In one of the world’s most significant wealth transfers to a single charitable organization, George Soros transferred $18 billion to his Open Society Foundation. This donation has been done in parts over the past several years but was brought to the surface only recently.
George Soros, the founder of Open Trust Foundation, is a renowned philanthropist and he holds that the high degree of success he has made in the financial markets has enabled him to be independent and have a firm stand on controversial issues, something he has done for many years. To date, he has given out more than $30 billion of his fortune to the Foundation and other charitable organizations.
This most recent donation makes his Open Society Foundation the second largest philanthropic organization in the US, where the Melinda Gates Foundation is the first. The Open Society Foundation carries out operations in more than 100 countries in the world to ensure governments are more transparent and accountable, that the rights of the minorities are not trampled over, among other causes that they may champion. Through such donations, the foundation can finance the activities of other organizations across the globe which work together with them to fulfill goals that are in line with what the foundation advocates.
The donation, according to figures reported by Forbes, was, however, at the expense of his net worth regarding global ranking of the wealthiest persons on earth. Before the news of the donation came out, his net worth gat estimated around $23 billion, which saw him get placed as the 20th richest person in America. Statistics that were drawn after the news of the donation showed that courtesy of the massive transfer, his net worth had dropped to $8 billion, which saw his ranking drop from position 20 to position 59 in the list of wealthiest people in America. But this will not mean much to a man like George Soros who, now aged 87, has been increasingly shifting his focus on his philanthropy arm.
His upbringing may have influenced his philanthropy lifestyle given that he grew up in Nazi-occupied Hungary as a young boy and the atrocities of that regime may have made him desire to see the world a better place, which he is now doing through his foundation.
His foundation has gotten involved in some charitable activities all aimed at alleviating the living standards of those that are less fortunate. From as early as 1979, which was seven years after the inception of the foundation, he gave scholarships to black South African students under the Apartheid regime. In the wake of Ebola in 2014, he funded the operations of Ebola treatment centers in the affected regions. His giving has been even outside his foundation, where, for example, he has supported independent organizations such as the Global Witness and the Institute of New Economic Thinking.
In the wake of last year’s American election, George Soros financed Hillary Clinton and other Democrat figures, and act which, however, attracted a lot of critics primarily from the Republican establishment. and more information click here