Billionaire philanthropist, George Soros, currently runs the second largest charity organizations in the United States. This is after he donated $18 billion dollars to his charity organization, Open Societies Foundation. Soros is globally renowned for his commitment to supporting liberal causes. He established his foundation in 1979, and its first project was to provided education grants to black South Africans who suffered discrimination under the apartheid rule. It also strived to advocate for equality and justice in different parts of the world. The Open Societies Foundation is now the world’s second-largest philanthropy after the Bill and Melinda Gates Foundation, which was established by the Microsoft founder.
Before the donation, Soros was worth $23 billion and was ranked as the 20th person on the Forbes Magazine’s top 400 wealthiest Americans. Most of his fortune was acquired from the hedge fund sector. The 87 years old billionaire was born in Hungary and later moved the country to theU.K. He worked as a railway porter while pursuing a finance degree at the London School of Economics. The Open Societies Foundation has offered more than $14 billion to support democracy and human rights since 1984. George Soros has been transferring billions of dollars from his riches to the Soros Fund Management, which has invested in the foundation.
George Soros has been moving his money quietly to his foundation for years. He started Soros Fund Management in 1969, and it later grew into one of the most successful investment firms in the world. The billionaire was also involved in currency speculation in 1992, and he short sold the British pound. He earned about $1.5 billion from the Bank of England. Soros Fund Management was transformed into a family office and is currently in charge of handling Soros’ money. His company makes billion annually from handling investments and hedge funds. Read more at Fortune about George Soros.
The Democratic Party acknowledges Soros for the financial aid that he offers. He has supported the election bids of various Democratic politicians, and this has made him be criticized by the Republicans. George Soros was one of the vocal critics of the former president George W. Bush and even donated funds to several groups that opposed his regime. He has also been against the policies of the Trump administration. The philanthropist also contributed towards the re-election bid of President Obama in 2012. Hillary Clinton has been his major political beneficiary since he gave over $10 million to various PACs that supported her presidential campaigns in 2016. Read more about at theatlantic.com.
The Open Society Foundation currently owns divisions in New York, Brussels, Budapest, and London. It runs operations in about 140 countries across the world and has offered employment to 1,500 people. The annual budget of the organization is estimated to be about $940 million. Approximately 28 percent of its money is donated to support human rights and democracy. The distribution of the grants that are offered by the Open Societies Foundation is determined by 23 national and regional institutions that are managed by local boards. Soros grew up in a communist country, and he believes in transforming the world to offer equal opportunities to people.