The founder of Phones4U has revealed that he will give the majority of his £1.5 billion fortune to charities – not to his five children.

John Caudwell said that he will give away 70% of his fortune to good causes, with 30% going to various people including his five children.

He said, ‘I don’t want my kids to be broke, but if you left your kids your entire wealth, that does nothing to rebalance the rich-poor divide.’

He says he hopes to help ‘rebalance the rich-poor divide’ (Rex) Caudwell said that with a ‘few hundred million’, his children will still be ‘filthy rich’ – and able to ‘ruin their lives.’

In an exclusive interview with the Mirror, the mobile phone entrepreneur said, ‘If they are worth several billion, what about giving most of that away and just leaving a few hundred million to the kids?

They’re still filthy rich, they can still ruin their lives.

 ‘I don’t think leaving your kids filthy rich is going to be good for them.’ Caudwell has five children, Rebekah, 39, Libby, 31, Rufus, 23, Scarlett, 17 and Jacobi, 15.

Caudwell also said that he has made a decision not to move to a tax haven, and as a result has paid more than £300 million in UK income tax in the past ten years.

He said that he ‘could easily be in Monaco with my girlfriend and paying no tax’.

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