The contribution saga of George Soros, the leading philanthropist and investor billionaire, has surprised many people around the world, though it was always expected from him, especially for people who knew him personally. Generally, it was not expected from a highly successful billionaire with nearly $23 billion fortune to contribute almost $18 billion from it to various philanthropic activities. The transfer of the amount to Open Society Foundations has significantly reduced his net worth. Soros was the 20th richest in the Forbes list of billionaires in the United States. But, after the donation, his net asset dropped to $8 billion pulling him down to 59th place in the richest in America list.
To break down the amount, Forbes had already accounted a $3 billion contribution previously, and the rest is currently reduced to conclude the contribution and arrive the current wealth of Soros. The Chief Communication Officer of Open Society Foundations, Laura Silber, stated that the amount was transferred during the past several years through the estate planning of George Soros. It is expected that the contribution would further boost the human rights activities, advance justice efforts, and democratization practices of Open Society Foundations around the world.
Open Society Foundations – which was established by George Soros to spread open society concepts – is considered as the second largest philanthropic group in the world behind Bill Gates and Melinda Foundation. It is known for efforts in public health, refugee relief, immigrant rights initiatives, liberal thoughts, and more across the globe. It campaigns for LGBT rights, helping Roma community in Europe, democratization in Eastern Europe, and more. Though Soros is a highly successful hedge manager and known for founding Soros Fund Management, in the recent years, he started completely focusing on philanthropic efforts. Interestingly, he always had philanthropic thoughts in his mind, and even in his peak years of investments, he spent quality time and money for charitable causes, and read full article.
George Soros was born in Budapest in 1930 and survived the Nazi invasion and Second World War. After the war, his family migrated to the United Kingdom, and he enrolled at London School of Economics where he earned his graduation. During those years, he was introduced to open society ideologies that shaped his thoughts and actions in the later years. After graduation, Soros worked in London for a few years and decided to move to the United States. In 1956, he emigrated and started his investments in the Wall Street that changed his life forever.
His success in the financial world prompted him to establish Soros Fund Management – a hedge fund firm – in the year 1970. Today, it is one of the largest hedge fund firms across the world. His financial success helped him to focus deeply on philanthropic efforts and open society ideas. With that mission, he established Open Society Foundation in the early 1980s. In the later years, the charitable group that works towards the advancement of civil society grew significantly across the globe. Today, Open Society Foundations has branches and projects in over 100 countries.