George soros net worth 8.6 billion USD George soros is a Hungarian-American businessman, philanthropist, stock investor, currency speculator, and social activist. George earned his fortune as the founder of Soros Fund Management. Founded in 1970, the firm would go on to generate more than $30 billion in profits for investors over the decades. Today the firm is believed to manage around $45 billion in assets.
Soros is a major philanthropist. As of this writing he has transferred $32 billion in his personal wealth to a charity he founded called Open Society Foundations. Open Society Foundations has distributed roughly $15 billion to various charities to date.
A Holocaust survivor, Soros funded many cultural initiatives in an effort to promote progressive ideas and human rights efforts throughout his impressive career.
George Soros (born August 12, 1930, Budapest, Hungary), Hungarian-born American financier, author, philanthropist, and activist whose success as an investor made him one of the wealthiest men in the world.
He was also known as a powerful and influential supporter of liberal social causes.
George soros net worth
- Net Worth: 8.6 billion USD
- Date of Birth: Aug 12, 1930 (91 years old)
- Gender: Male
- Profession: Speculator, Investor, Businessperson, Entrepreneur, Analyst, Financier, Trader, Business magnate
- Nationality: Hungary
George soros Early life
Soros, who was born into a prosperous Jewish family, had his upbringing disrupted by the Nazis’ arrival in Hungary in 1944. The family split up and used false papers to avoid being sent to concentration camps. In 1947 they moved to London.
Soros studied philosophy under Karl Popper at the London School of Economics, but he abandoned his plans to become a philosopher. He joined the London merchant bank Singer & Friedlander.
In 1956 he moved to New York City, where he worked initially as an analyst of European securities and rapidly made his mark.
The Bank of England
In 1992 Soros sold short $10 billion USD’s worth of British pounds. As a result of the 19992 “Black Wednesday” UK currency crises, that short bet turned into a $1 billion profit for Soros, practically overnight. Soros would become known as “the man who broke the Bank of England”.
Musing on his career gains, George Soros wrote, “My success in the financial markets has given me a greater degree of independence than most other people”. While “most other people” might use that independence to live a life of carefree luxury and boastful material lifestyles, George Soros, having overcome great odds and witnessing nightmarish social injustices, has shaped a legacy of generosity and goodwill. In 1979, Soros used his great fortune to launch a philanthropic organization called The Open Society Foundations. The foundation is actually a network of foundations and partners in over 100 countries.
His contributions are particularly heavy in promoting the ideals of democracy, individual rights and freedom of expression. Beginning with giving scholarships to black South Africans under apartheid, the Open Society Foundations funded many academic visits to the West and throughout the 1980’s promoted the open exchange of ideas in Communist Hungary while supporting the initiatives of many cultural groups and movements.
Following the fall of the Berlin Wall, Soros created the Central European University in efforts to bring new ideas to a formerly limited way of thinking in that part of the world. Later, Soros brought his philanthropic ventures to many more areas of the world including The United States, Africa, Latin America and Asia.
His efforts sought to promote democracy, social justice and accountability in societies.
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A believer in individual liberties for all, Soros openly supported many social justice efforts throughout the 80’s, 90’s and 2000’s. Critical of the hypocrisy of the United States Government’s famed “War on Drugs”, he stated that it was “arguably more harmful than the drug problem itself”.
Always an advocate for the underdog, Soros sought to include in his charitable giving those groups who often faced marginalization, such as drug users, sex workers and members of the LBGTQ community.
An open supporter of both same sex marriages and the medical marijuana movement, Soros helped to pave the way for social evolution through his organization’s many contributions.
George soros Career
In 1973 Soros established the Soros Fund (later Quantum Endowment Fund), a hedge fund that subsequently spawned a range of associated companies. His daring investment decisions caused the funds to grow rapidly, but not all his gambles succeeded. He correctly foresaw the worldwide stock market crash of October 1987—but wrongly predicted that Japanese stocks would fall hardest of all.
Soros’s status as an almost mythical financier was established in September 1992 when the British government devalued the pound sterling. Through his Quantum group of companies, Soros had sold billions of pounds during the days preceding devaluation, much of it purchased with borrowed money. Afterward Soros bought back pounds, repaid the money he had borrowed, and made a profit of about $1 billion.
Others also profited from the pound’s fall, but the scale of Soros’s operations dwarfed those of everyone else, and the gambit earned him the nickname “the man who broke the Bank of England.” In 1994, however, his instincts appeared to fail him—at least temporarily—as he speculated that the dollar would rise in value against the Japanese yen. Instead, the dollar fell all year, and the Quantum Fund reportedly lost hundreds of millions on a single day in February.
Although he denied involvement in speculative attacks on the Thai baht in 1997, Soros’s name was soon linked with the financial crisis that swept Asia the following year. Malaysian Prime Minister Mahathir bin Mohamad singled out Soros, stating that he was responsible for the decline of the ringgit. In reality, Soros’s funds had lost billions as a result of the crisis.
Soros recovered with early gains on Internet stocks in 1999, but his investment style became more conservative in the wake of the implosion of the technology bubble in 2000. In December 2002 a French court convicted Soros of insider trading for a 1988 stock deal involving financial services company Société énérale, and he was fined €2.2 million ($2.9 million).
Soros appealed the ruling, but it was upheld by the Cour de Cassation (France’s highest court) in 2006. Facing new federal regulations concerning hedge funds, Soros announced in July 2011 that the Quantum Endowment Fund would no longer manage the money of outside investors. Instead, it would only handle the assets of Soros and his family.