Chicago millionaire makes shocking announcement to 5 local high schools
On 60 Minutes Sunday, Scott Pelley highlighted Chicago businessman Pete Kadens, who is sending thousands of people to college, promising to pay in-state tuition, along with covering room and board as well as books through his charity, Hope Chicago. Kadens was able to build wealth and retire at the age of 40 after starting five companies.
“I’m a guy who got really lucky in life,” Kadens said. “I’m a guy who won a lot of lotteries: The birth lottery, the zip code lottery, the education lottery. And when I think about having won all those lotteries and all the people who are suffering, it’s my chance to give them those same opportunities. That’s who I am.”
Besides readily admitting that he was born into a good situation, Kadens said he feels guilt over being wealthy while others suffer.
“I feel horribly guilty that I created this amount of wealth, and that so many people are still suffering,” Kadens said, later adding, “I just think that fundamentally, there is a misunderstanding in this country that college is accessible to everybody, and the fact is, no it is not.”
60 Minutes captured the moment that Kadens announced his plans to the students of Johnson College Prep on Chicago’s south side. He went on to do the same at four other schools. Kadens is well aware of the magnitude of what he’s planning to do.
“We will end up funding about 30,000 individuals to go to college or trade school in the city of Chicago,” Kadens said. “Over what period of time?” Pelley asked. “Over the next decade,” Kadens responded. “That makes this the largest scholarship program in the country.”
Video Transcript
PETE KADENS: I'm a guy who won a lot of lotteries the birth lottery the zip code lottery the education lottery and when I think about having won all those lotteries and all the people who are suffering it's my chance to give them those same opportunities.
KYLIE MAR: Chicago businessman Pete Kadens appeared on 60 Minutes, Sunday, where he spoke about his charity, Hope Chicago, which will cover the costs for thousands of underprivileged students and their parents to go to college. Kadens built his fortune and retired at the age of 40 after starting five companies, including growing cannabis.
PETE KADENS: I feel horribly guilty that I created this amount of wealth and that so many people are still suffering. I just think that, fundamentally, there is a misunderstanding in this country that college is accessible to everybody. And the fact is, no, it is not.
KYLIE MAR: 60 Minutes captured the moment Kadens made the announcement to Johnson College Prep on Chicago's South Side.
PETE KADENS: If you are a freshman, sophomore, junior or senior at Johnson College Prep your college tuition, your room and board, your books and fees will be paid for. You will go to college for free!
KYLIE MAR: Kadens went on to do the same at four other Chicago schools, and he's well aware of the size and scope of what he's doing.
PETE KADENS: We will end up funding about 30,000 individuals to go to college or trade school in the city of Chicago.
- Over what period of time?
PETE KADENS: Over the next decade. That makes this the largest scholarship program in the country.
