George Soros has become one of the world’s most influential philanthropists of his time. George Soros recently gave $18 billion to his own foundation, the Open Society Foundations. The Open Society Foundations’ work has reached throughout the entire world including Europe and the United States. According to Forbes, the Open Society Foundations, aims to promote democracy around the world. The Open Society Foundations has facilities in over 100 countries. It has fought to combat authoritarianism, promote human rights and support minority groups, including refugees, the LGBT community and the Roma people in Europe.
The Open Societies Foundations has become the second largest charity, just behind the Bill & Melinda Gates Foundation. Soros is a chief donor to US Democratic candidates and liberal causes. Since the election of Donald Trump Open Society Foundations has funded efforts to support victims of hate crimes. Open Society Foundations has helped fund Planned Parenthood and the Black Lives Movement in the United States. The Open Society Foundations budget in 2017 was $940 million dollars, and provided grants to seven regions across the world, to promote justice reform, human rights and economic advancement. Soros’ transfer of the money will take place over the course of several years as part of his estate planning.
The massive transfer may be intended to reduce George Soros’ taxes. Donations to charities such as Open Society Foundations are tax deductible and can be carried forward for five years. The funds will continue to be managed by the Soros Fund Management, which recently hired Dawn Fitzpatrick, their first female chief investment officer. George Soros was originally involved in the hedge fund business but shifted his focus towards philanthropy.
George Soros was born in Budapest and managed to survive the Nazi occupation of his country. Soros managed to escape Communist controlled Budapest in 1947, fleeing to London. While in London, George Soros managed to earned a bachelor’s degree and Master of Philosophy at the London School of Economics. George Soros later emigrated to New York, where he started his hedge fund in New York. Over the course of five decades, George Soros has been one of the most powerful financial leaders in Wall Street. Thirty years ago George Soros first appeared on The Forbes 400 list and continues to stay on the list.
With George Soros’ strong philanthropic influence,large scale giving has become scrutinized by many people. According to the Atlantic, the United States in part to the strong economy. As part of Open Society Foundations, George Soros founded the Central European University in Budapest. Globally the demonization of George Soros, for his extensive giving to liberal causes. Many on the right have attempted to demonize George Soros with several conspiracies, according to the Atlantic. Despite all that, George Soros continues to help the minorities and those being ignored. The Open Society Foundations continues to grow as a strong non-profit charity organization. George Soros’ decision to make this charitable gift to Open Society Foundations as come at the expense of his net worth.