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Published: Thu, October 19, 2017
Global Media | By Abel Hampton

George Soros funds own philanthropy with $18 billion

George Soros funds own philanthropy with $18 billion

Open Society works globally to "build vibrant and tolerant democracies" and has given away almost $14bn since it was founded in 1979.

The famous American financier and billionaire George Soros gave more than $18 billion Fund of the Open Society Foundations (open society).

The Open Society Foundations is less a single entity than a network of interconnected operations. With Budapest under Communist rule in 1947, he left for London and then the United States, where he found success on Wall Street. It has worked to combat authoritarianism, promote human rights, and support "marginalized" groups - including refugees, the LGBT community, and minorities.

Created by Soros in 1979, Open Society is a grant-making foundation with branches and partners around the world and focuses on supporting democracies and combating issues of injustice and discrimination, among other causes.

The foundation has spent about $14 billion since the 1980s, according to spokesperson Laura Silber.

Uber-liberal billionaire George Soros infused "the bulk of his wealth" - $18 billion - into his charity arm Tuesday, making the philanthropic organization second only to Bill and Melinda Gates' Foundation in USA assets and further extending and strengthening the reach of Soros' tentacles worldwide.

Soros early this year hired former UBS Group AG asset management executive Dawn Fitzpatrick to serve as the latest chief investment officer for New York-based Soros Fund Management, which also manages money for Open Society.

Soros, who is Jewish, fled Hungary for Britain in the 1940s to escape Nazi occupation.

Although we are not the largest global foundation in terms of budget, no other philanthropic organization employs so many people in so many places.

He has been heavily involved in philanthropic efforts for decades. Hungary's foreign affairs minister, Peter Szijjarto, even called Soros a "national security risk" in a July statement.

A spokesman for Soros said at the time that Soros's views had been "consistently and willfully misrepresented".

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