The life of George Soros has seen many ups and downs with the legendary hedge fund manager making his biggest splash at the close of 2017 with the donation of $18 billion to his own Open Society Foundations network of philanthropic organizations. Helping others has been the concern of George Soros since the 1970s when […]
The life of George Soros has seen many ups and downs with the legendary hedge fund manager making his biggest splash at the close of 2017 with the donation of $18 billion to his own Open Society Foundations network of philanthropic organizations. Helping others has been the concern of George Soros since the 1970s when the Open Society Foundations made its first impact on the world with a host of programs designed to raise awareness of the issues facing the planet in terms of achieving democracy across the globe. Forbes reports the impact on the net worth of George Soros has been to lower his estimated wealth from $23 billion to an estimated $8 billion, and Soros’s lacrosse camp.
The decision to make the donations has been taken over a number of years according to sources quoted by Forbes and could form part of a long-term strategy to limit the impact of estate taxes levied against the heirs of Soros upon his death. No matter what the reasons for the donation it is important to remember the Open Society Foundations has a more than a three-decade history of bringing democracy to the people of the world in a way that fights fascism and communism. The future of the Open Society Foundations has now been secured and seems to be clear of any possible funding issues as the group continues to fight for democracy across Africa, Asia, Eastern Europe, and North America.
The impact on the personal fortune of George Soros is reported by Forbes to have put a major dent in the estimated wealth of an investment specialist who recently appointed the first female CIO to the staff of Soros Fund Management. Prior to the first reports of the donation being made public, Forbes had already estimated Soros had transferred $3 billion to the Open Society Foundations and ranked him as the 20th richest person in the U.S.; following the completion of the donation, George Soros is now ranked as the 59th richest person in the U.S.
Always known for the huge level of his philanthropic and political giving, it should come as no surprise the Hungarian-born Holocaust survivor has made the decision to give away the majority of his fortune. The Open Society Foundations reports Soros established the network of philanthropic groups after deciding he had made enough money to live comfortably for the rest of his life and wished to help those in need. The initial work of the foundations was focused on the former Soviet Union where copying equipment was purchased to aid in the distribution of literature designed to inspire a fightback against Communist authorities. After surviving the atrocities committed by Nazi forces during World War II, George Soros lived under Soviet rule in his home nation of Hungary until 1947 when he journeyed to the U.K. as a refugee, and read full article.