered as a billionaire after his death. "I hate the title," he admits, adding, "Personally it is not important. To die a billionaire is not very important to me."

The tycoon insists that he would rather be known for his philanthropy, stating, "The act of being a billionaire is not about how much wealth you create, it's what you do with it."

In 2013, Mr Caudwell, who amassed his fortune through the Phones4u chain, was among the first British billionaires to commit to the Giving Pledge. This initiative, founded by Microsoft creator Bill Gates, his wife Mellissa, and fellow billionaire Warren Buffet, encourages the world's wealthiest individuals to give back and tackle some of society's most urgent issues.

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Mr Caudwell, who supported Labour in the run-up to the election, estimates that he has personally donated between £40million and £50million to charitable causes so far. However, he has pledged to donate 70% of his wealth during his lifetime and after his passing, reports the Mirror.

Speaking to the Mirror from his £250million mega-mansion in London, thought to be the UK's priciest residence, he shared that giving provides him with a "sort of spiritual feeling."

Despite this, he expressed criticism towards other ultra-wealthy individuals. Regarding Amazon founder Jeff Bezos, he commented: "If he gave 99% away, he would still be richer than me, and he doesn't even have to do it in his life time."

He was particularly critical of Elon Musk, the world's richest person who controversially supported Donald Trump in the US Presidential election. "I've lost a lot of respect for him," he remarked.

"I don't like people using wealth like that to influence a political outcome which I'm guessing is entirely in his own favour because he wants Trump in so he can have a seat at the table. It is bribing the American electorate."

His remarks were made as the 72 year old expressed his backing for a young entrepreneur, a 17 year old former Dragons' Den contestant. A-Level student Shaye Bhattessa-Sharma, who at just 15 years old appeared on the BBC show alongside his father Raj to seek investment for their football-themed board game, caught the attention of Dragon Peter Jones who offered £50,000 for a stake in the business, although the deal ultimately fell through.

Shaye, hailing from London, shared: "After the show, it didn't really come together. It was mutual discussion we had."

Shaye is now introducing a Billionaire version of the game, incorporating the concept of charitable giving, with 10% of the sale price being donated to Mr Caudwell's charities. "The impression of billionaires is that they're not always positive. But I know a lot of them give back," Shaye stated.

"John has always been an inspiration."

Father-of-seven Mr Caudwell commented: "It struck a cord with me. Why wouldn't I help a young guy on his entrepreneurial venture while promoting the charity at the same time? It was no-brainer."

The tycoon, who hails from Stoke-on-Trent, was raised by a mother who worked in the post room of Royal Doulton potteries and a father employed by an engineering firm. The Phones4u founder amassed his wealth after selling the business.

According to The Sunday Times Rich List, John ranks as the 109th richest person in Britain, boasting a net worth of £1.54billion.

The businessman divides his time between Britain, where he owns the £12million Jacobean Broughton Hall in Staffordshire, which serves as his primary residence, along with opulent homes in London's Mayfair and Monaco.

His staggering Mayfair mansion spans 43,000 sq ft across eight floors, featuring 15 bedrooms, an underground eight-stack car port, five kitchens, a private cinema, spa, nightclub, a gilded ballroom capable of accommodating 120 guests, and a dining room complete with an indoor stream and a 15ft preserved tree trunk adorned with silk cherry blossom and golden lizards scaling the wall. The 1880s mansion is actually two properties combined, one of which was previously owned by the brother of the Sultan of Brunei.

Other symbols of his wealth include his 73m luxury superyacht Titania. This £80million floating palace was featured in The Crown for the Princess Diana scenes.

Unlike other ultra-wealthy individuals, he does not own a private jet, instead choosing to fly with budget airline easyJet. The last time he boarded the Titania in Monte Carlo, he had travelled three days across Europe on his Harley Davison motorbike.

Founder of Caudwell Children, Mr. Caudwell reflects on the charity's 25 years in supporting disabled and autistic children as well as his other initiative, Caudwell Youth. His confounding question looms: "There are probably something like 6,000 billionaires in the world, as a guess. There are only 250 that are part of the Giving Pledge. When I approach people about it, they are a bit horrified and shocked. They can't quite get their head round why they would give that sum of money away."

The philanthropist, partnered with former Olympic cyclist Modesta Vzesniauskaite, aged 41, contends: "My argument is, you don't lose your billionaire status. The pledge is that you will give it away during or after your lifetime. And what are you going to do with the money? I don't understand why more people don't join because the benefit to yourself personally of knowing you have helped thousands of people is a sort of spiritual feeling. It is something in your heart and soul that makes you feel good about life. Much better than going and spending £500 on a meal in London."

Recounting his early days and what drove his ambitions, he reveals the intimate driving force behind his success: "Having an ill father, the biggest motivation of all was initially was to gain financial security in case I became ill myself. When you come from nothing, you want to be financially secure. Certainly in case of illness because that can happen to anyone at any time. If you are ill and poor, that is one hell of a horrible life."

"My dream as a seven year-old was driving around in a chauffeur driven Rolls Royce handing £5 notes out to the poor people in the streets of Shelton, which is a poor area."

Mr Caudwell's support for Labour before the election was a significant win for the party, considering his previous donations to the Tories. So, what were his thoughts on Chancellor Rachel Reeves' first Budget, which included tax increases such as a national insurance rise for employers?

"Overall, the burden has been shared generally among most members of society," he responds. "It is reasonably fair. Nobody wants to pay more tax but what was missing for me from the Budget was, where are the cost savings going to be and the efficiencies of the public sector? ".

The interview took place after Kemi Badenoch was appointed as the new Tory leader. When asked for his initial opinion, he maintained "I don't know enough about her to comment. I hear that she's fairly right wing in her view point. I don't see the Tories as being very relevant at the moment."