George Soros

George Soros, born György Schwartz on August 12, 1930, is a Hungarian and American investor and philanthropist. He has a net worth of US$7.2 billion and has donated more than $32 billion to the Open Society Foundations, making him one of the most generous donors in the world.

Born in Budapest to a Jewish family, Soros survived the Nazi occupation of Hungary during his teenage years. He later moved to the United Kingdom, where he studied philosophy at the London School of Economics and earned both a BSc and a Master of Science degree.

Soros began his career in finance and eventually started his own hedge fund. He became well-known for his successful investment strategies, including a major trade during the 1992 Black Wednesday UK currency crisis. Through his Open Society Foundations, Soros supports many progressive and liberal causes around the world, focusing on reducing poverty and promoting education. His work has had a major impact, especially in Eastern Europe, where his support helped during the fall of communism.

Early life and education

György Schwartz, known today as George Soros, was born on August 12, 1930, in Budapest, in what was then the Kingdom of Hungary. His family was Jewish and well-off. His father, Tivadar, was a lawyer and writer who spoke Esperanto, and his mother, Erzsébet, ran a silk store.

When Soros was 13, Nazi Germany took over Hungary. Jewish children, including Soros, could no longer go to school. Soros' father helped protect their family by changing their last name from "Schwartz" to "Soros" and by finding ways to hide their true identities. Despite the dangers, Soros' father showed great bravery. After the war ended, Soros moved to England to study at the London School of Economics, where he earned degrees in philosophy.

Financial career

George Soros began his financial career in 1954 at a bank in London. He later worked in New York, focusing on European stocks. In 1959, he moved to Wertheim & Co., where he planned to save money to study philosophy in England.

In 1973, Soros founded the Quantum Fund, which grew very successful. By 1981, the fund was worth $400 million but dropped to $200 million after a big loss that year.

In 1992, Soros made a big profit by betting that the British pound would lose value. His actions helped cause the British government to leave a financial group of European countries.

Soros also started the Institute for New Economic Thinking in 2009 to study new ways to organize international economics after the 2008 financial crisis.

Political involvement

Until the 2004 presidential election, George Soros did not give large amounts of money to U.S. political campaigns. During the 2003–2004 election, he donated over $23 million to groups that wanted to defeat President George W. Bush. After Bush was reelected, Soros and others started a new group called Democracy Alliance to support progressive causes and build stronger support for these ideas in America.

In August 2009, Soros gave $35 million to New York state to help children from families with limited resources. The money was given to parents at a rate of $200 for each child aged 3 to 17. Later, New York added another $140 million from its own funds to this program. Soros also started supporting the Center for American Progress and continues to help this organization through his Open Society Foundations.

In October 2011, a news story clarified that Soros did not support the Wall Street protests, known as Occupy Wall Street, despite earlier reports claiming he did. In 2012, Soros donated $1 million to support President Barack Obama’s reelection. He also gave money to support Hillary Clinton in the 2016 presidential race and started a new group called Democracy PAC for the 2020 election. By 2019, he had donated over $5 million to this group.

Since 2016, Soros has given more than $1 million to support candidates who work on criminal justice reform, such as changing laws about incarceration, police conduct, and bail systems. His large donations helped elect new district attorneys in several cities. In the 2020 election, he became one of the largest donors to support Joe Biden. For the 2022 United States elections, Soros was the largest donor, giving $128.5 million to support the Democratic Party.

Conspiracy theories and threats

Because of his background, money, and charitable work, George Soros has been a target for many false ideas and unfair stories. Some people wrongly believe he was involved in big events, like the movement of people into Europe in 2015. The government in Hungary even spent a lot of money on posters to spread negative ideas about him.

Attempted assassination

In October 2018, someone placed a dangerous device at Soros’s home in Katonah, New York. Luckily, a caregiver found it before it could cause harm and told the police. The authorities investigated and later caught a person suspected of sending many such devices to different public figures. No one was hurt, and the person was later punished for their actions.

Political and economic views

Reflexivity, financial markets, and economic theory

George Soros writes about a concept called reflexivity. This is the idea that people's beliefs and actions can change how markets work. He says markets behave differently when they are stable versus when they are changing quickly. Traditional economic theory, he says, does not always explain these fast changes well.

Soros uses the example of the housing market to explain reflexivity. In the 1990s, more money became available for people to buy homes. This increased demand pushed up home prices. When lenders saw that home values were rising, they lent even more money, which caused prices to rise further. Government policies, like guarantees on home loans, also encouraged more buying and pushed prices higher.

Reflexivity in politics

Soros also looks at how reflexivity affects politics. He believes that while threats like extreme ideas used to come from certain political movements, today a big danger comes from uncontrolled market forces.

He thinks the United States' strong role in world politics and trade can create problems. The country’s success in using military and financial power can lead to using these tools more and more, until they become unsustainable.

View of problems in the free market system

Soros argues that fast financial trading can hurt economic growth in poorer countries. He blames many global issues on what he calls uncontrolled market forces.

Market predictions

Soros has written several books warning about financial disasters. In 2008, he described a “superbubble” in the market that was ready to burst. He says he has been successful because he knows when his predictions are wrong.

In 2009, he said the world financial system had collapsed and was being kept alive with support, with no clear end in sight. In 2016, he predicted a financial crisis similar to the one in 2008, based on global market conditions and the falling value of the Chinese yuan.

Views on antisemitism and Israel

When asked about Israel, Soros said he supports the country’s right to exist but does not want to be a part of it. He has funded groups that criticize some of Israel’s policies. He has also spoken about how some leaders’ actions can lead to unfair treatment of Jewish people.

Views on the U.S.

Soros has spoken strongly against some U.S. leaders. In 2003, he said removing a certain president was very important to him. He supported groups working to elect Democratic leaders in the 2004 election. He has also criticized some U.S. policies, saying they create problems around the world.

Views on Europe

Soros has suggested that Europe needs stronger economic leadership to handle challenges. He has criticized some leaders for how they handle refugees and has supported groups working to keep Europe united.

Views European-African relations

Soros has suggested that Europe should create programs to help Africa with education and jobs. He believes this could reduce the number of people trying to move to Europe.

Views on China

Soros has expressed concern about China’s growing power. He has criticized some of China’s policies and technology companies, saying they could be risks to global security. He has also spoken about China’s control over its people.

Views on Russia and Ukraine

Soros has supported Ukraine and criticized Russia’s actions. He has called for stronger measures against Russia and has spoken about the importance of helping Ukraine.

Views on India and Narendra Modi

Soros has criticized India’s leader for some of his actions and policies. He has spoken about concerns regarding fairness and treatment of different groups in India. Leaders in India have responded to his criticisms.

Wealth and philanthropy

Further informationon George Soros's philanthropy: List of projects supported by George Soros

As of March 2020, Forbes magazine listed George Soros as the 162nd richest person in the world, with a net worth of $8.3 billion. He has donated a big part of his money to help many important causes. More than $15 billion has gone to the Open Society Foundations, which supports justice, education, health, and free news.

Since the 1970s, Soros has helped many people and projects around the world. He gave money to help students in South Africa and supported movements in countries with strict governments. He helped build homes in South Africa and supported universities in Russia. He also gave money to help poor villages in Africa and to support free ideas and different ways of thinking.

Personal life

George Soros has been married three times and divorced twice. In 1960, he married Annaliese Witschak, and they had three children: Robert, Andrea, and Jonathan. They divorced in 1983. In the same year, he married Susan Weber, and they had two children, Alexander and Gregory, before divorcing in 2005. In 2013, he married Tamiko Bolton.

Soros has homes in several places, including Manhattan, The Hamptons, and Katonah, New York.

Honors and awards

George Soros has been honored with many awards and degrees. He received special doctor titles from several famous schools, including the New School for Social Research in New York, the University of Oxford, the Corvinus University of Budapest, and Yale University.

He was also given important prizes, such as the Order of the Cross of Terra Mariana from Estonia and the Presidential Medal of Freedom from the United States. In 2018, he was chosen as the Person of the Year by the Financial Times. In 2019, he received the Ridenhour Prize for Courage and gave the money to support a news website about Hungary.

Publications and scholarship

George Soros has written many books about important topics like money, politics, and society. Some of his well-known books include ideas about Europe, financial markets, and democracy. He has also shared his thoughts in articles for famous newspapers and magazines, talking about things like money, global issues, and different countries. In addition to writing, Soros has spoken about his ideas on television, sharing his views with many people.