About a decade ago I made a decision based on a destiny that had been defined 42 years previously.

That decision was to start focusing much more on helping others in desperate need, rather than focusing on my own wealth creation. For this reason, along with the influence of other catalysts, I decided to sell my business, which I eventually did in 2006.

About the same time I decided that I was going to give at least half my wealth away when I died, as well as trying to change as many lives as possible during my life time.

Part of this decision process was that I really don’t think it is healthy and desirable for children to have such vast amounts of wealth left to them, and my philosophy is very much to encourage my children to forge their own success and happiness, even though that will undoubtedly involve much more modest levels of wealth creation.

I also felt that making them trustees for over half my wealth, with a letter of wishes as to how to use that money to help society, would bring them far more pleasure than having the ability to spend vast amounts of money on themselves.

Having already decided to give this wealth away, I contacted Bill Gates to see how we might work together to help encourage other wealthy British and European individuals to do the same.

Although since selling the business I have acquired or invested in 10 further businesses, from wealth management to property development, philanthropy gives me far more pleasure and satisfaction than making money. In fact, making money is now largely driven by the knowledge that I will be able to leave even more wealth behind for charitable causes when I go.

The biggest philanthropic challenge is being able to find causes that I believe in, that have an efficient structural approach to the use of the money I give them. This makes it extremely hard work, because it does mean that I have to get personally involved to ensure the validity of what I am supporting. It is one of the reasons that I founded a children’s charity 12 years ago. I support Caudwell Children by paying all the operating and administrative expenses, but also contributing a significant amount of time and effort.

At the moment, my main charitable cause in terms of passion is Caudwell Children. This charity helps children in dire medical need, whatever their illness. It helps children whose parents don’t have the financial ability to help them themselves. Caudwell Children helps about 3,000 children each year, and in some cases completely transforms their lives; in others it makes their lives more bearable, while for some it can make their dying wishes come true.

My hope for Caudwell Children is that we will eventually help every eligible child in the UK and in other countries if I can find like-minded individuals to help me.

My work does extend to many other causes, from AIDS in Africa via Elton John’s AIDS Foundation, to being the major donor for the Bomber Command Memorial in Green Park, London. Other major causes I work with are ARK and The Prince’s Trust.

My message to those who have not yet found philanthropy is that they may well find that it becomes a drug that gives far more pleasure than the creation of wealth.