George Soros Drops To The 59th Richiest in the U.S. After $18 Billion Donation

The iconic hedge fund manager, George Soros has spent the latter half of his adult life as a controversial figure beloved by liberals and members of the Democratic Party. After a series of record-breaking years on the hedge fund markets, Soros was ranked at the end of 2017 as the 20th richest person in the U.S. with an estimated fortune of $23 billion built on the back of sound investments made across the planet; hours after the Forbes 400 list was released to rank the richest people in the U.S. news broke of the decision by George Soros to donate the vast majority of his fortune to his own Open Society Foundations.

Forbes reports they had already factored into the estimation of the wealth of Soros a $3 billion donation to the Open Society Foundations which would provide a great deal of support for the democracy-enhancing programs of the network of charitable groups. INitially ranked as the 20th richest person in the U.S., George Soros has dropped to the 59th richest person on the 400 list released each year as a guide of how the richest in the U.S. are performing with their investments. In recent years, George Soros has made a dramatic return to investing, political giving, and charitable donating as he employed Dawn Fitzpatrick as the Chief Investment Officer for Soros Fund Management, and more information click here.

The Open Society Foundations has been the main source of charitable giving for George Soros since the group was created in the 1980s after Soros has struggled to make an impression through his early philanthropic activities. After arriving in New York in the 1950s, the former refugee from Soviet-ruled Hungary initially planned to make his fortune and return to Europe after only five years. The Open Society Foundations reports Soros eventually took U.S. citizenship after moving to Greenwich Village and seeing how much affect his personal fortune could have in fighting the rising influence of conservative groups in the second half of the 20th-century.

George Soros has funded the Open Society Foundations throughout its life and announced he believed his skills as an investor were provided so he could use his fortune to bring democracy to the world. The rise of the Open Society Foundations has not been a swift one but instead, a long-term project which has seen the focus of the Soviet Union in the 1980s shift to Africa, Asia, and North America in the 1990s and beyond. Despite his age, George Soros is still fighting the right-wing elite determined to bring fascism to democratic nations which have seen the octogenarian investment specialist fight the rising power and attempts to discredit his charitable group by conservative Hungarian Prime Minister Victor Orban, and George Soros’s lacrosse camp.

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