UPDATED: Feb 17, 2023 14:49 IST
By India Today Web Desk: American billionaire-philanthropist George Soros has been accused of using his wealth and influence to shape politics and funding regime change. He had in 2020 pledged $1 billion to fund a new university network to tackle the spread of nationalism. He has been critical of PM Narendra Modi, Chinese President Xi Jinping and former US President Donald Trump.
In 2020, Soros slammed the Modi government while addressing an event at World Economic Forum (WEF) in Davos and said nationalism was making headway and the “biggest setback” was seen in India. But who is this billionaire-philanthropist? How did he earn his wealth and why does he face so much criticism? Here’s all you need to know about George Soros.
Here are 10 must-know Soros facts
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George Soros is known as the man who broke the Bank of England. The Bank of England is for the United Kingdon what the Reserve Bank of India (RBI) is for India. The hedge fund manager shorted the British currency (pound) and is said to have made a made a profit of $1 billion.
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According to Forbes, George Soros’s net worth as of February 17, 2023, is $6.7 billion. He is among the wealthiest people in the world. From 1969 to 201, George Soros, the celebrated hedge fund tycoon, managed client money in New York.
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George Soros, one of the wealthiest man in the world, had to struggle despite being born in an affluent family. Soros worked as a railway porter and waiter to fund his studies at London School of Economics.
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Soros was born in Hungary’s Budapest in 1930. Though he was born in an affluent Jewish family, his adoloscent years were disrupted by the arival of Nazis in Hungary in 1944, according to encyclopedia Brittanica.
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To avoid being detected and sent to concentration camps, the family had to split up. Soros moved to London in 1947 with his family. According to Britannica, Soros studied philosophy and planned to become a philosopher.
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Before he created his Soros Fund, he worked at a London merchant bank. Soros moved to New York City in 1956 where he started off as an analyst of European securities.
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George Soros has been alleged to be behind speculative attacks on the Thailand’s currency (baht) in 1997 though he has vehmently denied the charge. His name was linked with the financial crisis that swept through much of Asia that year. Even Malaysia’s then prime minister, Mahathir bin Mohamad, blamed Soros for ringgit’s decline.Â
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Soros established a philantrophic organisation called Open Society Foundations in 1984 by using parts of his wealth. Open Society had a network of foundations. Soros donated $128.5 million to the Democratic Party in 2022 and was its biggest donor. He was a prominent face behind Barack Obama’s presidential campaign.
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Open Society Foundations were functioning in over 70 countries in early 21st Century, according to Britannica. There were reports in 2017 that Soros had given about $18 billion to the organisation in recent years.
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Soros donated $100 million to Human Rights Watch in 2010. Because of his support of liberal causes and the Democratic Paty, Soros has often drawn criticism from conservatives and the Republican Party.
