Soros Economic Development Fund

George Soros
Born	György Schwartz (1930-08-12) August 12, 1930 Budapest, Kingdom of Hungary
Occupation(s)	Financier, philanthropist
Known for	Founder of Soros Fund Management; "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. With a net worth estimated at US$7.2 billion, he has contributed over $32 billion to the Open Society Foundations, distributing approximately $15 billion—equivalent to 64% of his initial wealth. In 2020, Forbes recognized Soros as the "most generous giver" relative to his net worth.

Soros was born in Budapest into a non-practicing Jewish family and survived the Nazi occupation of Hungary. He relocated to the United Kingdom in 1947, where he earned both a BSc and an MSc in philosophy from the London School of Economics in 1951 and 1954, respectively. His professional journey began at British and American merchant banks before he launched his first hedge fund, Double Eagle, in 1969. The success of Double Eagle financed the creation of Soros Fund Management in 1970. Double Eagle was later renamed the Quantum Fund, which initially managed $12 million and expanded to $25 billion by 2011, constituting the majority of Soros's wealth.

Widely known as "The Man Who Broke the Bank of England" due to his $1 billion profit from short selling £10 billion during the UK's Black Wednesday currency crisis in 1992, Soros utilized his concept of reflexivity to detect market inefficiencies and asset bubbles for investment strategies.

Through the Open Society Foundations, Soros champions progressive and liberal political causes. From 1979 to 2011, his philanthropic donations exceeded $11 billion, rising to $12 billion by 2017, supporting global efforts aimed at poverty alleviation and enhancing transparency. He significantly influenced Eastern Europe's transition after communism and established one of Europe's largest higher education endowments at Central European University in Budapest. His political contributions have drawn criticism from nationalist factions in Europe, with far-right groups advancing conspiracy theories that depict him as a global manipulator. These narratives are frequently identified as antisemitic conspiracy theories. By 2018, The New York Times reported that such theories had gained widespread acceptance within much of the Republican Party.

Early life and education

György Schwartz entered the world on 12 August 1930 in Budapest, within the Kingdom of Hungary, born into an affluent Jewish family that was not religiously observant. Soros later characterized his household environment as antisemitic. His mother, Erzsébet, came from a family that operated a thriving silk business. His father, Tivadar, practiced law and was a distinguished Esperanto writer who edited the publication Literatura Mondo, also raising George to be fluent in Esperanto. Tivadar had been captured during World War I but managed to escape captivity and return to Budapest.

The couple wed in 1924, and in 1936, amid increasing antisemitic threats, the family altered their surname from "Schwartz" to "Soros" for protection. Tivadar preferred this palindrome name, which means "next" in Hungarian and "will soar" in Esperanto.

At the age of 13, Soros lived through Hungary’s Nazi occupation in 1944. Jewish children were prohibited from attending school; during this time, Soros briefly served under the Judenrat to deliver deportation orders, but his father instructed him to alert those targeted. The family survived by acquiring documents that identified them as Christians. At 14, Soros assumed the identity of a Christian godson linked to a Hungarian official while observing his father's efforts to rescue numerous Jews by overseeing confiscated properties. Soros later described 1944 as "the happiest year" due to witnessing his father's courageous actions.

In 1945, following the Siege of Budapest, Soros and his mother took refuge with the family of Elza Brandeisz, attending their Lutheran church during this period. At 17, he relocated to Paris and subsequently to England, where he enrolled at the London School of Economics. While studying under philosopher Karl Popper, he supported himself through jobs such as railway porter and waiter, supplemented by £40 from a Quaker charity. Occasionally, he gave talks on internationalism in Esperanto at Speakers' Corner.

Soros completed a Bachelor of Science degree in philosophy in 1951 and earned a Master of Science in philosophy by 1954 at LSE. Although he initially aimed for an academic career, his academic performance led him to pursue a career in investment finance in London instead.

Early business experience

During a 2006 event hosted by the Los Angeles World Affairs Council, Alvin Shuster, former foreign editor of the Los Angeles Times, questioned Soros about his journey from immigrant status to financier. Soros recounted that after working various jobs—including vending merchandise at seaside stalls—he sought entry into finance by reaching out directly to managing directors at London merchant banks. After receiving limited responses, he eventually secured employment at one such institution.

Singer and Friedlander

Soros launched his finance career in 1954 at London’s merchant bank Singer & Friedlander, beginning as a clerk before advancing to the arbitrage division. A coworker advised him to apply for a position at F.M. Mayer, a brokerage firm based in New York.

F. M. Mayer

In 1956, Soros relocated to New York City to serve as an arbitrage trader for F. M. Mayer (1956–59), concentrating on European equities that were attracting attention from U.S. institutional investors amid ongoing European economic integration initiatives.

Wertheim and Co.

In 1959, Soros began his career at Wertheim & Co. as an analyst specializing in European securities, with the initial goal of accumulating $500,000 within five years before returning to England to pursue philosophy studies. During this timeframe, he formulated his theory of reflexivity, building upon concepts introduced by his tutor at the London School of Economics, Karl Popper. This theory posits that market prices are shaped not only by fundamental factors but also by participants' imperfect perceptions, generating feedback loops that fuel procyclical booms and busts—thereby challenging traditional equilibrium-based economic models.

Arnhold and S. Bleichroeder

Between 1963 and 1973, Soros held the position of vice president at Arnhold and S. Bleichroeder, although trading activity was limited due to the Interest Equalization Tax, which impacted his European market strategies. Concurrently, from 1963 to 1966, he concentrated on revising his dissertation in philosophy. In 1966, he initiated a fund using $100,000 of the firm's capital to experiment with his trading techniques.

By 1969, Soros had founded the Double Eagle hedge fund with $4 million raised from investors, including a personal investment of $250,000. Based in Curaçao, Dutch Antilles, Double Eagle emerged as a spin-off of Arnhold and S. Bleichroeder's First Eagle fund, originally established by Soros and chairman Henry H. Arnhold in 1967.

The Double Eagle Fund expanded to $12 million by 1973 and laid the groundwork for what would become the Soros Fund. Both Soros and Jim Rogers received returns on their invested capital along with an annual 20% share of profits.

Soros Fund Management

Established in 1970 with Soros as chairman, Soros Fund Management included prominent figures such as Jim Rogers, Stanley Druckenmiller, Mark Schwartz, Keith Anderson, and Soros's two sons over time.

In 1973, due to conflicts arising from managing two funds simultaneously, Soros stepped down from overseeing Double Eagle and launched the Soros Fund. Investors were given the option to either transfer their assets or remain with Arnhold and S. Bleichroeder.

The fund was later renamed the Quantum Fund, reaching $12 million primarily through investor capital; Soros and Rogers reinvested their returns and performance fees to augment their holdings.

By 1981, assets under management had surged to $400 million but fell to $200 million following a 22% loss coupled with investor withdrawals.

In July 2011, Soros returned $1 billion to outside investors and shifted focus exclusively to managing his personal family wealth of $24.5 billion due to new disclosure regulations imposed by the U.S. Securities and Exchange Commission, which threatened investor privacy. At that point, the fund had maintained an average annual compound return exceeding 20%.

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

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

Economic crisis in the 1990s and 2000s

Prior to Black Wednesday in September 1992, Soros amassed a significant short position against pounds sterling, anticipating challenges for the UK within the European Exchange Rate Mechanism. He identified that the UK's entry rate was excessively high relative to inflation rates triple those of Germany and that elevated interest rates were negatively impacting asset values.

By September 16, 1992, Soros's fund had shorted more than $10 billion worth of pounds sterling, capitalizing on the UK government's refusal to increase interest rates or allow currency flotation. The pound eventually exited the ERM and depreciated sharply, netting Soros an estimated profit exceeding $1 billion. This episode earned him the moniker "the man who broke the Bank of England." The financial burden on the UK Treasury amounted to £3.4 billion. Trader Stanley Druckenmiller, operating under Soros’s direction, emphasized Soros’s pivotal role in taking a substantial position.

On October 26, 1992, Soros disclosed that their total exposure was nearly $10 billion by Black Wednesday with plans for further sales. When UK Chancellor Norman Lamont announced borrowing nearly $15 billion to defend sterling's value, it aligned closely with their strategy.

In February 1996, Soros conducted large-scale trades involving Finnish markka anticipating short sales during Finland’s early-1990s economic downturn. The Bank of Finland and government denied any conspiracy allegations.

During the 1997 Asian financial crisis, Malaysia’s Prime Minister Mahathir Mohamad accused Soros of leveraging his wealth to penalize ASEAN for admitting Myanmar into its ranks—a statement controversially referencing Soros's Jewish heritage. Mahathir later retracted these claims after meeting Soros in 2006. In his 1998 publication The Crisis of Global Capitalism: Open Society Endangered, Soros detailed how his fund initially shorted Thai baht and Malaysian ringgit early in 1997 but subsequently purchased them as their values declined to secure profits while remaining cautious about Malaysia’s later capital controls.

Soros's Quantum Fund also attempted a similar short strategy against the Hong Kong dollar but suffered losses due to China's intervention maintaining a fixed exchange rate.

Economist Paul Krugman criticized Soros’s influence over markets in 1999 by coining "Soroi" to describe investors who provoke financial crises for profit.

Regarding the late-2000s recession, Soros described it as the most severe since the Great Depression and condemned market fundamentalism for neglecting government intervention. He emphasized how shifts in market "sentiment" can generate self-reinforcing yet unsustainable boom-bust cycles.

In response 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 developing 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 of investors purchasing shares in Société Générale, a leading French bank undergoing privatization during Jacques Chirac's administration. Soros chose not to participate with the group and instead implemented his own approach, acquiring stakes in Société Générale, Suez, Paribas, and Compagnie Générale d'Électricité independently.

The following year, the French stock market regulator (COB) launched an inquiry into whether Soros’s transactions in Société Générale stock amounted to insider trading. Although Soros lacked direct confidential information from the bank, he was aware that a takeover bid was imminent. Initial findings cleared him of wrongdoing, but the investigation was reopened several years later. In 2006, France’s highest court confirmed his conviction but lowered the penalty to €940,000.

Soros contested the allegations, maintaining that the takeover details were publicly accessible and that his investment decisions preceded his awareness of the takeover plans. He appealed to the European Court of Human Rights, arguing that the 14-year delay in prosecution was unjust and citing Article 7 of the European Convention on Human Rights, which forbids retroactive penalties. While the court agreed to review the case, it ultimately dismissed his appeal in 2011 by a narrow 4–3 vote, concluding that Soros had been cognizant of the risks related to insider trading.

Political Engagement

Prior to the 2004 U.S. presidential race, Soros was not prominently involved as a political donor. During the 2003–2004 election cycle, he contributed $23.6 million to various 527 organizations focused on opposing President George W. Bush’s reelection. Following Bush’s victory, Soros joined others in backing the Democracy Alliance, an entity dedicated to financing progressive initiatives and organizational infrastructure across the United States.

In August 2009, Soros provided $35 million in funding for benefit cards aimed at supporting disadvantaged children in New York State, complemented by $140 million from federal recovery funds allocated to the state. He was among the early benefactors of the Center for American Progress and continues to support progressive causes through his Open Society Foundations.

In 2011, Reuters issued a correction clarifying that earlier reports incorrectly suggested Soros funded Occupy Wall Street protests; neither Soros nor Adbusters received financial support from one another.

During Barack Obama’s 2012 campaign, Soros donated $1 million to Priorities USA Action, a super PAC supporting Obama’s reelection. In 2013, he became co-chairman of Ready for Hillary’s finance committee with an initial contribution of $25,000. For Hillary Clinton’s 2016 presidential bid, Soros contributed $9.5 million to Priorities USA Action. Ahead of the 2020 elections, he established Democracy PAC and had donated $5.1 million by mid-2019.

Since 2016, Soros has provided over $1 million through Safety and Justice PAC to back progressive candidates focused on criminal justice reform in local district attorney races. His financial support was instrumental in electing reform-minded prosecutors such as Larry Krasner in Philadelphia and George Gascón in Los Angeles; he contributed $2.25 million to Gascón’s super PAC during 2020. Additionally, Soros gave $2 million to a PAC supporting Kim Foxx’s campaign for Cook County State's Attorney that same year.

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

For the 2022 U.S. electoral cycle, Soros emerged as the largest individual donor nationwide by contributing $128.5 million in support of Democratic Party efforts throughout the election period.

Central and Eastern Europe

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

Following the dissolution of the Soviet Union, Soros’s financial contributions played a crucial role in aiding the newly sovereign states. Research conducted in 2017 revealed that his grants, which reached over 28,000 scientists within former Soviet territories, more than doubled scientific output and helped retain talent within research fields. His backing of pro-democracy initiatives in Georgia was regarded as instrumental in facilitating the Rose Revolution, although Soros himself minimized his influence. The Open Society Georgia Foundation was led by Alexander Lomaia, former Georgian Minister of Education and Science, operating with a $2.5 million budget.

Salome Zourabichvili, Georgia’s ex-foreign minister, acknowledged that the Soros Foundation and affiliated NGOs contributed significantly to democratization efforts and shaped power dynamics following the revolution.

Certain programs supported by Soros have faced prohibition in countries like Kazakhstan and Turkmenistan. In Turkey, concerns emerged regarding foreign funding of NGOs after Russia implemented similar bans. In 1997, Soros terminated operations of his Belarus foundation after authorities imposed a $3 million fine for purported legal breaches; Soros characterized this as part of a broader campaign against independent civil society.

In June 2009, Soros allocated $100 million towards Central and Eastern Europe to alleviate the adverse effects of the Great Recession on vulnerable populations and nonprofit organizations.

Since 2012, Hungary’s ruling Fidesz party has branded Soros as a state adversary due to his perceived role in the 2015 European migrant crisis and launched attacks against his Open Society Foundations (OSF). Efforts to revoke the Central European University’s (Budapest) license were unsuccessful amid widespread public opposition. Soros described the Hungarian government as a "mafia state." Prior to the 2018 elections, a government campaign depicted Soros as encouraging migration to undermine national stability, including enacting a "Stop Soros" legislative package that imposed restrictions on NGOs involved in refugee aid.

In March 2017, six U.S. senators petitioned Secretary of State Rex Tillerson to scrutinize American funding directed toward organizations financed by Soros in Macedonia. Judicial Watch initiated a FOIA lawsuit seeking transparency about $5 million in USAID funds transferred to Soros’s Open Society branch there, alleging attempts to destabilize Macedonia’s government. The Open Society Foundation clarified its mission centered on fostering ethnic reconciliation following Yugoslavia’s breakup.

Additionally, Macedonia’s "Stop Operation Soros" campaign began in January 2017 aiming to reveal Soros’s worldwide activities and advocate for "de-Soros-ization."

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

Africa

The Open Society Initiative for Southern Africa operates as an organization connected to Soros.

Chile

During the 1988 plebiscite, George Soros provided essential research and data that influenced the "No" campaign's television strategy, playing a key role in its success. Additionally, he assisted in enhancing the reputation of then-presidential candidate Ricardo Lagos among the business community during the 2000 election.

In recognition of his dedication to democracy and open societies, Soros received the Bernardo O'Higgins Order of Merit from Michelle Bachelet in 2009.

Diplomacy

Soros has financially supported Independent Diplomat, a non-profit organization established by former British diplomat Carne Ross that offers diplomatic assistance to underrepresented groups.

Drug policy reform

Soros has made significant contributions toward reforming drug policies worldwide. In 2008, he donated $400,000 to back Massachusetts' successful ballot initiative that decriminalized possession of small amounts of marijuana. He has also supported comparable measures in states such as California, Alaska, Oregon, Washington, Colorado, Nevada, and Maine. His foundations have provided funding to groups including the Lindesmith Center and Drug Policy Foundation.

In 2008, Soros contributed $1.4 million to advocate for California's Proposition 5, which sought to broaden drug treatment options but ultimately did not pass. Two years later, he gave $1 million toward California's Proposition 19 campaign aimed at legalizing cannabis.

Soros has acknowledged that while marijuana is less addictive than other substances, it remains inappropriate for children and students; he himself has abstained from its use for many years. Through his foundations, he is a principal funder of the Drug Policy Alliance, donating approximately $5 million annually to advance cannabis legalization and wider drug policy reforms.

Death and dying

The Project on Death in America (1994–2003), initiated by the Open Society Institute, focused on changing societal attitudes and experiences surrounding death and mourning. In 1994, Soros disclosed that he had offered assistance to his mother—who belonged to the right-to-die advocacy group Hemlock Society—in her wish to end her life. He also supported the Oregon Death with Dignity Act and financed its promotional efforts.

Conspiracy theories and threats

Due to his Jewish heritage, financial influence, and philanthropic activities, Soros has frequently been targeted by conspiracy theories combining antisemitic and Islamophobic elements. One prominent accusation claims he orchestrated or facilitated the 2015 European migrant crisis. The Hungarian government allocated substantial funds toward a poster campaign aimed at Soros. According to anthropologist Ivan Kalmar, many critics perceive Soros as heading a global conspiracy involving other Jewish figures such as the Rothschilds, alongside groups like Freemasons and the Illuminati.

Attempted assassination

On October 22, 2018, a pipe bomb was discovered inside the mailbox at Soros's residence in Katonah, New York, as part of the October 2018 United States mail bombing attempts. A caretaker found the device, removed it, and promptly alerted law enforcement. The FBI subsequently documented and safely detonated the bomb before initiating an investigation. Comparable explosive devices were later sent to prominent Democrats and liberals, including Hillary Clinton and Barack Obama.

Cesar Sayoc Jr. was apprehended on October 26, 2018, in Aventura, Florida, suspected of being responsible for mailing these bombs. In August 2019, he received a 20-year prison sentence after being convicted of dispatching 16 pipe bombs to 13 individuals; notably, none of the devices exploded.

Reflexivity, financial markets, and economic theory

Soros’s theoretical framework centers on reflexivity, which posits that market participants’ perceptions and biases actively shape economic transactions and can subsequently modify underlying fundamentals. He contends that markets experiencing sharp upward or downward trends are not in equilibrium, rendering traditional economic models such as the efficient market hypothesis ineffective. Soros introduced ideas like dynamic disequilibrium and near-equilibrium states, crediting his understanding of reflexivity as a key factor in his financial achievements.

The concept of reflexivity rests on three principal tenets:

• It becomes most pronounced when investor sentiment spreads broadly, often triggered by mechanisms like equity leverage or trend-following behaviors.
• Reflexivity manifests sporadically and is best analyzed through probabilistic methods.
• Market participants’ decisions have the power to influence both asset prices and fundamental economic conditions.

A prime illustration is the 2008 housing market collapse: expanded lending practices fueled rising home prices, which strengthened lenders’ financial positions and encouraged further lending. This cycle was intensified by government initiatives promoting homeownership through guarantees and tax incentives. This example highlights how reflexivity can drive markets beyond fundamental values.

Although initially overlooked by mainstream economists, Soros’s reflexivity theory gained prominence following the 2008 financial crisis, attracting scholarly interest. It also corresponds with complexity economics theories developed at the Santa Fe Institute, despite Soros not having publicly shared his views during that field’s early development in the 1980s.

Reflexivity in politics

Beyond financial markets, Soros has explored reflexivity’s implications within political spheres. He maintains that the most significant contemporary danger to the "open society" stems from market fundamentalism, which he sees as supplanting former threats such as communism and fascism identified by his mentor Karl Popper.

Soros interprets the United States’ global political and economic dominance as a reflexive feedback loop wherein military power and financial influence mutually reinforce one another, fostering policies that ultimately lack sustainability.

View of problems in the free market system

Soros argues that speculative financial activities impede economic progress in many developing nations. He attributes a wide array of global challenges to inherent shortcomings within market fundamentalism.

Market forecasts

In his 2008 book The New Paradigm for Financial Markets, Soros introduced the concept of a "superbubble" that had been developing over a quarter-century and was on the verge of collapse. This marked his third major publication forecasting a financial crisis, following The Alchemy of Finance (1987) and The Crisis of Global Capitalism (1998). Soros attributes his accuracy to his ability to acknowledge when his forecasts prove incorrect.

By February 2009, Soros declared that the global financial system had essentially broken down with no quick remedy in sight, describing it as being kept alive only through artificial means.

During a 2016 economic forum held in Sri Lanka, he warned of an impending financial meltdown akin to that of 2008, citing vulnerabilities in international currency, equity, and commodity markets, alongside the depreciation of the Chinese yuan.

Perspectives on antisemitism and Israel

In an interview with The New Yorker, Soros affirmed that while he does not deny Jewish people their right to a national homeland, he personally chooses not to participate in it. Leaked emails from 2016 revealed that his Open Society Foundation actively seeks to challenge Israeli government policies on the global stage, including contesting Israel’s image as a democratic state. He has provided funding to NGOs critical of Israeli actions, some of which endorse the Boycott, Divestment and Sanctions movement.

At a 2003 Jewish Funders Network gathering, Soros proposed that specific policies enacted by U.S. and Israeli governments had contributed to a rise in antisemitism across Europe—a position criticized by the Anti-Defamation League for oversimplification and potentially harmful implications. He has also suggested that Jewish communities might reduce antisemitism by moving beyond “tribal” affiliations.

Writing in The New York Review of Books, Soros clarified that he does not hold Jews responsible for antisemitism—which predates the establishment of Israel—but contends that perceptions about Israel are shaped by its governmental policies and the pro-Israel lobby’s efforts to silence opposing opinions.

In 2017, Israeli businessman Beny Steinmetz filed a $10 million lawsuit against Soros, accusing him of pressuring Guinea’s government to cancel Steinmetz’s mining agreements out of hostility toward Israel. Soros dismissed the suit as baseless and a public relations tactic amid ongoing legal challenges faced by BSG Resources.

At an event honoring Imre Kertész, Soros remarked that victims of violence can sometimes become perpetrators themselves, applying this observation to the Israeli-Palestinian conflict; this statement provoked walkouts and boos from attendees.

A 2017 billboard campaign in Hungary, supported by Prime Minister Viktor Orbán and costing approximately US$21 million, portrayed Soros as a threat to national security. The campaign attracted condemnation for containing antisemitic elements. Initially, Israel’s Foreign Ministry criticized Soros for backing organizations critical of Israeli policies but later withdrew the statement following directives from Prime Minister Netanyahu.

Alexander Soros, George Soros’s son, has expressed that his father is a supporter of Israel and advocates for a two-state solution, sharing political views similar to those of Meretz and the Labor Party. Alexander emphasized that George Soros views his philanthropic work as deeply connected to his Jewish heritage and commitment to minority rights, underscoring that Jewish safety is intertwined with the protection of all minority groups within society.

In December 2023, Israel’s UN ambassador Gilad Erdan accused Soros of funding pro-Palestinian organizations aiming to dismantle Israel as a Jewish state. Alexander Soros rejected these allegations as distorted attacks originating from right-wing factions.

Perspectives on the United States

In a November 11, 2003 interview with The Washington Post, Soros declared that ousting President George W. Bush was the "central focus of my life" and described it as "a matter of life and death." He expressed readiness to risk his entire wealth to ensure Bush's defeat, provided there was a guarantee of success. During the 2004 U.S. presidential election, Soros donated $3 million to the Center for American Progress, $2.5 million to MoveOn.org, and $20 million to America Coming Together, all organizations supporting Democratic candidates. On September 28, 2004, he embarked on a multistate campaign, beginning with a speech titled "Why We Must Not Re-elect President Bush" at the National Press Club in Washington, D.C. This address attracted further notice after Dick Cheney mistakenly referred to FactCheck.org as "factcheck.com" during the vice presidential debate, inadvertently directing viewers to Soros's website.

Soros’s 2003 publication, The Bubble of American Supremacy, offered a critical analysis of the Bush administration’s "War on Terror," labeling it as misguided and counterproductive while connecting political developments to self-reinforcing financial bubbles. In his 2006 book, The Age of Fallibility, he reiterated his belief that "the main obstacle to a stable and just world order is the United States," emphasizing how U.S. policies shape global agendas with unintended repercussions.

By 2017, Soros characterized Donald Trump as a con artist and forecasted his downfall due to contradictory policy positions. He anticipated the onset of a trade war under Trump’s administration and predicted declines in financial markets amid growing uncertainty.

Perspectives on Europe

In October 2011, Soros authored an open letter titled "As concerned Europeans we urge Eurozone leaders to unite," advocating for enhanced economic governance within Europe through federal mechanisms such as a common EU treasury and fiscal oversight. The letter cautioned against nationalist reactions to the Great Recession and was endorsed by notable European figures including Javier Solana and Daniel Cohn-Bendit.

In October 2015, Soros criticized Hungarian Prime Minister Viktor Orbán’s handling of the European migrant crisis, emphasizing the importance of safeguarding refugees rather than prioritizing border security.

Opposed to Brexit, Soros predicted its failure along with a brief tenure for Theresa May as Prime Minister. He contributed £400,000 to Best for Britain, an anti-Brexit campaign group, and organized a dinner for Conservative donors aimed at rallying support. His Open Society Foundations also provided £303,000 in funding to pro-EU entities such as the European Movement UK and the think tank Bright Blue.

By 2018, Soros highlighted Europe’s struggles with immigration challenges, austerity policies, and fragmentation within the EU. He warned that populism, the refugee crisis, and deteriorating transatlantic relations could provoke an existential threat. While acknowledging unresolved issues surrounding the euro currency that must not jeopardize the EU’s future, he proposed replacing the concept of a multi-speed Europe with a "multi-track Europe," offering member states greater flexibility in their integration choices.

Perspectives on Europe-Africa Relations

To mitigate potential increases in African migration to Europe, Soros has called for a European Union "Marshall Plan for Africa," focusing on initiatives aimed at enhancing education and employment opportunities to curb emigration.

Perspectives on China

In 2010, Soros voiced apprehension regarding China's swift ascent in economic and political spheres, urging the nation to embrace global responsibilities that extend beyond its own interests. He observed that China's economy was more dynamic and its government more effective compared to the United States, which was experiencing political stalemate. By 2015, Soros proposed a strategic alliance between the US and China aimed at averting military clashes between rising power blocs. During the 2016 World Economic Forum, he forecasted an unavoidable "hard landing" for China's economy, a prediction that was contested by Chinese state media.

At the January 2019 World Economic Forum in Davos, Soros described Xi Jinping as the "most dangerous adversary of open societies," emphasizing China's considerable wealth, influence, and technological prowess. He cautioned against permitting Chinese companies Huawei and ZTE to dominate the global 5G infrastructure, citing severe security risks worldwide. Soros also condemned China's Social Credit System as an instrument of comprehensive population control and criticized American corporations such as BlackRock for prioritizing business interests in China despite human rights violations, arguing this behavior weakens democracy and compromises US national security.

Perspectives on Russia and Ukraine

In May 2014, Soros informed CNN's Fareed Zakaria that he had founded a charitable organization in Ukraine prior to its separation from Russia, which played a notable role in subsequent developments.

By January 2015, he declared that Europe faced aggression from Russia and called on Western countries to intensify economic sanctions against Russia due to its support for separatist forces in eastern Ukraine. Additionally, he urged the European Union to extend a $50 billion financial aid package to Ukraine.

In July 2015, Soros characterized Putin's seizure of Crimea as a direct challenge to the existing global order, particularly targeting the European Union. He suggested Putin sought to destabilize Ukraine politically and economically without overt military occupation, compelling eastern Ukrainian regions to depend economically on Russia. In retaliation, Russian authorities banned Soros's pro-democracy organizations—the Open Society Foundations (OSF) and Open Society Institute (OSI)—citing threats to constitutional integrity and national security.

In January 2016, Russian officials confiscated hundreds of books associated with Soros's "Renewal of Humanitarian Education" initiative, accusing his foundations of promoting ideologies incompatible with Russian cultural values. The majority of these publications were financed by Soros-backed groups.

During May 2022, amid the Russian military offensive in Ukraine, Soros warned that the conflict had the potential to escalate into "a third world war" and emphasized the necessity of swiftly defeating Putin. He highlighted that pressing global issues such as pandemics, climate change, nuclear dangers, and the preservation of international institutions had been overshadowed by this crisis, endangering humanity's future.

Perspectives on India and Narendra Modi

In February 2023, Soros criticized Indian Prime Minister Narendra Modi for alleged Islamophobia, nepotism, and authoritarian tendencies, stating that "India is...a democracy. But its leader, Narendra Modi, is no democrat. Inciting violence against Muslims was an important factor in his meteoric rise." Modi's Bharatiya Janata Party accused Soros of attempting to destabilize Indian democracy. Indian foreign minister S. Jaishankar described Soros as a "dangerous" individual.

Wealth and philanthropy

By March 2020, Forbes positioned Soros as the 162nd wealthiest individual worldwide, estimating his net worth at $8.3 billion. Throughout his lifetime, he has contributed 64% of his initial wealth, channeling over $15 billion through the Open Society Foundations—an international grant-making organization dedicated to advancing justice, education, public health, and independent journalism. Forbes regards him as the most magnanimous donor relative to his net worth.

Soros embarked on his philanthropic journey in the 1970s by supporting Black students at the University of Cape Town during apartheid and aiding dissident groups within the Iron Curtain nations. His charitable efforts concentrate on fostering peaceful democratization across post-communist Central and Eastern Europe via the Open Society Foundations (OSI) and affiliated national Soros Foundations such as Poland's Stefan Batory Foundation. By 2003, his donations had reached about $4 billion, with OSI allocating roughly $500 million annually.

Former Federal Reserve Chair Paul Volcker commended Soros for leveraging his financial achievements to promote "open societies," highlighting values like tolerance and economic freedom. Time magazine reported that his philanthropy includes a $100 million investment in Internet infrastructure for Russian universities and a $50 million contribution to Millennium Promise aimed at eradicating extreme poverty in Africa. At that point, Soros had donated more than $7 billion worldwide.

Additional significant initiatives encompass support for scientists and academic institutions in Central and Eastern Europe, humanitarian aid during the siege of Sarajevo, and funding for organizations such as Transparency International. He endowed €420 million to establish the Central European University (CEU).

In a controversial move, the Open Society Institute provided $20,000 in 2002 to the Defense Committee of Lynne Stewart, a lawyer convicted of aiding a terrorist conspiracy; OSI clarified this was connected to advocating for the right to legal counsel.

In September 2006, Soros committed $50 million to Millennium Promise, led by economist Jeffrey Sachs, signaling an increased focus on poverty reduction linked with governance reforms.

In May 2011, he allocated $60 million to Bard College, founding its Center for Civic Engagement.

Soros was instrumental in Hungary’s nonviolent shift away from communism between 1984 and 1989 and contributed substantial funding to CEU in Budapest. The Open Society Foundations maintain programs in over 60 countries with annual spending near $600 million.

On October 17, 2017, Soros transferred $18 billion to the Open Society Foundations. One year later, in October 2018, he donated $2 million to the Wikimedia Foundation through its Endowment initiative.

In January 2020, Soros unveiled a $1 billion endowment at the World Economic Forum, launching the Open Society University Network—a global educational collaboration including Bard College and CEU—with Bard president Leon Botstein appointed chancellor.

July 2020 saw his Foundations commit $220 million in grants focused on racial justice, reforming criminal justice systems, and enhancing civic participation. During that month, Soros also contributed $100 million to Bard College to expand its Center for Civic Engagement and reinforce its role within the Open Society University Network.

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

Personal life

Soros has entered into marriage three times and experienced two divorces. In 1960, he wed Annaliese Witschak, an ethnic German immigrant who was orphaned during World War II. Although she was not Jewish, Soros's parents held her in high regard due to her experiences during the war. Their marriage ended in divorce in 1983, and they had three children together:

• Robert Daniel Soros (born 1963): Founder of the Central European University in Budapest and a network of foundations across Eastern Europe. He married Melissa Robin Schiff in 1992.
• Andrea Soros Colombel (born 1965): Founder and president of the Trace Foundation, which supports Tibetan cultural preservation and sustainable development initiatives in China. She also co-founded and serves on the board of the Acumen Fund, a global venture fund focused on poverty alleviation. She is married to Eric Colombel.
• Jonathan Tivadar Soros (born 1970): Hedge fund manager and political contributor who co-established the super PAC Friends of Democracy in 2012, aiming to curb the influence of money in politics. He married Jennifer Ann Allan in 1997.

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

• Alexander Soros (born 1985): Known for his philanthropic work supporting progressive causes; led student political donation efforts in 2010. He married Huma Abedin in June 2025.
• Gregory James Soros (born 1988), an artist by profession.

During his childhood, Soros admitted to having messianic fantasies, describing them as a "disease" that he eventually accepted by living through it. In a 1998 interview, he stated that he is not religious and does not hold a belief in God.

Soros met Tamiko Bolton in 2008, and they were married on September 21, 2013. His elder brother, Paul Soros, an investor and philanthropist, passed away in June 2013. As of 2022, Soros maintained residences on Manhattan’s Fifth Avenue, in The Hamptons on Long Island, and Katonah in Westchester County.

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

Honors and awards

Soros has been honored with honorary doctorates from institutions including the New School for Social Research, the University of Oxford (1980), the Corvinus University of Budapest, and received a Doctor of Humane Letters degree from Yale University (1991). Additionally, he was awarded an honorary economics degree by the University of Bologna in 1995.

In 2005, Soros was a minority investor in a consortium attempting to acquire the Washington Nationals baseball team, which led some Republican lawmakers to consider revoking Major League Baseball's antitrust exemption. His name was also linked to Italian football club AS Roma in 2008; however, no transaction took place. Soros provided financial support to Washington Soccer L.P., which held operating rights for Major League Soccer's D.C. United at its inception in 1995 but lost these rights by 2000. In 2012, SEC disclosures revealed that Soros had acquired approximately a 2% stake in English football club Manchester United through Class-A shares.

In 2008, Soros was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame alongside notable figures such as Alfred Jones and James Simons. By January 2014, he was ranked first on LCH Investments' list of top managers, having achieved gains near $42 billion since founding his Quantum Endowment Fund in 1973.

In July 2017, Soros was named an Honorary Fellow of the British Academy, the United Kingdom’s national academy for humanities and social sciences. The Financial Times honored him as Person of the Year in 2018, recognizing him as "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 money to Hungarian Spectrum, an English-language platform exposing political developments under Hungarian Prime Minister Viktor Orbán.

In January 2025, United States President Joe Biden presented Soros with the prestigious Presidential Medal of Freedom.

Authored or 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 PublicAffairs, 2004).
• George Soros on Globalization (PublicAffairs, 2002; paperback 2005).
• The Bubble of American Supremacy: Correcting the Misuse of American Power (PublicAffairs, 2003; paperback 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; paperback edition).
• The Crisis of Global Capitalism: Open Society Endangered (PublicAffairs, 1998).
• Soros on Soros: Staying Ahead of the Curve (John Wiley, 1995; paperback edition).
• Opening the Soviet System (Weidenfeld & Nicolson, 1990; paperback Perseus Books, 1996).
• The Alchemy of Finance (Simon & Schuster, 1988; paperback Wiley, 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", appeared in the 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", appeared in the 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 was broadcast as part of the Opinions program 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

Journalism

• John Authers, "A successful prophet of the markets", featured in Financial Times, May 19, 2008
• Laura Blumenfeld, "Billionaire Soros Takes on Bush", published by The Washington Post, November 11, 2003
• Connie Bruck, "The World According to Soros", appeared in The New Yorker, January 23, 1995
• Malcolm Gladwell, "Blowing Up", featured in The New Yorker, April 22 & 29, 2002
• Matt Welch, "Open Season on 'Open Society'", published by Reason, December 8, 2003
• "Time's 25 Most Influential Americans", featured in Time, April 21, 1997
• "The Time 100: The Power Givers: George Soros", published by 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 and D. Strachan, "George Soros and economic theory: an analysis", Kyklos, 1997
• C.P. Kwong, "A mathematical examination 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 Risk of Financial Crisis, Oxford University Press, 2001
• Diane Stone, "Market Logic, Philanthropic Principles, and Public Service Ethics: The Central European University's Public Policy Initiative", PS: Political Science and Politics, 2007
• Diane Stone, "Is it Transnational Philanthropy or Policy Diffusion? The Global Norms of the Open Society Institute", Policy and Politics, 2010

External links

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