Phones4u magnate John Caldwell announces plans to give away 70% of his £1.5bn ...

Phones4U tycoon John Caudwell pledges to leave most of his £1.5bn fortune to charity instead of his five children to 'rebalance the rich-poor divide' Founder of Phones4U pledged to give majority of £1.5bn wealth to good causes John Caudwell said the other 30 per cent will be split between his five children Tycoon splits his time between Staffordshire, Mayfair in London and Monaco 

By Brendan Mcfadden For Mailonline

Published: 07:05 BST, 1 April 2019 | Updated: 07:05 BST, 1 April 2019

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The billionaire founder of Phones4U has pledged to give vast majority of his £1.5bn wealth to good causes.  

John Caudwell has revealed the other 30 per cent of his fortune will be split between his five children,  Rebekah, 39, Libby, 31, Rufus, 23, Scarlett, 17 and Jacobi, 15.

The pledge is an increase on his previous 50 per cent commitment to giving cash to good causes. 

Mobile phone magnate John Caudwell (pictured with his ex-wife Claire in 2014), has pledged to give vast majority of his £1.5bn wealth to good causes.

Mobile phone magnate John Caudwell (pictured with his ex-wife Claire in 2014), has pledged to give vast majority of his £1.5bn wealth to good causes.

He told The Mirror: '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.

'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.' 

The tycoon, 66, claims he has paid more than £300million in UK incomes taxes in the past 10 years.

Mr Caudwell splits his time between Britain, where he owns 50-room £12million Jacobean Broughton Hall in

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