George Soros is undeniably one of the top philanthropists in the world, having donated about $18 billion to his Open Society Foundations. In fact, the sizeable donation stands among the largest wealth transfers in the world to be made by a donor to a single foundation. Although it was made silently over the past couple of years, the contribution has pushed the Open Society Foundations into the second spot among the largest charity organizations in the US. It is ranked behind the Bill and Melinda Gates Foundation.
Since its formation over three decades ago, Open Society has positioned itself as an advocate for human rights and democracy in over 120 nations. In recent years, Soros’ giving to the organization rose from approximately $800 or $900 million annually. Aside from his philanthropic endeavors, George Soros has carved a name for himself in the US politics thanks to his huge financial contributions. In the previous general election, he donated generously to support Democratic hopefuls including the party’s presidential flag bearer, Hillary Clinton.
Impact on Gorge Soros’ Net Worth
Over the years, George Soros has been one of the well-known and influential billionaires in the United States. His name has for many years featured on Forbes 400 list of the richest persons in America since being first listed with a total net worth of $300 million. Ever since Soros founded the Open Society Foundations, he has been transferring a significant portion of his wealth to the network without regard for his net worth. In turn, his rank on Forbes recently dropped from 20 to 59 with an estimated net worth of $8 billion after considering the $18 billion gift to the Open Society Foundations, and more information click here.
The chief communications officer of Open Society Foundations, Laura Silber, confirmed the $18billion transfer of assets from Soros as part of his estate planning. She added that the organization would continue to run as dictated by global opportunities and needs. Also, two wealth managers well conversant with Open Society revealed that the transfer of assets might be partly intended to minimize Soros’ taxes. Furthermore, George Soros may have donated a large portion of his fortune to minimize the estate taxes to be paid by his heirs after his demise, and follow his Twitter.
About George Soros
Renowned financial mogul cum philanthropist, George Soros, is one of the wealthy individuals who has made a tremendous impact in the world as far as philanthropy is concerned. Since venturing into giving, he has donated a considerable portion of his fortune to finance the operations of his Open Society Foundations. Thanks to his generosity, the network has backed numerous organizations and individuals globally in championing for accountable governments, freedom of expression as well as societies that uphold equality and justice.
George Soros is a perfect example of an immigrant who is living the American dream. He sought refuge in England after the Nazi had invaded his home country, Hungary, in 1944. In England, Soros worked as a waiter and railway porter to make ends meet and finance his education at the London School of Economics. In 1956, he relocated to the US and ventured into the finance and investment segment, where he made his fortune, and contact him.