George Soros Advances Social Progress Through Open Society Foundation

Born in 1930 in Budapest, Hungary, George Soros fled from his home country after surviving the Nazi Occupation in Hungary during the World War II in 1947. Mr. George Soros went to England where graduated from the London School of Economics in 1952 and started his career with an entry-level position with an investment bank in London. Mr. Soros graduated with Bachelor of Science degree in Philosophy and later pursued Master degree in philosophy.

In 1956, he immigrated to the United States and continued with his career as an analyst and held various investment management positions at the various New York firms. Mr. George Soros has worked in Arnhold & S. Bleichroeder, Wertheim & Co., and F.M. Mayer. After gaining enough experience and working in various investment management firms, George Soros started his company in 1973 and referred the hedge fund company as Soros Fund Management. The company later evolved to a well-known firm, Quantum Fund.

For almost two decades, Mr. Soros did run an aggressive and successful hedge fund. He was reportedly recording revenue growth of more than 30 percent per year and also posted 100 percent annual returns on two occasions. In 1979, Soros gave up the day-to-day management of the Quantum Fund as one of the wealthiest people in the world, only to become a well-known philanthropist donating huge sums of money worldwide through the non-profit organization he created, Open Society Foundation.

It is important to note that George Soros made much of his wealth through market speculation. He shocked the world in 1992 when he speculated the British Pound on the ERM and made a profit of $1 billion after betting that Britain would be forced to devalue its currency and still exit the ERM. When his speculation turned out to be right, Soros had already made a profit that earned him the name “the man who broke the Bank of England.”

The wealth George Soros accumulated from his firm and market speculation has enabled him to help the society with some controversial issues that other wealthy individuals shy away from. He started his philanthropy work in South Africa where he donated a scholarship to black students to help them attend the Cape Town University in apartheid South Africa. Today, the organization has spread to more than 100 countries and has annual expenditures reaching $835 million in 2011.

Open Society Foundation has accomplished many things including helping to open societies that are closed. The organization was responsible for underwriting the largest and most concerted effort of bringing the Roma people of Europe into the mainstream. Soros has been in the forefront in promoting transparency and accountability to the natural resource extraction. He has supported independent organizations such as the European Council on Foreign Relations, Global Witness, the International Crisis Group, the Institute for New Economic Thinking. Soros is the author of dozen books such as “The Tragedy of the European Union,” (2014), essays, politics, and economics.