Who is George Soros? Biography, Age & Net Worth

George Soros is a name that resonates across global finance, politics, and philanthropy. From his early struggles in war-torn Hungary to becoming one of the most influential investors and political activists in the world, Soros’ journey is nothing short of extraordinary.

His financial acumen made him a billionaire, but his philanthropic efforts and political activism have cemented his legacy as one of the most polarizing figures of modern times.

Early Life and Education

Born on August 12, 1930, in Budapest, Hungary, Soros grew up in a prosperous Jewish family. However, his childhood was upended when Nazi forces occupied Hungary in 1944. To survive, his family used false identities and went into hiding, avoiding deportation to concentration camps. After World War II, Soros moved to London in 1947, where he studied philosophy at the London School of Economics under the famous thinker Karl Popper. Though he initially aspired to be a philosopher, financial markets soon became his true calling.

Rise to Financial Stardom

Soros entered the world of finance by working at London’s Singer & Friedlander bank before moving to the United States in 1956. Over the next few decades, he built a reputation as a brilliant investor. In 1973, he established the Soros Fund Management, later renamed the Quantum Endowment Fund, which quickly became one of the most successful hedge funds in history.

Soros’ most legendary financial move came in 1992, when he made a bold bet against the British pound. He famously shorted billions of pounds before the UK government devalued its currency, earning a profit of approximately $1 billion in a single day. This historic event earned him the nickname “The Man Who Broke the Bank of England.”

However, not all of Soros’ predictions were correct. In 1994, he wrongly speculated that the U.S. dollar would rise against the Japanese yen, resulting in substantial losses. Despite occasional setbacks, Soros remained one of the world’s most influential investors.

Controversies and Market Speculation

Soros has frequently been accused of contributing to financial instability through currency speculation. In 1997, during the Asian financial crisis, he was blamed by Malaysian Prime Minister Mahathir Mohamad for allegedly manipulating the Malaysian ringgit. However, Soros denied the accusations, pointing out that his fund actually lost billions during the crisis.

In 2002, he faced legal trouble when a French court convicted him of insider trading related to a 1988 stock deal involving Société Générale. He was fined €2.2 million, and although he appealed, the conviction was upheld in 2006.

Philanthropy and Political Activism

Despite his controversial financial moves, Soros is also known for his philanthropy. In 1984, he established the Open Society Foundations (OSF), a global network dedicated to promoting democracy, human rights, and freedom of expression. Initially, his efforts focused on Eastern Europe, funding education, technology, and economic reforms in post-communist states like Hungary, Poland, and Russia.

As the Cold War ended, Soros expanded his philanthropic efforts worldwide. By 2017, he had donated over $18 billion to OSF, making it one of the largest charitable organizations in the world. His contributions have supported everything from healthcare and education to independent journalism and justice reform.

Political Involvement and Criticism

Soros has been a vocal advocate for liberal democratic values and has funded numerous progressive causes. In 2003, he helped establish the Center for American Progress, a left-leaning think tank. Over the years, he has financially backed Democratic candidates, including Barack Obama, Hillary Clinton, and Joe Biden, while opposing Republican leaders like George W. Bush and Donald Trump.

His support for leftist policies has made him a prime target of conservative criticism. He has been the subject of numerous conspiracy theories, often falsely accused of orchestrating global events for personal gain. Some theories have even suggested he funds anti-government protests and mass migration movements—claims he has consistently denied.

Legacy and Influence

Beyond finance and politics, Soros has left an indelible mark on global philanthropy. His books, such as The Alchemy of Finance (1987) and The Crisis of Global Capitalism (1998), provide insights into his economic philosophy and vision for an open society.

In 2019, he was the subject of the documentary Soros, which examined his life, achievements, and controversies. Despite his advancing age, he remains an active figure in finance and politics, with his son Alexander Soros now playing a key role in OSF.