George Soros

George Soros
Born	György Schwartz (1930-08-12) August 12, 1930 Budapest, Hungary
Occupation(s)	Financier, philanthropist
Known for	Founder of Soros Fund Management and Open Society Foundations; "The Man Who Broke the Bank of England"

George Soros (originally named György Schwartz; born August 12, 1930) is a Hungarian-American financier and philanthropist. His estimated net worth stands at US$7.2 billion, having contributed more than $32 billion to the Open Society Foundations, with $15 billion already allocated—accounting for 64% of his initial wealth. In 2020, Forbes recognized Soros as the "most generous donor" relative to net worth.

Soros was born in Budapest into a Jewish family that was not religiously observant. He survived Hungary's Nazi occupation and emigrated to the United Kingdom in 1947. By 1954, he had completed both a BSc and a Master of Science degree in philosophy at the London School of Economics. His early professional experience included positions at merchant banks in Britain and the United States before he launched his initial hedge fund, Double Eagle, in 1969. The earnings generated from Double Eagle were invested into establishing Soros Fund Management in 1970. Double Eagle was later renamed the Quantum Fund, which Soros mainly managed. Beginning with $12 million in assets under management (AUM), Quantum Fund's portfolio grew to $25 billion by 2011, representing the bulk of Soros's wealth.

Referred to as "The Man Who Broke the Bank of England," Soros gained notoriety for short selling £10 billion during the UK's Black Wednesday currency crisis in 1992, netting $1 billion. Drawing on his philosophical studies, he formulated the concept of reflexivity within financial markets to explain phenomena such as asset bubbles and valuation inconsistencies that are exploited through short positions and derivatives.

Through the Open Society Foundations, Soros has championed liberal and progressive initiatives by donating over $11 billion from 1979 until 2011, with total philanthropic giving reaching $12 billion by the year 2017. He contributed significantly to Eastern Europe's transition after communism and founded the Central European University located in Budapest. His political financing efforts have drawn criticism from European nationalist groups, while various far-right conspiracy narratives depict him as a manipulative figure. These allegations are broadly condemned as antisemitic conspiracy theories. In a 2018 article, The New York Times observed that such conspiracy theories have become part of mainstream Republican rhetoric.

Early life and education

György Schwartz entered the world on 12 August 1930 in Budapest, born into a well-off, non-practicing Jewish household. His mother, Erzsébet, managed a thriving silk retail business, while his father, Tivadar, was both a lawyer and an Esperanto writer who edited the publication Literatura Mondo. Tivadar also raised Soros speaking Esperanto at home. Having been a prisoner of war during World War I, Tivadar later reunited with his family in Budapest.

In 1936, to evade antisemitic discrimination, the family altered their surname from "Schwartz" to "Soros." The new name held significance for Tivadar, meaning "next" in Hungarian and "will soar" in Esperanto.

At the age of 13, amid the 1944 Nazi occupation of Hungary, Soros observed his father’s courageous actions to protect Jewish families by acquiring documents that identified them as Christians. To survive, Soros assumed the identity of a Christian godson linked to a government official. Reflecting on that year, he later called 1944 "the happiest [year] of his life," inspired by his father's bravery. After enduring the 1945 Siege of Budapest, Soros moved to Paris at 17 before relocating to England to attend the London School of Economics.

While studying under philosopher Karl Popper, Soros supported himself through various roles such as railway porter and waiter and occasionally gave lectures on internationalism in Esperanto. He completed a Bachelor of Science degree in philosophy in 1951 and followed with a Master of Science in philosophy in 1954 at LSE. Although initially intending to pursue an academic career as a professor, he shifted toward finance due to his academic results, starting his professional journey at an investment firm in London.

Early business experience

During a 2006 discussion hosted by the Los Angeles World Affairs Council, Soros recounted his entry into finance: after holding multiple sales positions, he reached out to every managing director at London’s merchant banks. Despite receiving few responses, he ultimately secured employment.

Singer and Friedlander

Soros launched his financial profession in 1954 at Singer & Friedlander, a London-based merchant bank. He advanced from clerk duties to working within the arbitrage division. A colleague encouraged him to apply for a role at F.M. Mayer’s brokerage firm in New York.

F. M. Mayer

In 1956, Soros relocated to New York City to serve as an arbitrage trader for F. M. Mayer. His focus was on European stocks attracting interest from U.S. institutional investors during the establishment of the Coal and Steel Community, which later evolved into the Common Market.

Wertheim and Co.

By 1959, Soros had joined Wertheim & Co., setting a personal goal to accumulate $500,000 within five years before returning to England for further philosophical studies. His responsibilities included analyzing European securities until 1963.

During this period, Soros formulated his concept of reflexivity, inspired by ideas from his LSE mentor Karl Popper. Reflexivity posits that market prices are shaped not only by fundamental factors but also by participants’ imperfect perceptions, generating feedback loops that fuel cycles of booms and busts—challenging traditional neoclassical equilibrium theories.

Arnhold and S. Bleichroeder

From 1963 until 1973, Soros held the position of vice president at Arnhold and S. Bleichroeder. However, his European trading activities faced setbacks following the introduction of the Interest Equalization Tax. Between 1963 and 1966, he primarily concentrated on refining his philosophy dissertation. In 1966, he initiated a fund utilizing $100,000 of the firm's capital to experiment with his investment strategies.

In 1969, Soros founded the Double Eagle hedge fund with an initial capital of $4 million from investors, including a personal contribution of $250,000. Headquartered in Curaçao, this fund was a derivative of Arnhold and S. Bleichroeder's First Eagle fund, which Soros co-created with chairman Henry H. Arnhold in 1967.

By 1973, Double Eagle had expanded to $12 million, serving as the cornerstone for what would become the Soros Fund. Both Soros and Jim Rogers earned returns on their investments and collected 20% of the annual profits.

Soros Fund Management

Established in 1970 with Soros as chairman, Soros Fund Management included key figures such as Jim Rogers, Stanley Druckenmiller, Mark Schwartz, Keith Anderson, along with Soros's sons.

Due to perceived conflicts managing two funds simultaneously, Soros stepped down from Double Eagle’s management in 1973 and launched the Soros Fund. Investors of Double Eagle were given the choice to either transfer their holdings or remain with Arnhold and S. Bleichroeder.

The fund was later renamed the Quantum Fund, initially valued at $12 million. Soros and Rogers reinvested their earnings and a significant portion of their 20% performance fees to increase their ownership stakes.

Assets under management reached $400 million by 1981; however, a 22% loss that year accompanied by investor withdrawals reduced it to $200 million.

In July 2011, Soros returned approximately $1 billion from outside investors due to new disclosure requirements imposed by the U.S. Securities and Exchange Commission that conflicted with investor privacy. Subsequently, he managed only his personal fortune worth $24.5 billion. At that time, the fund maintained an average annual compounded return exceeding 20%.

The Quantum Fund generated $5.5 billion in profits in 2013, solidifying its reputation as the most successful hedge fund ever with cumulative gains totaling $40 billion since its inception.

In 2015, the fund allocated $300 million toward expanding Fen Hotels in Argentina, aiming to develop 5,000 rooms over three years throughout Latin America.

Economic crises during the 1990s and 2000s

Ahead of Black Wednesday in September 1992, Soros amassed a substantial short position against the pounds sterling. He identified Britain's unfavorable entry rate into the European Exchange Rate Mechanism (ERM), highlighting that elevated inflation and interest rates were detrimental to asset values.

By September 16, 1992, his fund had shorted over $10 billion worth of pounds sterling, profiting from the UK government's refusal to raise interest rates or allow currency flotation. When Britain exited the ERM and devalued its currency, Soros's gains surpassed $1 billion. This led to him being nicknamed "the man who broke the Bank of England." The incident resulted in an estimated £3.4 billion loss for the UK Treasury. Stanley Druckenmiller, trading under Soros’s direction, acknowledged Soros's pivotal role in advocating for a significant position against the pound.

On October 26, 1992, Soros revealed that their total exposure approached $10 billion by Black Wednesday and indicated intentions to increase sales further.

In February 1996, reports surfaced that Soros traded billions of Finnish markkas anticipating short sales amid Finland's economic downturn. The Bank of Finland and government officials denied any conspiracy allegations.

During the 1997 Asian financial crisis, Malaysian Prime Minister Mahathir Mohamad accused Soros of using his wealth to destabilize ASEAN economies due to political disputes and made controversial references to Soros’s Jewish heritage. By 2006, Mahathir retracted these claims. In his book The Crisis of Global Capitalism: Open Society Endangered (1998), Soros detailed that his fund initially shorted Thai baht and Malaysian ringgit early in 1997 but later purchased these currencies as their declines presented profit opportunities.

Soros’s Quantum Fund also attempted to short the Hong Kong dollar, employing tactics similar to those used against the pound and baht. Nevertheless, due to China's support maintaining a fixed exchange rate regime, Hong Kong's currency remained stable, causing losses on this position.

Economist Paul Krugman criticized Soros in 1999 by coining "Soroi" for investors who profit from triggering financial crises.

Regarding the late-2000s recession, Soros described it as the most severe crisis since the Great Depression and condemned market fundamentalism for assuming markets self-correct without government involvement. He emphasized that prevailing market "moods"—whether optimistic or pessimistic—can create self-reinforcing but ultimately unsustainable boom-and-bust cycles.

In reaction to the Great Recession, Soros established the Institute for New Economic Thinking in October 2009—a global think tank comprising economic and financial experts dedicated to exploring innovative frameworks for organizing international economic systems.

Conviction for Insider Trading Involving Société Générale

In 1988, French financier Georges Pébereau invited Soros to join a consortium acquiring shares in Société Générale, a major French bank undergoing privatization under Jacques Chirac's administration. Soros opted out of this collective approach, choosing instead to independently accumulate stakes not only in Société Générale but also in Suez, Paribas, and Compagnie Générale d'Électricité.

The following year, the Commission des Opérations de Bourse (COB), France's securities regulator, launched an inquiry into whether Soros’s transactions in Société Générale amounted to insider trading. Although Soros did not possess direct insider information, he was aware of other investors’ intentions to initiate a takeover. Initial findings cleared him of any illegal conduct; however, the case was reopened years later. In 2006, the French Supreme Court confirmed his conviction but reduced the fine to €940,000.

Soros maintained his innocence, arguing that the takeover details were publicly accessible and that his share purchases occurred before he became aware of the takeover plans. He appealed to the European Court of Human Rights in 2006, citing that the 14-year delay prejudiced his case. The court accepted the appeal under Article 7 of the European Convention on Human Rights, which forbids punishment for actions not criminal when committed. Nevertheless, in 2011, by a narrow 4–3 vote, the court dismissed his appeal, concluding that Soros had been conscious of the insider trading risk involved.

Political Engagement

Prior to the 2004 U.S. presidential election, Soros was not a prominent contributor to American political campaigns. During the 2003–2004 cycle, he donated $23.6 million to various 527 organizations focused on opposing President George W. Bush’s reelection. Following Bush’s victory, Soros and other donors supported the Democracy Alliance, which funds progressive initiatives and organizational infrastructure across the United States.

In August 2009, Soros contributed $35 million toward programs benefiting disadvantaged children in New York; this was supplemented by $140 million from state funds derived from federal recovery packages. He was among the founding donors of the Center for American Progress and continues to provide financial support through his Open Society Foundations.

In 2011, Reuters corrected earlier reports by clarifying that Soros did not finance Occupy Wall Street protests either directly or indirectly.

On September 27, 2012, Soros made a $1 million donation to Priorities USA Action, a super PAC supporting President Barack Obama’s reelection campaign. In October 2013, he gave $25,000 to Ready for Hillary and assumed co-chairmanship of its national finance committee. Subsequent contributions included $1 million in June 2015, $6 million in December 2015, and $2.5 million in August 2016 to Priorities USA Action backing Hillary Clinton’s 2016 presidential bid. For the 2020 election cycle, Soros established Democracy PAC and had donated $5.1 million by July 2019.

Since 2016, Soros has invested over $1 million via Safety and Justice PAC in district attorney races promoting criminal justice reforms. His funding influenced campaign focuses on incarceration policies, police accountability, and bail system reform. Notably, he provided $1.5 million for Larry Krasner’s victorious Philadelphia DA campaign in 2017. In 2020, Soros was the largest donor with $2.25 million toward George Gascón’s Los Angeles County DA race and contributed $2 million supporting Kim Foxx’s campaign for Cook County State's Attorney.

During the second quarter of 2020 alone, Soros donated at least $500,000 to Joe Biden’s presidential campaign, ranking among its top contributors.

For the 2022 U.S. elections cycle, Soros emerged as the leading donor nationwide by contributing $128.5 million in support of Democratic Party efforts throughout that period.

Central and Eastern Europe

Waldemar A. Nielsen, a recognized expert on American philanthropy, observed that Soros sought to introduce open ideas and scientific exchange into formerly closed communist regimes across Eastern Europe. Beginning in 1979, he provided support to dissident movements such as Poland's Solidarity, Czechoslovakia's Charter 77, and Soviet Union dissident Andrei Sakharov. In 1984, Soros established the inaugural Open Society Institute in Hungary with an initial budget of $3 million.

Following the collapse of the Soviet Union, Soros's financial contributions played a pivotal role in shaping the newly sovereign states. A 2017 analysis revealed that his grant initiatives aided more than 28,000 scientists within former Soviet territories, resulting in a doubling of scientific research outputs and improved retention rates in scientific fields. His backing of pro-democracy efforts in Georgia was regarded as instrumental to the Rose Revolution, although Soros himself minimized his involvement. Alexander Lomaia, who formerly served as Georgian Security Council secretary and Education Minister, managed the Open Society Georgia Foundation with a $2.5 million budget.

Former Georgian Foreign Minister Salome Zourabichvili acknowledged that organizations supported by Soros were foundational in fostering democratization and held significant influence over power dynamics after the revolution.

Certain initiatives funded by Soros encountered prohibitions in countries like Kazakhstan and Turkmenistan. In Turkey, apprehensions about foreign NGO financing increased following Russia’s clampdown on similar organizations. In 1997, Soros was compelled to shut down his Belarus foundation after the government under President Alexander Lukashenko imposed a $3 million fine; Lukashenko faced criticism for suppressing independent civil society groups. Soros characterized these fines as deliberate attempts to "eradicate independent society."

In June 2009, Soros allocated $100 million toward Central and Eastern Europe to support vulnerable groups and non-governmental organizations grappling with the effects of the Great Recession.

Since 2012, Hungary’s ruling Fidesz party has branded Soros as an "enemy of the state," opposing his engagement during the 2015 European migrant crisis and targeting his Open Society Foundations (OSF). Efforts to revoke the operating license of Central European University in Budapest were unsuccessful due to widespread public opposition. Soros described the Hungarian administration as a "mafia state." Ahead of the 2018 elections, Hungary launched a campaign vilifying Soros, featuring public posters accusing him of encouraging migration and undermining border security. The government also enacted the "Stop Soros package," legislation aimed at restricting NGOs involved in refugee assistance and volunteer activities.

In March 2017, six U.S. senators urged Secretary of State Rex Tillerson to investigate American grants awarded to organizations supported by Soros amid allegations they sought to destabilize Macedonia. Judicial Watch filed a Freedom of Information Act request for documents related to $5 million in USAID funds transferred to Soros's Open Society branch there. The Open Society Foundation clarified that its work concentrated on ethnic reconciliation and post-Yugoslavian recovery efforts.

Also in January 2017, Macedonia witnessed the creation of "Stop Operation Soros" (SOS), a campaign designed to expose Soros’s international activities and advocate for “de-Soros-ization.”

On May 16, 2018, citing Hungary’s "increasingly repressive" climate, Soros’s Open Society Foundations announced plans to move its Budapest headquarters to Berlin.

Africa

The Open Society Initiative for Southern Africa operates as an organization affiliated with Soros.

Chile

During the 1988 Chilean national plebiscite, George Soros played an advisory role for the "No" campaign, supplying essential research and data that shaped the campaign's effective television outreach. Additionally, he contributed to enhancing the reputation of then-presidential candidate Ricardo Lagos within business communities during the 2000 presidential race. In recognition of his dedication to democratic principles and open societies, Soros was honored with the Bernardo O'Higgins Order of Merit by Michelle Bachelet in 2009.

Diplomacy

Soros has provided funding to the non-profit group Independent Diplomat, established by former British diplomat Carne Ross, which assists marginalized groups in diplomatic negotiations.

Drug policy reform

Soros has made substantial contributions toward reforming drug policies worldwide. In 2008, he donated $400,000 to support Massachusetts' marijuana decriminalization ballot initiative and backed similar efforts in states including California, Alaska, Oregon, Washington, Colorado, Nevada, and Maine. His foundations have supported entities such as the Lindesmith Center and Drug Policy Foundation. He also contributed $1.4 million to California’s 2008 Proposition 5 campaign aimed at broadening drug rehabilitation options, although it was unsuccessful. In 2010, he provided $1 million toward California’s Proposition 19 advocating cannabis legalization.

Soros considers marijuana less addictive but inappropriate for use by children and students and has not consumed it in many years. As a primary funder of the Drug Policy Alliance, his foundations contribute approximately $5 million annually to advance cannabis legalization and comprehensive drug policy reforms.

Death and dying

The Project on Death in America (1994–2003), an initiative under the Open Society Institute, sought to transform societal attitudes toward dying and bereavement. In a 1994 address, Soros disclosed that he had offered assistance to his mother—who was involved with the Hemlock Society advocating for the right to die—in ending her life. He also supported the Oregon Death with Dignity Act and helped finance its promotional campaigns.

Conspiracy theories and threats

Soros has been targeted by conspiracy narratives that intertwine antisemitism and Islamophobia, largely due to his Jewish background, wealth, and philanthropic activities. One prominent accusation claims he engineered the 2015 European migrant crisis by facilitating migrant entry into Europe. The Hungarian government allocated millions toward a poster campaign aimed at Soros. Anthropologist Ivan Kalmar observes that many critics, both within Hungary and abroad, perceive Soros as leading a global Jewish conspiracy alongside figures such as the Rothschilds, Freemasons, and Illuminati.

Attempted assassination

On October 22, 2018, a pipe bomb was found in Soros's mailbox at his residence in Katonah, New York amid the October 2018 United States mail bombing attempts. A caretaker discovered the device and alerted authorities; it was safely detonated by the FBI, which subsequently initiated an investigation. Comparable bombs were later sent to prominent Democrats including Hillary Clinton and Barack Obama.

On October 26, 2018, Cesar Sayoc Jr. was apprehended in Aventura, Florida for dispatching these explosive devices. In August 2019, Sayoc received a 20-year prison sentence for mailing 16 pipe bombs targeting 13 individuals. None of these devices detonated.

Reflexivity, financial markets, and economic theory

Soros’s work highlights the concept of reflexivity, where personal biases of market participants shape transactions and can subsequently modify economic fundamentals. He differentiates between markets that are "close to equilibrium" and those "far from equilibrium," asserting that sharp market surges or declines indicate disequilibrium, a state where the conventional efficient market hypothesis does not hold true. Soros developed ideas such as dynamic versus static disequilibrium and conditions near equilibrium. He credits his financial achievements to exploiting reflexivity, which is based on three principal notions:

• Reflexivity is most pronounced when investor bias proliferates, often fueled by factors like equity leverage or trend-following trading behaviors.
• Reflexivity occurs sporadically and is best interpreted probabilistically within equilibrium frameworks.
• Market participants can actively affect both asset valuations and underlying fundamentals.

A prime illustration is the 2008 housing bubble: expanded lending during the 1990s facilitated more home purchases, pushing prices upward. This appreciation strengthened lenders’ balance sheets, encouraging further credit extension and price escalation. Government interventions, including loan guarantees and buyer subsidies, intensified this feedback loop by promoting demand and easing lending criteria.

Reflexivity accounts for why markets tend to overshoot or undershoot during transitions between equilibrium points. Initially overlooked by mainstream economists, Soros’s theories gained prominence following the 2008 financial crisis, becoming a subject of study in the Journal of Economic Methodology. His framework resonates with complexity economics emerging from the Santa Fe Institute, though Soros did not widely share his views during the theory’s early stages in the 1980s.

Reflexivity in politics

Although reflexivity is primarily associated with financial markets, Soros has explored its influence in political arenas as well. He contends that unlike earlier threats to the open society—such as communism and fascism identified by his mentor Karl Popper—the current major peril stems from market fundamentalism.

Soros interprets U.S. supremacy in global politics and commerce as a reflexive cycle whereby military force and financial power mutually reinforce each other, resulting in increasingly unsustainable policy decisions.

Critique of free market system issues

Soros argues that speculative financial activity impedes economic progress in many developing nations, attributing widespread global challenges to deficiencies inherent in market fundamentalism.

Market forecasts

In his 2008 book The New Paradigm for Financial Markets, Soros described a "superbubble" that had been inflating over a quarter-century and was on the verge of collapse—marking his third significant publication predicting a financial downturn. He acknowledges his history of forecasting crises but emphasizes that his success stems from an ability to recognize when his assessments are incorrect:

In February 2009, Soros remarked that the global financial architecture had effectively collapsed without any imminent solution, characterizing it as "on life support" and distant from recovery.

At an economic forum held in Sri Lanka in 2016, Soros forecasted a financial crisis reminiscent of 2008, pointing to volatility across international currency, equity, and commodity markets alongside a weakening Chinese yuan.

Perspectives on antisemitism and Israel

In an interview with The New Yorker, Soros affirmed that he recognizes the Jewish people's entitlement to a national homeland but personally chooses not to engage in that identity. Leaked emails from 2016 disclosed that Soros’s Open Society Foundation seeks to challenge Israel’s international policies, raising questions about its democratic credentials. He has provided funding to NGOs critical of Israeli government actions, including organizations endorsing the Boycott, Divestment and Sanctions (BDS) movement.

During a 2003 conference hosted by the Jewish Funders Network, Soros proposed that policies enacted by the Bush and Sharon administrations contributed in part to a resurgence of antisemitism in Europe. This viewpoint drew criticism from figures like Abraham Foxman of the Anti-Defamation League, who regarded Soros’s comments as overly simplistic and ultimately unhelpful. Jewish philanthropist Michael Steinhardt clarified that Soros does not support antisemitic sentiments. Soros has also remarked that overcoming antisemitism might require Jews to move beyond "tribalness."

Writing for The New York Review of Books, Soros stressed that he does not hold Jews responsible for antisemitism—which existed before Israel’s establishment—but contends that perceptions of Israel are shaped by its policies and the pro-Israel lobby’s efforts to suppress dissenting opinions.

In 2017, Israeli entrepreneur Beny Steinmetz filed a $10 million lawsuit against Soros, accusing him of influencing Guinea’s government to block Steinmetz’s mining agreements due to animosity toward Israel. Soros dismissed the claim as "frivolous" and labeled it a public relations tactic amid legal difficulties faced by BSG Resources.

At an event honoring Imre Kertész, Soros commented that victims of violence can transform into perpetrators, suggesting this dynamic helps explain Israel’s actions toward Palestinians; these remarks provoked walkouts and boos from attendees.

In July 2017, Hungary’s administration under Viktor Orbán initiated a highly contentious billboard campaign portraying Soros as a threat to national security, with costs estimated around US$21 million. The campaign drew condemnation from Jewish organizations and Human Rights Watch for echoing antisemitic propaganda reminiscent of the Nazi era. Orbán denied any antisemitic intent, describing the campaign as politically motivated. Subsequently, Israel’s Foreign Ministry issued a statement criticizing Soros for funding groups critical of Israeli policies.

Alexander Soros, George Soros’s son, stated that his father supports Israel and advocates for a two-state solution consistent with the views of Labor and Meretz parties. Following Alexander’s bar mitzvah in 1998, George encouraged him to consider making aliyah to Israel.

In a 2018 New York Times interview, Alexander explained that his father’s philanthropic efforts are rooted in his Jewish identity and conviction that protecting minority rights is essential for Jewish safety worldwide. He remarked: "The reason you fight for an open society is because that's the only society that you can live in, as a Jew—unless you become a nationalist."

In December 2023, Israel’s UN ambassador Gilad Erdan accused Soros of backing pro-Palestinian organizations aiming to weaken Israel's status as a Jewish state. Alexander Soros rejected these claims as "distorted and dishonest right-wing attacks."

Perspectives on the United States

On November 11, 2003, during an interview with The Washington Post, Soros declared that removing President George W. Bush from office was the "central focus of my life" and described it as "a matter of life and death." He expressed readiness to sacrifice his entire wealth to defeat Bush if assured of success. Soros contributed $3 million to the Center for American Progress, $2.5 million to MoveOn.org, and $20 million to America Coming Together, supporting Democratic candidates in the 2004 election. On September 28, 2004, he embarked on a multistate speaking tour beginning with an address titled "Why We Must Not Re-elect President Bush" at Washington D.C.’s National Press Club. The speech's transcript gained attention after Dick Cheney mistakenly cited FactCheck.org as "factcheck.com" during the vice presidential debate, inadvertently directing traffic to Soros's website.

Soros’s 2003 book, The Bubble of American Supremacy, criticized the Bush administration's approach to the "War on Terror" as misguided and counterproductive while cautioning against Bush's re-election. He drew parallels between political trends and self-reinforcing bubbles observed in financial markets.

When questioned in 2006 about his assertion in The Age of Fallibility that "the main obstacle to a stable and just world order is the United States," Soros noted this perspective was widely shared internationally. He condemned the U.S. for setting an ill-conceived post-9/11 agenda by declaring a "war on terror," which inevitably resulted in civilian casualties.

In 2017, Soros described Donald Trump as a con artist and forecasted his eventual failure due to conflicting ideas. He also anticipated escalating trade conflicts under Trump’s administration and predicted downturns in financial markets.

Perspectives on Europe

In October 2011, Soros published an open letter urging leaders within the Eurozone to pursue deeper economic integration, advocating for enhanced fiscal oversight and the establishment of a unified EU treasury. He cautioned against nationalist reactions to the Great Recession. This letter garnered endorsements from notable European personalities including Javier Solana and Massimo D'Alema.

Regarding the 2015 European migrant crisis, Soros criticized Hungarian Prime Minister Viktor Orbán’s approach, contrasting Orbán's emphasis on securing borders with Soros’s prioritization of safeguarding refugees.

Soros predicted that Brexit would not succeed and foresaw a brief premiership for Theresa May in the UK. Opposed to Brexit, he contributed £400,000 to Best for Britain, an anti-Brexit organization, and hosted a gathering aimed at rallying Conservative donors in support of remaining in the EU. His Open Society Foundations also provided £303,000 in funding to pro-European Union groups such as the European Movement UK and the Bright Blue think tank.

By 2018, Soros highlighted significant challenges confronting Europe, including immigration pressures, austerity measures, and fragmentation within the EU. He warned of an existential threat fueled by populism, refugee issues, and deteriorating transatlantic relations. Acknowledging unresolved problems with the eurozone that jeopardize EU stability, Soros proposed transitioning from a "multi-speed Europe" model to a "multi-track Europe," allowing member states greater flexibility in integration.

Perspectives on Europe-Africa Relations

To mitigate potential increases in African migration to Europe, Soros recommends implementing a European Union "Marshall Plan for Africa," which would concentrate on enhancing education and job creation as means to reduce emigration.

Perspectives on China

In 2010, Soros voiced apprehensions about China's swift ascent economically and politically, emphasizing that China must take on global responsibilities. He contrasted China's relatively efficient governance with political deadlock observed in the United States. By 2015, he advocated for a strategic partnership between the US and China to prevent military confrontations between emerging global powers. At the 2016 World Economic Forum, Soros forecasted an almost unavoidable economic "hard landing" for China—a prediction contested by Chinese state media.

During the January 2019 Davos forum, Soros described Xi Jinping as "the most dangerous adversary of open societies," characterizing China as the richest, most powerful, and technologically advanced authoritarian regime worldwide. He urged American policymakers to block Chinese companies Huawei and ZTE from dominating the 5G infrastructure market due to security concerns. Soros also condemned China’s Social Credit System as a tool for total governmental control. Furthermore, he criticized U.S. firms like BlackRock for favoring investments in China despite human rights violations, warning that such actions undermine democratic values and national security.

Perspectives on Russia and Ukraine

In May 2014, Soros revealed in an interview with CNN's Fareed Zakaria that he had founded a philanthropic organization in Ukraine prior to its separation from Russia; this foundation has played a significant role in regional developments since then.

By January 2015, Soros called on Europe to acknowledge it was facing aggression from Russia and urged for intensified economic sanctions targeting Russia’s support for separatist forces in eastern Ukraine. He also proposed that the European Union provide $50 billion in bailout assistance to Ukraine.

In July 2015, Soros characterized Putin’s annexation of Crimea as a direct challenge to the existing global order, especially impacting the EU. He suggested Putin’s strategy involved destabilizing Ukraine through financial turmoil and political collapse without overt military occupation. Later that year, Russia banned Soros’s Open Society Foundations (OSF) and Open Society Institute (OSI), accusing them of threatening its constitutional framework and national security.

In early 2016, Russian officials confiscated hundreds of books associated with Soros's "Renewal of Humanitarian Education" initiative, alleging that his charities promoted ideologies contrary to Russian cultural values. The majority of these seized publications had been financed by Soros-backed organizations.

Amid the Russian invasion of Ukraine in May 2022, Soros warned that this conflict could escalate into "a third world war" and stressed the urgency of swiftly defeating Putin. He noted that pressing global concerns such as pandemics, climate change, and nuclear threats had been overshadowed by this crisis, endangering humanity’s continued existence.

Perspectives on India and Narendra Modi

In February 2023, Soros openly criticized Indian Prime Minister Narendra Modi, accusing him of promoting Islamophobia, engaging in cronyism, and exhibiting authoritarian tendencies. Soros remarked, "India remains a democracy. However, its leader, Narendra Modi, does not embody democratic principles. His rapid ascent was significantly aided by fomenting hostility against Muslims." In response, Modi's Bharatiya Janata Party accused Soros of attempting to destabilize India's democratic framework. Additionally, Indian External Affairs Minister S. Jaishankar described Soros as a "dangerous" individual.

Financial Standing and Charitable Activities

By March 2020, Forbes listed Soros as the 162nd wealthiest individual worldwide, estimating his net worth at $8.3 billion. Throughout his philanthropic career, he has allocated approximately 64% of his initial wealth—exceeding $15 billion—via the Open Society Foundations (OSF), a global grant-making organization dedicated to advancing justice, education, public health, and independent journalism. Forbes recognizes him as the most generous benefactor relative to his wealth.

Soros’s philanthropic journey began in the 1970s with support for Black students at the University of Cape Town during apartheid and backing dissident groups behind the Iron Curtain. His promotion of peaceful democratization in post-communist nations is primarily channeled through OSF and affiliated national foundations such as Poland’s Stefan Batory Foundation. By 2003, his donations totaled roughly $4 billion, with OSF allocating about $500 million annually.

In 2003, former Federal Reserve chairman Paul Volcker commended Soros for leveraging his fortune to foster open societies that embrace innovation and free enterprise. Time magazine in 2007 spotlighted initiatives including a $100 million investment in Russian university Internet infrastructure and $50 million toward the Millennium Promise aimed at alleviating African poverty, noting Soros’s global contributions had surpassed $7 billion.

Additional notable projects encompass support for scientists and academic institutions throughout Central and Eastern Europe, assistance during the siege of Sarajevo, funding for Transparency International, and a €420 million endowment to the Central European University (CEU).

The Open Society Institute has also funded controversial legal defense efforts; for example, it provided a $20,000 grant in 2002 to Lynne Stewart's Defense Committee amid debates concerning the right to counsel.

In September 2006, Soros committed $50 million to Millennium Promise under economist Jeffrey Sachs, marking a strategic shift from solely promoting democracy toward addressing poverty linked to governance shortcomings.

In May 2011, he contributed $60 million to Bard College, founding its Center for Civic Engagement. Soros played a significant role in Hungary’s peaceful transition from communism between 1984 and 1989 and established CEU in Budapest. OSF administers programs across more than 60 countries with annual expenditures near $600 million.

On October 17, 2017, Soros endowed OSF with $18 billion. The following year in October 2018, he donated $2 million to the Wikimedia Foundation through its endowment initiative.

During the January 2020 World Economic Forum, Soros announced a $1 billion endowment to create the Open Society University Network—a global educational alliance collaborating with Bard College and CEU—with Bard president Leon Botstein appointed as chancellor.

In July 2020, OSF allocated $220 million in grants targeting racial equity, criminal justice reform, and civic participation. That same month saw Soros donate an additional $100 million to Bard College aimed at expanding its civic engagement programs and bolstering its involvement within the Open Society University Network.

In April 2021, Soros pledged $500 million toward Bard College’s endowment—one of the largest gifts ever made to U.S. higher education—followed by further donations of $25 million each in August 2021 (supporting Bard’s Center for Curatorial Studies) and September 2022 (to enhance Indigenous studies).

Personal life

George Soros has entered into matrimony three times and experienced two divorces. His first marriage was in 1960 to Annaliese Witschak, an ethnic German who had endured displacement during wartime. Their union ended in divorce in 1983, and together they had three children:

• Robert Daniel Soros (born 1963): He founded the Central European University in Budapest and oversees a network of foundations across Eastern Europe. In 1992, he married Melissa Robin Schiff.
• Andrea Soros Colombel (born 1965): She is the founder and president of the Trace Foundation, which supports Tibetan cultural preservation and sustainable development initiatives. Additionally, she co-founded the Acumen Fund, a global venture fund targeting poverty reduction. She is married to Eric Colombel.
• Jonathan Tivadar Soros (born 1970): A hedge fund manager and political contributor, he co-established the super PAC Friends of Democracy aiming to decrease the influence of money in politics. He wed Jennifer Ann Allan in 1997.

In 1983, Soros married Susan Weber; their marriage concluded with a divorce in 2005. They have two children:

• Alexander Soros (born 1985): Recognized for his philanthropy supporting progressive causes, he led student political donations during the 2010 election cycle. He married Huma Abedin in June 2025.
• Gregory James Soros (born 1988), who pursues a career as an artist.

Soros has openly admitted to harboring messianic fantasies since childhood. In a 1998 interview, he clarified that he is not religious and does not hold belief in God.

In 2008, Soros met Tamiko Bolton, whom he married on September 21, 2013. His elder brother, Paul Soros, known as a private investor and philanthropist, passed away in 2013. By 2022, Soros maintained residences on Manhattan’s Fifth Avenue, in The Hamptons on Long Island, and in Katonah, New York.

In December 2023, Soros was subjected to a swatting incident amid a wave of similar harassment targeting American political figures.

Honors and awards

George Soros has been honored with several honorary doctorates: from the New School for Social Research, the University of Oxford (1980), the Corvinus University of Budapest, as well as a Doctor of Humane Letters from Yale University (1991). He also received an honorary degree in economics from the University of Bologna in 1995.

In 2005, Soros participated as a minority stakeholder in an attempt to acquire the Washington Nationals, a Major League Baseball franchise, which generated political controversy. His name surfaced again in 2008 regarding a possible purchase of Italian football club AS Roma, although this transaction did not materialize. Soros provided financial backing to Washington Soccer L.P., the original proprietors of Major League Soccer’s D.C. United in 1995; however, this group lost operational control by the year 2000. SEC filings from 2012 disclosed that Soros acquired approximately a 2% ownership stake in English football club Manchester United.

In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame alongside prominent figures such as Alfred Jones and Paul Tudor Jones. By January 2014, Soros led LCH Investments' rankings with nearly $42 billion in gains since initiating the Quantum Endowment Fund in 1973.

In July 2017, he was appointed an Honorary Fellow of the British Academy, the United Kingdom’s foremost institution for humanities and social sciences. The Financial Times recognized him as Person of the Year in 2018, labeling him "a standard bearer for liberal democracy" during a period marked by rising populism.

In April 2019, Soros was awarded the Ridenhour Prize for Courage; he donated the prize funds to Hungarian Spectrum, an English-language platform analyzing Hungarian politics. In January 2025, United States President Joe Biden bestowed upon Soros the Presidential Medal of Freedom.

Authored and Co-Authored Books

• The Tragedy of the European Union: Disintegration or Revival? (PublicAffairs, 2014).
• Financial Turmoil in Europe and the United States: Essays (PublicAffairs, 2012).
• The Soros Lectures at the Central European University (PublicAffairs, 2010).
• The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means (PublicAffairs, 2008).
• The Age of Fallibility: Consequences of the War on Terror (PublicAffairs, 2006).
• Underwriting Democracy: Encouraging Free Enterprise and Democratic Reform Among the Soviets and in Eastern Europe (Free Press, 1991; paperback edition by PublicAffairs, 2004).
• George Soros on Globalization (PublicAffairs, 2002; paperback released in 2005).
• The Bubble of American Supremacy: Correcting the Misuse of American Power (PublicAffairs, 2003; paperback version, 2004).
• Open Society: Reforming Global Capitalism (PublicAffairs, 2001).
• Co-authored with Mark Amadeus Notturno, Science and the Open Society: The Future of Karl Popper's Philosophy (Central European University Press, 2000).
• The Crisis of Global Capitalism: Open Society Endangered (PublicAffairs, 1998).
• Soros on Soros: Staying Ahead of the Curve (John Wiley, 1995; paperback edition available).
• Opening the Soviet System (Weidenfeld & Nicolson, 1990; paperback by Perseus Books, 1996).
• The Alchemy of Finance (Simon & Schuster, 1988; paperback issued by Wiley in 2003).

Prominent Opinion Pieces

• George Soros, "Why I support legal marijuana", published in The Wall Street Journal, October 26, 2010.
• George Soros, "The Crisis and the Euro", featured in The New York Review of Books, August 19, 2010.
• George Soros, "Paulson Cannot be Allowed a Blank Cheque", appearing in Financial Times, September 24, 2008.
• George Soros, "On Israel, America and AIPAC", published in The New York Review of Books, April 12, 2007.
• George Soros, "The Bubble of American Supremacy", featured in The Atlantic, December 2003.
• George Soros, "Soros on Brazil", appearing in Financial Times, August 13, 2002.
• George Soros, "Bitter Thoughts with Faith in Russia", published in Moskovskiye Novosti (Moscow News), February 27, 2000.
• George Soros, "The Capitalist Threat", featured in The Atlantic Monthly, February 1997.

Television Appearances

• A thirty-minute lecture by Soros titled Opinions was broadcast on Channel 4 on August 1, 1993. The following day it was printed in The Times under the title "Why Appeasement Must Not Have Another Chance".

See also

• Forbes 400
• Quincy Institute for Responsible Statecraft
• Scott Bessent, former chief investment officer at Soros Fund Management
• Tides Foundation

Journalistic Profiles

• John Authers, "A successful prophet of the markets", published in Financial Times, May 19, 2008
• Laura Blumenfeld, "Billionaire Soros Takes on Bush", featured in The Washington Post, November 11, 2003
• Connie Bruck, "The World According to Soros", appearing in The New Yorker, January 23, 1995
• Malcolm Gladwell, "Blowing Up", published in The New Yorker, April 22 & 29, 2002
• Matt Welch, "Open Season on 'Open Society'", featured in Reason, December 8, 2003
• "Time's 25 Most Influential Americans", published by Time, April 21, 1997
• "The Time 100: The Power Givers: George Soros", featured in Time, May 14, 2007

Academic viewpoints

• C.G.A. Bryant, "George Soros's reflexivity theory: contrasting it with the ideas of Giddens and Beck and evaluating its practical implications", Economy and Society, 2002
• R. Cross & D. Strachan, "George Soros and the realm of economic analysis", Kyklos, 1997
• C.P. Kwong, "A mathematical exploration of Soros's reflexivity concept", arXiv, 2008
• Waldemar A. Nielsen, Inside American Philanthropy: The Dramas of Donorship, University of Oklahoma Press, 1996
• Michael Pettis, The Volatility Machine: Emerging Economies and the Threat of Financial Collapse, Oxford University Press, 2001
• Diane Stone, "Market Ideals, Philanthropic Goals, and Public Service Ethics: The Public Policy Initiative at Central European University", PS: Political Science and Politics, 2007
• Diane Stone, "Is it Transnational Philanthropy or Policy Transfer? The Global Norms of the Open Society Institute", Policy and Politics, 2010

External links

• George Soros profile at Open Society Foundations
• Archive of columns at Project Syndicate
• Archive of columns at The New York Review of Books
• Forbes profile: George Soros
• The New York Times: George Soros
• Membership list at the Council on Foreign Relations