According to a New York Times story, Hungarian-born billionaire, George Soros transferred most of his $ 18 billion dollars of accumulated wealth to his Open Society Foundations fund, which supports liberal organizations around the world. This makes the philanthropic organization the second largest in the United States, after the Gates Foundation, based on data from 2014.
Soros founded Open Society in 1993. Since its inception, the fund has reportedly transferred more than $ 10 billion to various philanthropic purposes, through its affiliates, in 37 countries around the world. Soros’s has given up some of the company’s decision-making powers, yet his contribution entitles him to an official position on the fund’s management committee, which determines its strategy of operations. He himself established this committee and he still serves as its chairman, but the fund arranged the committee’s activities in a manner that would grant it full management powers, even after Soros’s death.
The billionaire became one of the pioneers of hedge funds in the United States, managing $26 billion for investors. In recent years, the company has ceased to operate as a hedge fund, instead becoming a family company that manages Soros’s investments.
The Open Society Foundation today has an extensive endorsement that derives mainly from the values of the founder and Karl Popper. It operates through a network of more than 40 funds and international offices. The fund supports refugee assistance, health for the public, and programs that include one of the largest ethnic minority groups in Europe.
Soros: Self-made Billionaire
Born in Budapest , Hungary in 1930, George Soros emigrated to England at age 17. He studied at the London School of Economics, completing his Bachelor’s and Master’s degrees in Philosophy. After receiving his degrees, Soros went to work for the Singer and Friedlander bank. Moving to New York City in 1956, he began specializing in stocks, with a focus on European stocks, and then in 1959 he began working with European securities.
He made a fortune trading foreign currency, betting on undervalued currency in developing countries. He became famous in 1992, selling British pounds, and in 2013, Fortune magazine declared him one of the 50 riches men in the world. The magazine ranked him number 35, to be exact.
George Soros attributes his success to his ability to discern when his predictions are correct and incorrect. Soros says, he is rich because he is smart enough to recognize his mistakes.
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