Billionaire John Caudwell has pledged to give away most of his money - 'but other rich people think I'm mad'

John Caudwell reveals why he has promised to give away more than half of his wealth to charitable causes - and what other wealthy people think of his choice

When we caught up with billionaire John Caudwell on his 72nd birthday, he was on his luxury superyacht Titania, moored in Monte Carlo, Monaco. Alongside him was his partner of a decade, former Olympic cyclist Modesta Vžesniauskaitė, 41, and their two young children, offering a rare glimpse into the life of the usually elusive philanthropist. So Modesta, what do you buy one of the world's wealthiest men for his birthday? "Yes, because I'm extremely critical," John, who also owns a property in Mayfair, London, laughs.

"But I don't want anything that costs money, I like emotionally important things, that money can't buy. "Modesta and [son] William made me bacon and eggs this morning with a big strawberry birthday cake", as OK! reports. I also got some nice slip-on shoes. But the most important thing was a photograph album, full of beautiful photos of our lives – she got the kids to join in and do some kiddie designs on them. It was lovely to look through."

According to The Sunday Times Rich List, John is the 109th richest person in Britain, boasting a fortune of £1.54 billion. But the father-of-seven – who welcomed his youngest child last year – is the epitome of self-made. Born in Birmingham and brought up in Stoke-on-Trent, he started his career as an apprentice at the Michelin tyre company before launching what would become Phones 4U with his brother, Brian.

In 2006, they sold it for a whopping £1.46 billion. Today, John is hailed as one of the UK's most generous philanthropists, spearheading Caudwell Children for disabled kids and the mentoring charity Caudwell Youth alongside Modesta. In his words, "There's absolutely no value in wealth if you don't do something with it that's meaningful."

He is among 250 billionaires globally to have signed The Giving Pledge – a commitment to donate over half their fortune to charitable causes, either before or after death. Elon Musk, Mark Zuckerberg and Richard Branson are also on the list. John made his pledge in 2013 and can't fathom why more haven't followed suit.

"I've pledged 70% 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."

Meanwhile, he describes life with Modesta as "extremely normal, within an abnormal environment". They reside in Broughton Hall, Staffordshire, and also have properties in London and Monaco. Modesta assists in running his two charities while also caring for their two young children – Isabella, one, and William, three – and her son Leonardo, 12, from a previous relationship, who gained John as a second dad at the age of two.

John, who often works gruelling 18-hour days, is all about family time when he's at home. Despite having "an army of support" to manage their busy lives, John takes pride in cooking most of the meals, much to his family's joy. He chuckles, "The bit where we're not completely normal is we do have one or two staff," before adding, "But I love cooking, it's a big hobby. I'm always experimenting with dishes." His wife Modesta couldn't be happier with his culinary skills, saying, "I don't like cooking, but when John cooks it's like a celebration in the kitchen! Even our one-year-old loves Daddy's sauces, she always asks for more."

John quickly clarifies with a laugh, "And by Daddy's sauce she means my sauces, not the brown stuff in a bottle! " The couple, who share a love for cycling, met during a charity ride hosted by Prince Albert of Monaco. Modesta, a former Olympic road racer for Lithuania, reminisces, "We both did a charity ride organised by Prince Albert of Monaco and spent all day chatting and enjoying each other's company," She adds with a smile, "It seems like yesterday, and now we're still on our bikes, still loving each other, still doing charity work."

Now that they have children, Isabella and William, their cycling adventures have adapted. John jokes, "Modesta pulls a chariot with William and Isabella in, so that evens up the balance a bit between her ability and mine! ". John's recent business venture has been his £2 billion 1 Mayfair project, transforming a former car park and hotel into 24 residences of "unprecedented scale and grandeur". His knack for transformations is evident in the 73m superyacht Titania, which rents for around £525,000 a week and was featured in The Crown for the Princess Diana scenes.

When asked about a recent "renovation" to the yacht, John quickly clarified: "Oh, it's not being renovated, it's in such amazing condition, it never needs renovating, but we're always upgrading. " He added: "I'm currently adding a cold plunge to The Beach Club so people can enjoy hot-and-cold therapy. It's very good for the immune system." The superyacht, accommodating 12 guests and boasting a gym, beauty salon and lift, is a successful charter yacht and plays a crucial role in John's fundraising efforts. This week, he's hosting his Life-Changers Circle, an exclusive group of 14 "philanthropists and dedicated humanitarians".

Members are required to donate at least £100,000 annually to Caudwell Children to support projects like the Caudwell International Children's Centre (a purpose-built centre for childhood disability and neurodevelopmental research) in Newcastle-under-Lyme. And while they're in Monaco, he and Modesta are also hosting their annual fundraising Butterfly Ball. But does his wealth and ability to make a difference ever take an emotional toll?

"If I'm going to something like Elton John's charity ball and donating on the night, all I have to do is be fairly confident the money is going to a good cause and being efficiently used, so no. But when I went on some charity visits with Elton and looked at the work being done, there was an emotional toll because we met some of the people the charity was helping."

Prior to the arrival of Isabella and William, John had three children from his first marriage – Rebekah, Libby and Rufus – and another daughter, Scarlett, and son Jacobi, from subsequent relationships. He says, of being an older dad, "I have the luxury of time now. I was building an empire the first time around. "The most important thing for me is that my kids grow up achieving happiness, and leaving the world a better place than they found it. I know that sounds cheesy but I truly believe there's nothing more important."

Today, John is considered one of the UK's most charitable men, running Caudwell Children, for disabled children, and the mentoring charity Caudwell Youth with Modesta. As he puts it, "Modesta is, of course, now a stepmum to five children – and John's eldest, Rebekah, an interior designer, is just a few years older than her. "I'm very lucky with my stepchildren – even though some of them are my age," she laughs. "The blended family makes life more colourful, it adds spice."

The couple celebrated their 10-year milestone earlier this year, sparking questions about potential wedding plans or a desire to take things easier. However, John reveals: "I've never really felt marriage very important," "What's important is a commitment to making a relationship last – not a piece of paper. Plus, Modesta and I have so many important things to do, that's our focus. "As for slowing down, that doesn't appeal. Unless my health fails, because without it you're nothing. We're going to keep going!