Estimated to have a net worth of $ 25.2 billion, George Soros is a renowned philanthropist, having donated over $ 12 billion. His funding, Open Society Foundations supports organizations fighting for transparency, freedom of expression, justice, and equality. The donations primarily focus on individuals who face discrimination in the society due to their sexual or other unique orientation. In Europe for example, he supports marginalized groups that include drug users, LGBTI, and sex workers. Know more about George Soros on CNBC.
His early life
George was born in 1930 in Hungary to a rather wealthy Jewish family during the Nazi occupation of Germany. He and his parent survived the period by obtaining false identity documents to hide their backgrounds. In 1947, George moved to England and enrolled at the London School of Economics where he studied and worked as a nightclub waiter and railway porter to support his education. He also received $40 from a Christian-based charity organization. In 1951 George obtained a Bachelor of Science in Philosophy at the London School of Economics.
Development of Soro’s Career
After acquiring a Master of Science in Philosophy at the same institution, Soros began looking for work in the merchant business. After a frantic search in different banking institutions, only one merchant bank accepted him- Singer & Friedlander where he worked as a clerk. George later moved to F.M. Mayer brokerage firm in New York where he was an arbitrage trader. Here, he got acquainted with the European stock market, which was rather popular at the time. In 1959 George joined Wertheim & Co. He worked as an analyst of European stocks for four years before becoming the vice-president at Arnhold and S. Bleichroeder in 1963.
George’s fascination of reflexivity insights as advanced by Karl Popper spawned the development of a hedge fund- the Double Eagle in 1969. By the year 1973, the fund had accumulated $12 million, which saw George and Jim Rogers earn 20 percent of the profits every year. In 1970, Soros set up the Soros Fund Management and was its chairman. Later, he resigned from the management of Double Eagle Fund and renamed Soros Fund as Quantum Fund.
Soro’s philanthropic initiatives
Listed as the 19th most wealthy person in the world, Soros began various humanitarian initiatives as early as the 1970s:
- In Africa
In the 1970s, Soros funded black students studying at the University of Cape Town. He later founded the Open Society Initiative for South African states that support non-violent democratization. Visit projectsyndicate.com to know more about George.
- Drug policy initiative
George Soros is also known to support drug policy reforms across the globe. In 2008 for example, he contributed $400,000 to help fund a drug policy that allowed the decriminalization of Marijuana in Massachusetts. The same year saw him donate $1.4 million in California to support a proposition to expand rehabilitation programs instead of convicting individuals arrested for non-violent drug offenses.