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George Soros ( name written in eastern order), (born György Schwartz, August 12, 1930) is a Hungarian-American businessman and philanthropist. , he had a
net worth Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net ...
of US$8.6 billion, Note that this site is updated daily. having donated more than $32 billion to the
Open Society Foundations Open Society Foundations (OSF), formerly the Open Society Institute, is a Grant (money), grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the wo ...
, of which $15 billion has already been distributed, representing 64% of his original fortune. ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
'' called him the "most generous giver" (in terms of percentage of net worth). Born in
Budapest Budapest (, ; ) is the capital and most populous city of Hungary. It is the ninth-largest city in the European Union by population within city limits and the second-largest city on the Danube river; the city has an estimated population ...
to a non-observant
Jewish Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...
family, Soros survived the
Nazi occupation German-occupied Europe refers to the sovereign countries of Europe which were wholly or partly occupied and civil-occupied (including puppet governments) by the military forces and the government of Nazi Germany at various times between 1939 an ...
of
Hungary Hungary ( hu, Magyarország ) is a landlocked country in Central Europe. Spanning of the Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia a ...
and moved to the United Kingdom in 1947. He studied at the
London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 millio ...
and was awarded a
BSc A Bachelor of Science (BS, BSc, SB, or ScB; from the Latin ') is a bachelor's degree awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Science was the University of ...
in philosophy in 1951, and then a
Master of Science A Master of Science ( la, Magisterii Scientiae; abbreviated MS, M.S., MSc, M.Sc., SM, S.M., ScM or Sc.M.) is a master's degree in the field of science awarded by universities in many countries or a person holding such a degree. In contrast to ...
degree, also in philosophy, in 1954. Soros began his business career by taking various jobs at
merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...
s in the United Kingdom and then the United States, before starting his first
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...
, Double Eagle, in 1969. Profits from his first fund furnished the seed money to start Soros Fund Management, his second hedge fund, in 1970. Double Eagle was renamed to Quantum Fund and was the principal firm Soros advised. At its founding, Quantum Fund had $12 million in assets under management, and it had $25 billion, the majority of Soros's overall net worth. Soros is known as "The Man Who Broke the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
" because of his short sale of worth of pounds sterling, which made him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis. Based on his early studies of philosophy, Soros formulated the General Theory of Reflexivity for
capital market A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers t ...
s, which he says renders a clear picture of asset bubbles and
fundamental Fundamental may refer to: * Foundation of reality * Fundamental frequency, as in music or phonetics, often referred to as simply a "fundamental" * Fundamentalism, the belief in, and usually the strict adherence to, the simple or "fundamental" idea ...
/
market Market is a term used to describe concepts such as: * Market (economics), system in which parties engage in transactions according to supply and demand * Market economy *Marketplace, a physical marketplace or public market Geography *Märket, a ...
value of securities, as well as value discrepancies used for
shorting In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the a ...
and swapping stocks. Soros is a supporter of
progressive Progressive may refer to: Politics * Progressivism, a political philosophy in support of social reform ** Progressivism in the United States, the political philosophy in the American context * Progressive realism, an American foreign policy par ...
and
liberal Liberal or liberalism may refer to: Politics * a supporter of liberalism ** Liberalism by country * an adherent of a Liberal Party * Liberalism (international relations) * Sexually liberal feminism * Social liberalism Arts, entertainment and m ...
political causes, to which he dispenses donations through his foundation, the
Open Society Foundations Open Society Foundations (OSF), formerly the Open Society Institute, is a Grant (money), grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the wo ...
. Between 1979 and 2011, he donated more than $11 billion to various philanthropic causes; by 2017, his donations "on civil initiatives to reduce poverty and increase transparency, and on scholarships and universities around the world" totaled $12 billion. He influenced the Fall of Communism in
Eastern Europe Eastern Europe is a subregion of the Europe, European continent. As a largely ambiguous term, it has a wide range of geopolitical, geographical, ethnic, cultural, and socio-economic connotations. The vast majority of the region is covered by Russ ...
in the late 1980s and early 1990s, and provided one of Europe's largest higher education endowments to the Central European University in his Hungarian hometown. His extensive funding of political causes has made him a " bugaboo of European nationalists". ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' reported in October 2018 that " conspiracy theories about him have gone mainstream, to nearly every corner of the
Republican Party Republican Party is a name used by many political parties around the world, though the term most commonly refers to the United States' Republican Party. Republican Party may also refer to: Africa *Republican Party (Liberia) * Republican Part ...
". Numerous
American conservatives Conservatism in the United States is a Political philosophy, political and social philosophy based on a belief in limited government, individualism, Tradition, traditionalism, Republicanism in the United States, republicanism, and limited ...
have promoted false claims that characterize Soros as a singularly dangerous "puppet master" behind many alleged global plots. Conspiracy theories targeting Soros, who is of Jewish descent, have often been described as
antisemitic Antisemitism (also spelled anti-semitism or anti-Semitism) is hostility to, prejudice towards, or discrimination against Jews. A person who holds such positions is called an antisemite. Antisemitism is considered to be a form of racism. Antis ...
.


Early life and education

Soros was born in Budapest in the
Kingdom of Hungary The Kingdom of Hungary was a monarchy in Central Europe that existed for nearly a millennium, from the Middle Ages into the 20th century. The Principality of Hungary emerged as a Christian kingdom upon the coronation of the first king Stephen ...
to a prosperous non-observant Jewish family, who, like many upper-middle class Hungarian Jews at the time, were uncomfortable with their roots. Soros has wryly described his home as a Jewish
antisemitic Antisemitism (also spelled anti-semitism or anti-Semitism) is hostility to, prejudice towards, or discrimination against Jews. A person who holds such positions is called an antisemite. Antisemitism is considered to be a form of racism. Antis ...
home. His mother Erzsébet (also known as Elizabeth) came from a family that owned a thriving silk shop. His father Tivadar (also known as Teodoro Ŝvarc) was a lawyer and a well-known
Esperanto Esperanto ( or ) is the world's most widely spoken constructed international auxiliary language. Created by the Warsaw-based ophthalmologist L. L. Zamenhof in 1887, it was intended to be a universal second language for international communi ...
-speaker who edited the Esperanto literary magazine ''
Literatura Mondo ''Literatura Mondo'' (''Literary World'') was a literary Esperanto periodical and publishing house in Budapest, Hungary between 1922 and 1949. It became the focal point of the so-called Budapest School of Esperanto literature. It was founded by T ...
'' and raised his son to speak the language. Tivadar had also been a prisoner of war during and after
World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
until he escaped from Russia and rejoined his family in Budapest. The two married in 1924. In 1936, Soros's family changed their name from the German-Jewish "Schwartz" to "Soros", as protective camouflage in increasingly antisemitic Hungary. Tivadar liked the new name because it is a
palindrome A palindrome is a word, number, phrase, or other sequence of symbols that reads the same backwards as forwards, such as the words ''madam'' or ''racecar'', the date and time ''11/11/11 11:11,'' and the sentence: "A man, a plan, a canal – Panam ...
and because of its meaning. In Hungarian, ''soros'' means "next in line," or "designated successor"; in
Esperanto Esperanto ( or ) is the world's most widely spoken constructed international auxiliary language. Created by the Warsaw-based ophthalmologist L. L. Zamenhof in 1887, it was intended to be a universal second language for international communi ...
it means "will soar". Soros was 13 years old in March 1944 when
Nazi Germany Nazi Germany (lit. "National Socialist State"), ' (lit. "Nazi State") for short; also ' (lit. "National Socialist Germany") (officially known as the German Reich from 1933 until 1943, and the Greater German Reich from 1943 to 1945) was ...
occupied Hungary. The Nazis barred Jewish children from attending school, and Soros and the other schoolchildren were made to report to the Judenrat ("Jewish Council"), which had been established during the
occupation Occupation commonly refers to: *Occupation (human activity), or job, one's role in society, often a regular activity performed for payment *Occupation (protest), political demonstration by holding public or symbolic spaces *Military occupation, th ...
. Soros later described this time to writer Michael Lewis: "The Jewish Council asked the little kids to hand out the deportation notices. I was told to go to the Jewish Council. And there I was given these small slips of paper ... I took this piece of paper to my father. He instantly recognized it. This was a list of Hungarian Jewish lawyers. He said, 'You deliver the slips of paper and tell the people that if they report they will be deported.' I'm not sure to what extent he knew they were going to be gassed. I did what my father said." Soros did not return to that job; his family survived the war by purchasing documents to say that they were Christians. Later that year at age 14, Soros posed as the Christian godson of an official of the collaborationist Hungarian government's Ministry of Agriculture, who himself had a Jewish wife in hiding. On one occasion, rather than leave the 14-year-old alone, the official took Soros with him while completing an inventory of a Jewish family's confiscated estate. Tivadar saved not only his immediate family but also many other Hungarian Jews, and Soros later wrote that 1944 had been "the happiest earof his life," for it had given him the opportunity to witness his father's heroism. In 1945, Soros survived the Siege of Budapest, in which Soviet and German forces fought house-to-house through the city. George and his mother also spent some time hiding with the family of Elza Brandeisz and even attended their Lutheran church with them. When he was 17, Soros relocated to Paris before eventually moving to England. There he became a student at the
London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 millio ...
. While a student of the philosopher
Karl Popper Sir Karl Raimund Popper (28 July 1902 – 17 September 1994) was an Austrian-British philosopher, academic and social commentator. One of the 20th century's most influential philosophers of science, Popper is known for his rejection of the cl ...
, Soros worked as a railway porter and as a waiter, and once received £40 from a
Quaker Quakers are people who belong to a historically Protestant Christian set of Christian denomination, denominations known formally as the Religious Society of Friends. Members of these movements ("theFriends") are generally united by a belie ...
charity. Soros would sometimes stand at Speakers' Corner lecturing about the virtues of internationalism in
Esperanto Esperanto ( or ) is the world's most widely spoken constructed international auxiliary language. Created by the Warsaw-based ophthalmologist L. L. Zamenhof in 1887, it was intended to be a universal second language for international communi ...
, which he had learned from his father. After graduating, he wanted to stay in the university and work as a professor but his grades were not high enough, prompting him to work for an investment firm in London. Soros also obtained a
Bachelor of Science A Bachelor of Science (BS, BSc, SB, or ScB; from the Latin ') is a bachelor's degree awarded for programs that generally last three to five years. The first university to admit a student to the degree of Bachelor of Science was the University of ...
in philosophy in 1951, and a
Master of Science A Master of Science ( la, Magisterii Scientiae; abbreviated MS, M.S., MSc, M.Sc., SM, S.M., ScM or Sc.M.) is a master's degree in the field of science awarded by universities in many countries or a person holding such a degree. In contrast to ...
in philosophy in 1954 from the London School of Economics.


Investment career


Early business experience

In a discussion at the
Los Angeles World Affairs Council The Los Angeles World Affairs Council & Town Hall (LAWACTH), the Los Angeles office within the national network of World Affairs Councils of America The World Affairs Councils of America is a network of 93 autonomous and nonpartisan councils acr ...
in 2006, Alvin Shuster, former foreign editor of the ''
Los Angeles Times The ''Los Angeles Times'' (abbreviated as ''LA Times'') is a daily newspaper that started publishing in Los Angeles in 1881. Based in the LA-adjacent suburb of El Segundo since 2018, it is the sixth-largest newspaper by circulation in the Un ...
'', asked Soros, "How does one go from an immigrant to a financier? ... When did you realize that you knew how to make money?" Soros replied, "Well, I had a variety of jobs and I ended up selling fancy goods on the seaside, souvenir shops, and I thought, that's really not what I was cut out to do. So, I wrote to every managing director in every
merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...
in London, got just one or two replies, and eventually that's how I got a job in a merchant bank."


Singer and Friedlander

In 1954, Soros began his financial career at the merchant bank
Singer & Friedlander Kaupthing Singer & Friedlander was a financial services provider offering corporate and investment banking services to small and medium-sized companies, as well as wealth management services for high-net-worth individuals. Primary areas of act ...
of London. He worked as a clerk and later moved to the
arbitrage In economics and finance, arbitrage (, ) is the practice of taking advantage of a difference in prices in two or more markets; striking a combination of matching deals to capitalise on the difference, the profit being the difference between the ...
department. A fellow employee, Robert Mayer, suggested he apply at his father's brokerage house, F.M. Mayer of New York.


F. M. Mayer

In 1956, Soros moved to New York City, where he worked as an arbitrage trader for F. M. Mayer (1956–59). He specialized in European stocks, which were becoming popular with U.S. institutional investors following the formation of the Coal and Steel Community, which later became the Common Market.


Wertheim and Co.

In 1959, after three years at F. M. Mayer, Soros moved to Wertheim & Co. He planned to stay for five years, enough time to save $500,000, after which he intended to return to England to study philosophy. He worked as an analyst of European securities until 1963. During this period, Soros developed the theory of reflexivity to extend the ideas of his tutor at the
London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 millio ...
,
Karl Popper Sir Karl Raimund Popper (28 July 1902 – 17 September 1994) was an Austrian-British philosopher, academic and social commentator. One of the 20th century's most influential philosophers of science, Popper is known for his rejection of the cl ...
. Reflexivity posits that market values are often driven by the fallible ideas of participants, not only by the economic fundamentals of the situation. Ideas and events influence each other in reflexive feedback loops. Soros argued that this process leads to markets having procyclical "virtuous" or "vicious" cycles of boom and bust, in contrast to the equilibrium predictions of more standard neoclassical economics.


Arnhold and S. Bleichroeder

From 1963 to 1973, Soros's experience as a vice president at Arnhold and S. Bleichroeder resulted in little enthusiasm for the job; business was slack following the introduction of the
Interest Equalization Tax Interest Equalization Tax was a domestic tax measure implemented by U.S. President John F. Kennedy in July 1963. It was meant to make it less profitable for U.S. investors to invest abroad by taxing the purchase of foreign securities. The design o ...
, which undermined the viability of Soros's European trading. He spent the years from 1963 to 1966 with his main focus on the revision of his philosophy dissertation. In 1966 he started a fund with $100,000 of the firm's money to experiment with his trading strategies. In 1969, Soros set up the Double Eagle
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...
with $4m of investors' capital including $250,000 of his own money. It was based in
Curaçao Curaçao ( ; ; pap, Kòrsou, ), officially the Country of Curaçao ( nl, Land Curaçao; pap, Pais Kòrsou), is a Lesser Antilles island country in the southern Caribbean Sea and the Dutch Caribbean region, about north of the Venezuela coast ...
, Dutch Antilles. Double Eagle itself was an offshoot of Arnhold and S. Bleichroeder's First Eagle fund established by Soros and that firm's chairman
Henry H. Arnhold Heinrich-Hartmut Richard Gustav "Henry" Arnhold (September 15, 1921 – August 23, 2018) was an American banker and philanthropist. He was born in Dresden, the fourth child of Lisa and Heinrich Arnhold. The Arnhold family owned Arnhold Brother ...
in 1967. In 1973, the Double Eagle Fund had $12 million and formed the basis of the Soros Fund. George Soros and Jim Rogers received returns on their share of capital and 20 percent of the profits each year.


Soros Fund Management

In 1970, Soros founded Soros Fund Management and became its chairman. Among those who held senior positions there at various times were Jim Rogers,
Stanley Druckenmiller Stanley Freeman Druckenmiller (born June 14, 1953) is an American investor, hedge fund manager and philanthropist. He is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010.
, Mark Schwartz, Keith Anderson, and Soros's two sons."George Soros"
. George Soros. Retrieved November 25, 2011.
Soros Buys 20% of BNK Petroleum
. Gurufocus.com (October 19, 2010). Retrieved November 25, 2011.
In 1973, due to perceived conflicts of interest limiting his ability to run the two funds, Soros resigned from the management of the Double Eagle Fund. He then established the Soros Fund and gave investors in the Double Eagle Fund the option of transferring to that or staying with Arnhold and S. Bleichroeder. It was later renamed the Quantum Fund, after the physical theory of
quantum mechanics Quantum mechanics is a fundamental theory in physics that provides a description of the physical properties of nature at the scale of atoms and subatomic particles. It is the foundation of all quantum physics including quantum chemistry, ...
. By that time the value of the fund had grown to $12m, only a small proportion of which was Soros's own money. He and Jim Rogers reinvested their returns from the fund, and also a large part of their 20% performance fees, thereby expanding their stake. By 1981, the fund had grown to $400m, and then a 22% loss in that year and substantial redemptions by some of the investors reduced it to $200m. In July 2011, Soros announced that he had returned funds from outside investors' money (valued at $1 billion) and instead invested funds from his $24.5 billion family fortune, due to changes in
U.S. Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
disclosure rules, which he felt would compromise his duties of confidentiality to his investors. The fund had at that time averaged over 20% per year compound returns. In 2013, the Quantum Fund made $5.5 billion, making it again the most successful hedge fund in history. Since its inception in 1973, the fund has generated $40 billion. The fund announced in 2015 that it would inject $300 million to help finance the expansion of Fen Hotels, an Argentine hotel company. The funds will develop 5,000 rooms over the next three years throughout various Latin American countries.


Economic crisis in the 1990s and 2000s

Soros had been building a huge
short position In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the a ...
in pounds sterling for months leading up to the Black Wednesday of September 1992. Soros had recognized the unfavorable position of the United Kingdom in the
European Exchange Rate Mechanism The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro (replacing ERM 1 and the euro's predecessor, the ECU) as p ...
. For Soros, the rate at which the United Kingdom was brought into the European Exchange Rate Mechanism was too high, their inflation was also much too high (triple the German rate), and British interest rates were hurting their asset prices. By September 16, 1992, the day of Black Wednesday, Soros's fund had sold short more than $10 billion in
pound Pound or Pounds may refer to: Units * Pound (currency), a unit of currency * Pound sterling, the official currency of the United Kingdom * Pound (mass), a unit of mass * Pound (force), a unit of force * Rail pound, in rail profile Symbols * Po ...
s, profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other
European Exchange Rate Mechanism The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro (replacing ERM 1 and the euro's predecessor, the ECU) as p ...
countries or float its currency. Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluing the pound. Soros's profit on the bet was estimated at over $1 billion. He was dubbed "the man who broke the Bank of England". The estimated cost of Black Wednesday to the UK Treasury was £3.4 billion.
Stanley Druckenmiller Stanley Freeman Druckenmiller (born June 14, 1953) is an American investor, hedge fund manager and philanthropist. He is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010.
, who traded under Soros, originally saw the weakness in the pound and stated: " oros'scontribution was pushing him to take a gigantic position." On October 26, 1992, ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' quoted Soros as saying: "Our total
position Position often refers to: * Position (geometry), the spatial location (rather than orientation) of an entity * Position, a job or occupation Position may also refer to: Games and recreation * Position (poker), location relative to the dealer * ...
by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell." Soros was believed to have traded billions of
Finnish markka The markka ( fi, markka; sv, mark; sign: Mk; ISO code: FIM, typically known outside Finland as the Finnish mark) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The mark was divided into 100 pe ...
s on February 5, 1996, in anticipation of selling them short. The markka had been put floating as a result of the early 1990s depression. The
Bank of Finland The Bank of Finland ( fi, Suomen Pankki, sv, Finlands Bank) is the central bank of Finland. It views itself as the fourth oldest surviving central bank in the world, after Sweden's Riksbank, the Bank of England, and the Bank of France. History ...
and the
Finnish Government sv, Finlands statsråd , border = , image = File:Finnish Government logo.png , image_size = 250 , caption = , date = , state = Republic of Finland , polity = , coun ...
commented at the time they believed that a "conspiracy" was impossible. In 1997, during the Asian financial crisis, the prime minister of Malaysia,
Mahathir Mohamad Mahathir bin Mohamad ( ms, محاضير بن محمد, label= Jawi, script=arab, italic=unset; ; born 10 July 1925) is a Malaysian politician, author, and physician who served as the 4th and 7th Prime Minister of Malaysia. He held the office ...
, accused Soros of using the wealth under his control to punish the Association of Southeast Asian Nations (ASEAN) for welcoming
Myanmar Myanmar, ; UK pronunciations: US pronunciations incl. . Note: Wikipedia's IPA conventions require indicating /r/ even in British English although only some British English speakers pronounce r at the end of syllables. As John C. Wells, Joh ...
as a member. With a history of
antisemitic Antisemitism (also spelled anti-semitism or anti-Semitism) is hostility to, prejudice towards, or discrimination against Jews. A person who holds such positions is called an antisemite. Antisemitism is considered to be a form of racism. Antis ...
remarks, Mahathir made specific reference to Soros's Jewish background ("It is a Jew who triggered the currency plunge") and implied Soros was orchestrating the crash as part of a larger Jewish conspiracy. Nine years later, in 2006, Mahathir met with Soros and afterward stated that he accepted that Soros had not been responsible for the crisis. In 1998's ''The Crisis of Global Capitalism: Open Society Endangered'', Soros explained his role in the crisis as follows:
The financial crisis that originated in Thailand in 1997 was particularly unnerving because of its scope and severity ... By the beginning of 1997, it was clear to Soros Fund Management that the discrepancy between the trade account and the capital account was becoming untenable. We sold short the Thai baht and the Malaysian ringgit early in 1997 with maturities ranging from six months to a year. (That is, we entered into contracts to deliver at future dates Thai baht and Malaysian ringgit that we did not currently hold.) Subsequently, Prime Minister Mahathir of Malaysia accused me of causing the crisis, a wholly unfounded accusation. We were not sellers of the currency during or several months before the crisis; on the contrary, we were buyers when the currencies began to decline—we were purchasing ringgits to realize the profits on our earlier speculation. (Much too soon, as it turned out. We left most of the potential gain on the table because we were afraid that Mahathir would impose capital controls. He did so, but much later.)
In 1999, economist
Paul Krugman Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was th ...
was critical of Soros's effect on financial markets.
body who has read a business magazine in the last few years can be unaware that these days there really are investors who not only move money in anticipation of a currency crisis, but actually do their best to trigger that crisis for fun and profit. These new actors on the scene do not yet have a standard name; my proposed term is "Soroi".
In an interview concerning the
late-2000s recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At t ...
, Soros referred to it as the most serious crisis since the 1930s. According to Soros, market fundamentalism with its assumption that markets will correct themselves with no need for government intervention in financial affairs has been "some kind of an ideological excess." In Soros's view, the markets' moods—a "mood" of the markets being a prevailing bias or optimism/pessimism with which the markets look at reality—"actually can reinforce themselves so that there are these initially self-reinforcing but eventually unsustainable and self-defeating boom/bust sequences or bubbles." In reaction to the late-2000s recession, he founded the Institute for New Economic Thinking in October 2009. This is a think tank composed of international economic, business, and financial experts, who are mandated to investigate radical new approaches to organizing the international economic and financial system.


Société Générale insider trading conviction

In 1988, Soros was contacted by a French financier named Georges Pébereau, who asked him to participate in an effort to assemble a group of investors to purchase a large number of shares in Société Générale, a leading French bank that was part of a privatization program (something instituted by the new government under
Jacques Chirac Jacques René Chirac (, , ; 29 November 193226 September 2019) was a French politician who served as President of France from 1995 to 2007. Chirac was previously Prime Minister of France from 1974 to 1976 and from 1986 to 1988, as well as Ma ...
). Soros eventually decided against participating in the group effort, opting to personally move forward with his strategy of accumulating shares in four French companies: Société Générale, as well as Suez, Paribas, and the Compagnie Générale d'Électricité. In 1989, the Commission des Opérations de Bourse (COB, the French stock exchange regulatory authority) conducted an investigation of whether Soros's transaction in Société Générale should be considered
insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information ...
. Soros had received no information from the Société Générale and had no insider knowledge of the business, but he did possess knowledge that a group of investors was planning a takeover attempt. Initial investigations found Soros innocent, and no charges were brought forward. However, the case was reopened a few years later, and the French Supreme Court confirmed the conviction on June 14, 2006,"Insider trading conviction of Soros is upheld"
. ''International Herald Tribune''. June 14, 2006.
although it reduced the penalty to €940,000. Soros denied any wrongdoing, saying news of the takeover was public knowledge
. ''Now''. PBS. September 12, 2003. Retrieved February 8, 2007.
and it was documented that his intent to acquire shares of the company predated his own awareness of the takeover. In December 2006, he appealed to the
European Court of Human Rights The European Court of Human Rights (ECHR or ECtHR), also known as the Strasbourg Court, is an international court of the Council of Europe which interprets the European Convention on Human Rights. The court hears applications alleging that a ...
on various grounds, including that the 14-year delay in bringing the case to trial precluded a fair hearing. On the basis of Article 7 of the
European Convention on Human Rights The European Convention on Human Rights (ECHR; formally the Convention for the Protection of Human Rights and Fundamental Freedoms) is an international convention to protect human rights and political freedoms in Europe. Drafted in 1950 by t ...
, stating that no person may be punished for an act that was not a criminal offense at the time that it was committed, the court agreed to hear the appeal. In October 2011, the court rejected his appeal in a 4–3 decision, saying that Soros had been aware of the risk of breaking insider trading laws.


Political involvement

Until the 2004 presidential election, Soros had not been a large donor to U.S. political campaigns. According to
OpenSecrets OpenSecrets is a nonprofit organization based in Washington, D.C., that tracks data on campaign finance and lobbying. It was created from a merger of the Center for Responsive Politics (CRP) and the National Institute on Money in Politics (NIMP). ...
, during the 2003–2004 election cycle, Soros donated $23,581,000 to various
527 Group A 527 organization or 527 group is a type of U.S. tax-exempt organization organized under Section 527 of the U.S. Internal Revenue Code (). A 527 group is created primarily to influence the selection, nomination, election, appointment or defeat ...
s (tax-exempt groups under the United States tax code, 26 U.S.C. § 527). The groups aimed to defeat President
George W. Bush George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he ...
. After Bush's reelection, Soros and other donors backed a new political fundraising group called Democracy Alliance, which supports progressive causes and the formation of a stronger progressive infrastructure in America. In August 2009, Soros donated $35 million to the state of New York to be earmarked for underprivileged children and given to parents who had benefit cards at the rate of $200 per child aged 3 through 17, with no limit as to the number of children that qualified. An additional $140 million was put into the fund by the state of New York from money they had received from the 2009 federal recovery act. Soros was an initial donor to the Center for American Progress, and he continues to support the organization through the
Open Society Foundations Open Society Foundations (OSF), formerly the Open Society Institute, is a Grant (money), grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the wo ...
. In October 2011, a
Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was estab ...
story, "Soros: Not a funder of Wall Street Protests," was published after several commentators pointed out errors in an earlier Reuters story headlined "Who's Behind the Wall St. Protests?" with a lead stating that the
Occupy Wall Street Occupy Wall Street (OWS) was a protest Social movement, movement against economic inequality and the Campaign finance, influence of money in politics that began in Zuccotti Park, located in New York City's Financial District, Manhattan, Wall S ...
movement "may have benefited indirectly from the largesse of one of the world's richest men
oros The osmotic-controlled release oral delivery system (OROS) is an advanced controlled release oral drug delivery system in the form of a rigid tablet with a semi-permeable outer membrane and one or more small laser drilled holes in it. As the ta ...
" Reuters's follow-up article also reported a Soros spokesman and Adbusters' co-founder Kalle Lasn both saying that Adbusters—the reputed catalyst for the first Occupy Wall Street protests—had never received any contributions from Soros, contrary to Reuters's earlier story that reported that "indirect financial links" existed between the two as late as 2010. On September 27, 2012, Soros announced that he was donating $1 million to the super PAC backing President Barack Obama's reelection
Priorities USA Action Priorities USA Action is a progressive political action committee and is the largest Democratic Party super PAC. Founded in 2011, it supported Barack Obama's 2012 re-election campaign. It was the primary super PAC supporting Hillary Clinton' ...
. In October 2013, Soros donated $25,000 to
Ready for Hillary Ready may refer to: Film and television * ''Ready'', a 2002 British short starring Imelda Staunton * ''Ready'' (2008 film), a Telugu film * ''Ready'' (2011 film), a Hindi remake of the Telugu film * "Ready" (''New Girl''), a television episo ...
, becoming a co-chairman of the super PAC's national finance committee. In June 2015, he donated $1 million to the Super PAC
Priorities USA Action Priorities USA Action is a progressive political action committee and is the largest Democratic Party super PAC. Founded in 2011, it supported Barack Obama's 2012 re-election campaign. It was the primary super PAC supporting Hillary Clinton' ...
, which supported
Hillary Clinton Hillary Diane Rodham Clinton ( Rodham; born October 26, 1947) is an American politician, diplomat, and former lawyer who served as the 67th United States Secretary of State for President Barack Obama from 2009 to 2013, as a United States sen ...
in the 2016 presidential race. He donated $6 million to the PAC in December 2015 and $2.5 million in August 2016. Soros launched a new super PAC called ''Democracy PAC'' for the 2020 election cycle. By July 2019, he had donated $5.1 million to it. Since 2016, Soros has been donating sums exceeding $1 million to the campaigns of progressive criminal justice reform proponents through the ''Safety and Justice'' PAC in local
district attorney In the United States, a district attorney (DA), county attorney, state's attorney, prosecuting attorney, commonwealth's attorney, or state attorney is the chief prosecutor and/or chief law enforcement officer representing a U.S. state in a l ...
elections. In many districts, such large contributions were unprecedented and the campaigning strategy was "turned on its head" with a focus on incarceration, police misconduct and bail system, according to the ''Los Angeles Times''. Larry Krasner was elected as the District Attorney of Philadelphia with the help of a $1.5 million ad campaign funded by Soros in 2017. Soros was the largest donor supporting the campaign of
George Gascón George Gascón (born March 12, 1954) is an American attorney and former police officer who is the district attorney of Los Angeles County. A member of the Democratic Party and a former Republican, Gascón served as the district attorney of San ...
for
Los Angeles County District Attorney The District Attorney of Los Angeles County is in charge of the office that prosecutes felony and misdemeanor crimes that occur within Los Angeles County, California, United States. The current district attorney (DA) is George Gascón. Some mi ...
in 2020, contributing $2.25 million to superPACs in Gascón's favor. Soros gave $2 million to a PAC supporting Kim Foxx's campaign for Cook County State's Attorney in 2020. In the second quarter of 2020, Soros gave at least $500,000 to presumptive Democratic presidential nominee Joe Biden, becoming one of the campaign's largest donors. For the
2022 United States elections The 2022 United States elections were held on November 8, 2022, with the exception of absentee balloting. During this U.S. midterm election, which occurred during the first term of incumbent president Joe Biden of the Democratic Party, all 435 ...
, Soros was the country's largest donor. He donated $128.5 million to support the Democratic Party in the election cycle.


Central and Eastern Europe

According to Waldemar A. Nielsen, an authority on American philanthropy, "
oros The osmotic-controlled release oral delivery system (OROS) is an advanced controlled release oral drug delivery system in the form of a rigid tablet with a semi-permeable outer membrane and one or more small laser drilled holes in it. As the ta ...
has undertaken... nothing less than to open up the once-closed communist societies of Eastern Europe to a free flow of ideas and scientific knowledge from the outside world." From 1979, as an advocate of '
open societies Open society (french: société ouverte) is a term coined by French philosopher Henri Bergson in 1932, and describes a dynamic system inclined to moral universalism.Thomas Mautner (2005), 2nd ed. ''The Penguin Dictionary of Philosophy'' Open so ...
', Soros financially supported dissidents including Poland's
Solidarity ''Solidarity'' is an awareness of shared interests, objectives, standards, and sympathies creating a psychological sense of unity of groups or classes. It is based on class collaboration.''Merriam Webster'', http://www.merriam-webster.com/dictio ...
movement, Charter 77 in Czechoslovakia and Andrei Sakharov in the
Soviet Union The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national ...
.George Soros, Founder/Chairman
, Open Society Foundation
In 1984, he founded his first Open Society Institute in Hungary with a budget of $3 million. Since the fall of the
Soviet Union The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national ...
, Soros's funding has played an important role in the newly independent countries. A 2017 study found that a grant program by George Soros which awarded funding to over 28,000 scientists in the former Soviet republics shortly after the end of the Soviet Union "more than doubled publications on the margin, significantly induced scientists to remain in the science sector, and had long-lasting eneficialimpacts." His funding of pro-democratic programs in Georgia was considered by Georgian nationalists to be crucial to the success of the Rose Revolution, although Soros has said that his role has been "greatly exaggerated." Alexander Lomaia, secretary of the Georgian Security Council and former Minister of Education and Science, is a former executive director of the Open Society Georgia Foundation (
Soros Foundation Open Society Foundations (OSF), formerly the Open Society Institute, is a grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the world, with a sta ...
), overseeing a staff of 50 and a budget of $2.5 million. Former Georgian foreign minister Salomé Zourabichvili wrote that institutions like the Soros Foundation were the cradle of democratization and that all the NGOs that gravitated around the Soros Foundation undeniably carried the revolution. She opines that after the revolution the Soros Foundation and the NGOs were integrated into power. Some Soros-backed pro-democracy initiatives have been banned in
Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...
and
Turkmenistan Turkmenistan ( or ; tk, Türkmenistan / Түркменистан, ) is a country located in Central Asia, bordered by Kazakhstan to the northwest, Uzbekistan to the north, east and northeast, Afghanistan to the southeast, Iran to the sout ...
. Ercis Kurtulus, head of the Social Transparency Movement Association (TSHD) in
Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
, said in an interview 2006 that "Soros carried out his will in Ukraine and Georgia by using these NGOs ... Last year Russia passed a special law prohibiting NGOs from taking money from foreigners. I think this should be banned in Turkey as well." In 1997, Soros closed his foundation in
Belarus Belarus,, , ; alternatively and formerly known as Byelorussia (from Russian ). officially the Republic of Belarus,; rus, Республика Беларусь, Respublika Belarus. is a landlocked country in Eastern Europe. It is bordered by R ...
after it was fined $3 million by the government for "tax and currency violations." According to ''The New York Times'' 1997, the Belarusian president Alexander Lukashenko has been widely criticized in the West and in Russia for his efforts to control the Belarus Soros Foundation and other independent NGOs and to suppress civil and human rights. Soros called the fines part of a campaign to "destroy independent society." In June 2009, Soros donated $100 million to Central Europe and Eastern Europe to counter the impact of the economic crisis on the poor, voluntary groups and non-government organisations. Since 2012, the Hungarian Fidesz government has labelled George Soros as an enemy of the state, due to his humanitarian and political involvement in the European refugee crisis. The government has attacked OSF, the international civil support foundation created by George Soros, and tried to revoke the licence of Central European University (Budapest) (which failed mostly due to significant public outrage). In response, Soros called the government "a mafia state". As the 2018 election period started, the government introduced public posters with a photo of Soros to create hostility in the general public towards him, using statements such as "Soros wants millions of migrants to live in Hungary", and "Soros wants to dismantle the
border fence A border barrier is a separation barrier that runs along or near an international border. Such barriers are typically constructed for border control purposes such as curbing illegal immigration, human trafficking, and smuggling. Some such barri ...
". The government also prepared a three-part law plan called the "Stop Soros package" (which followed other various law changes2017. évi LXXVI. törvény (LXXVI. law of 2017) in the same year, hindering the workings of several international NGOs in Hungary), which would include various steps against NGOs doing volunteer work related to the refugee crisis. In March 2017, six US senators sent a letter to then secretary of state
Rex Tillerson Rex Wayne Tillerson (born March 23, 1952) is an American engineer and energy executive who served as the 69th U.S. secretary of state from February 1, 2017, to March 31, 2018, under President Donald Trump. Prior to joining the Trump administ ...
asking that he look into several grants the State Department and the US Agency for International Development (USAID) have given to groups funded by "left-wing" Soros. In the same context, the conservative group
Judicial Watch Judicial Watch (JW) is an American conservative activist group that files Freedom of Information Act (FOIA) lawsuits to investigate claimed misconduct by government officials. Founded in 1994, JW has primarily targeted Democrats, in particula ...
has filed a
Freedom of Information Act Freedom of Information Act may refer to the following legislations in different jurisdictions which mandate the national government to disclose certain data to the general public upon request: * Freedom of Information Act 1982, the Australian act * ...
(FOIA) lawsuit against the U.S. Department of State and USAID compelling them to release records regarding $5 million transferred from USAID to Soros's Open Society branch in Macedonia. The suit alleges that the money was deliberately used to destabilize the Macedonian government. The Open Society Foundation has said its activities in Macedonia were aimed at ethnic reconciliation with the Albanian minority and other forms of assistance since the collapse of Yugoslavia. In January 2017, the "Stop Operation Soros" (SOS) initiative was launched in Macedonia. SOS seeks to present "questions and answers about the way Soros operates worldwide" and invites citizens to contribute to the research. In a press conference held during the same month, Nenad Mircevski, one of the founders of the initiative, stated that SOS would work towards the "de-Soros-ization" of Macedonia. On May 16, 2018, Soros's
Open Society Foundations Open Society Foundations (OSF), formerly the Open Society Institute, is a Grant (money), grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the wo ...
announced they would move its office from Budapest to Berlin, blaming the move on an "increasingly repressive" environment in Hungary.


Africa

The
Open Society Initiative for Southern Africa Open Society Initiative for Southern Africa (OSISA) is a Southern African organization which "collaborates with other organizations on issues surrounding the rule of law, democracy building, human rights, economic development, education, the media, ...
is a Soros-affiliated organization.


Diplomacy

In November 2005, Soros said: "My personal opinion is there's no alternative but to give
Kosovo independence The 2008 Kosovo declaration of independence, which proclaimed the Republic of Kosovo to be a state independent from Serbia, was adopted at a meeting held on 17 February 2008 by 109 out of the 120 members of the Assembly of Kosovo, including the P ...
." Soros has helped fund the non-profit group
Independent Diplomat Independent Diplomat is a non-profit non-governmental organisation founded in 2004 by British former diplomat Carne Ross to give advice and assistance in diplomatic strategy and technique to governments and political groups. It provides diplomat ...
, established by the former British diplomat
Carne Ross Carne Ross (born 1966) is the founder and executive director of Independent Diplomat, a diplomatic advisory group. Career After graduating from Exeter University, Ross joined the British Foreign Office and worked at the UK embassy in Bonn, Ger ...
.Rebellious Diplomat Finds Work as Envoy of the Voiceless
". ''The New York Times.'' March 3, 2007.


Drug policy reform

Soros has funded worldwide efforts to promote drug policy reform. In 2008, Soros donated $400,000 to help fund a successful ballot measure in Massachusetts known as the
Massachusetts Sensible Marijuana Policy Initiative The Sensible Marijuana Policy Initiative, also known as Massachusetts Ballot Question 2, was an initiated state statute that replaced prior criminal penalties with new civil penalties on adults possessing an ounce or less of marijuana. The initia ...
which decriminalized possession of less than of marijuana in the state. Soros has also funded similar measures in California, Alaska, Oregon, Washington, Colorado, Nevada and Maine. Among the drug decriminalization groups that have received funding from Soros are the
Lindesmith Center The Lindesmith Center was an Open Society Institute project which has conducted research related to drug reform. It was founded in 1994 by Ethan Nadelmann with financial support from George Soros. The Center conducted some National Institute on Drug ...
and
Drug Policy Foundation The Drug Policy Alliance (DPA) is a New York City–based nonprofit organization that seeks to advance policies that “reduce the harms of both drug use and drug prohibition, and to promote the sovereignty of individuals over their minds and b ...
. Soros donated $1.4 million to publicity efforts to support California's Proposition 5 in 2008, a failed ballot measure that would have expanded drug rehabilitation programs as alternatives to prison for persons convicted of non-violent drug-related offenses. In October 2010, Soros donated $1 million to support California's
Proposition 19 Proposition 19 may refer to a California ballot initiative: * 2020 California Proposition 19, a successful property tax change * 2010 California Proposition 19, a failed attempt at marijuana legalization * 1972 California Proposition 19, a faile ...
. According to remarks in an interview in October 2009, it is Soros's opinion that marijuana is less addictive but not appropriate for use by children and students. He himself has not used marijuana for years. Soros has been a major financier of the
Drug Policy Alliance The Drug Policy Alliance (DPA) is a New York City–based nonprofit organization that seeks to advance policies that “reduce the harms of both drug use and drug prohibition, and to promote the sovereignty of individuals over their minds and b ...
– an organization that promotes cannabis legalization – with roughly $5 million in annual contributions from one of his foundations.


Death and dying

The Project on Death in America, active from 1994 to 2003, was one of the Open Society Institute's projects, which sought to "understand and transform the culture and experience of dying and bereavement." In 1994, Soros delivered a speech in which he reported that he had offered to help his mother, a member of the
right-to-die The right to die is a concept based on the opinion that human beings are entitled to end their life or undergo voluntary euthanasia. Possession of this right is often understood that a person with a terminal illness, incurable pain, or without ...
advocacy organization
Hemlock Society The Hemlock Society (sometimes called Hemlock Society USA) was an American right-to-die and assisted suicide advocacy organization which existed from 1980 to 2003. It was co-founded in Santa Monica, California by British author and activist ...
, commit suicide. In the same speech, he also endorsed the Oregon Death with Dignity Act, proceeding to help fund its advertising campaign.


Conspiracy theories and threats

Because of his Jewish identity, wealth, and philanthropy, Soros has been described as "the perfect code word" for conspiracy theories that unite
antisemitism Antisemitism (also spelled anti-semitism or anti-Semitism) is hostility to, prejudice towards, or discrimination against Jews. A person who holds such positions is called an antisemite. Antisemitism is considered to be a form of racism. Antis ...
and
Islamophobia Islamophobia is the fear of, hatred of, or prejudice against the religion of Islam or Muslims in general, especially when seen as a geopolitical force or a source of terrorism. The scope and precise definition of the term ''Islamophobia'' ...
. One prominent Soros-related conspiracy theory is that he is behind the European migrant crisis or importing migrants to European countries. The Hungarian government spent millions of dollars on a poster campaign demonizing Soros. According to anthropologist Ivan Kalmar, "Many of his most outspoken enemies inside and outside Hungary saw him as leading an international cabal that included other Jews such as the Rothschilds, as well as Freemasons and Illuminati."


Attempted assassination

A pipe bomb was placed in the mailbox at Soros's home in Katonah, New York, on October 22, 2018, as part of the October 2018 United States mail bombing attempts. The package was discovered by a caretaker, who removed it and notified authorities. It was photographed and exploded by the Federal Bureau of Investigation, FBI, which launched an investigation. For several days afterward, similar bombs were mailed to
Hillary Clinton Hillary Diane Rodham Clinton ( Rodham; born October 26, 1947) is an American politician, diplomat, and former lawyer who served as the 67th United States Secretary of State for President Barack Obama from 2009 to 2013, as a United States sen ...
, Barack Obama, and other Democrats and liberals. On October 26, 2018, Cesar Sayoc was arrested in Aventura, Florida, on suspicion of mailing the bombs. In August 2019, Sayoc was sentenced to 20 years in prison for mailing 16 pipe bombs to 13 victims. None of the devices exploded.


Political and economic views


Reflexivity, financial markets, and economic theory

Soros's writings focus heavily on the concept of reflexivity, where the biases of individuals enter into market transactions, potentially changing the fundamentals of the economy. Soros argues that different principles apply in markets depending on whether they are in a "near to equilibrium" or a "far from equilibrium" state. He argues that, when markets are rising or falling rapidly, they are typically marked by disequilibrium rather than equilibrium, and that the conventional economic theory of the market (the "efficient market hypothesis") does not apply in these situations. Soros has popularized the concepts of dynamic disequilibrium, static disequilibrium, and near-equilibrium conditions. He has stated that his own financial success has been attributable to the edge accorded by his understanding of the action of the reflexive effect. Reflexivity is based on three main ideas: # Reflexivity is best observed under special conditions where investor bias grows and spreads throughout the investment arena. Examples of factors that may give rise to this bias include (a) equity leveraging or (b) the Trend following, trend-following habits of speculators. # Reflexivity appears intermittently since it is most likely to be revealed under certain conditions; i.e., the character of the equilibrium process is best considered in terms of probabilities. # Investors' observation of and participation in the capital markets may at times influence valuations and fundamental conditions or outcomes. A recent example of reflexivity in modern financial markets is that of the debt and equity of housing markets. Lenders began to make more money available to more people in the 1990s to buy houses. More people bought houses with this larger amount of money, thus increasing the prices of these houses. Lenders looked at their balance sheets which not only showed that they had made more loans, but that the collaterals backing the loans – the value of the houses – had gone up (because more money was chasing the same amount of housing, relatively). Thus they lent out more money because their balance sheets looked good, and prices rose higher still. This was further amplified by public policy. In the US, home loans were guaranteed by the Federal government. Many national governments saw home ownership as a positive outcome and so introduced grants for first-time home buyers and other financial subsidies, such as the exemption of a primary residence from capital gains taxation. These further encouraged house purchases, leading to further price rises and further relaxation of lending standards. The concept of reflexivity attempts to explain why markets moving from one equilibrium state to another tend to overshoot or undershoot. Soros's theories were originally dismissed by economists, but have received more attention after the 2008 crash including becoming the focus of an issue of the ''Journal of Economic Methodology''. The notion of reflexivity provides an explanation of the theories of complexity economics, as developed at the Santa Fe Institute, although Soros had not publicized his views at the time the discipline was originally developed there in the 1980s.


Reflexivity in politics

Although the primary manifestation of the reflexive process that Soros discusses is its effects in the financial markets, he has also explored its effects in politics. He has stated that whereas the greatest threats to the "open society" in the past were from communism and fascism (as discussed in ''The Open Society and Its Enemies'' by his mentor
Karl Popper Sir Karl Raimund Popper (28 July 1902 – 17 September 1994) was an Austrian-British philosopher, academic and social commentator. One of the 20th century's most influential philosophers of science, Popper is known for his rejection of the cl ...
), the largest current threat is from market fundamentalism. He has suggested that the contemporary domination of world politics and world trade by the United States is a reflexive phenomenon, insofar as the success of military and financial coercion feeds back to encourage increasingly intense applications of the same policies to the point where they will eventually become unsustainable.


View of problems in the free market system

Soros argues that the current system of financial speculation undermines healthy economic development in many underdeveloped countries. He blames many of the world's problems on the failures inherent in what he characterizes as market fundamentalism.


Market predictions

Soros's book ''The New Paradigm for Financial Markets'' (May 2008), described a "superbubble" that had built up over the past 25 years and was ready to collapse. This was the third in a series of books he has written that have predicted disaster. As he states: He ascribes his own success to being able to recognize when his predictions are wrong. In February 2009, Soros said the world financial system had in effect disintegrated, adding that there was no prospect of a near-term resolution to the crisis. "We witnessed the collapse of the financial system ... It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom." In January 2016, at an economic forum in Sri Lanka, Soros predicted a Financial crisis of 2007–08, financial crisis akin to 2008 based on the state of the global currency, stock and commodity markets as well as the sinking Chinese yuan.


Views on antisemitism and Israel

When asked about what he thought about Israel, in ''The New Yorker'', Soros replied: "I don't deny Jews the right to a national existence – but I don't want to be a part of it." According to hacked emails released in 2016, Soros's Open Society Foundation has a self-described objective of "challenging Israel's racist and anti-democratic policies" in international forums, in part by questioning Israel's reputation as a democracy. He has funded NGOs which have been actively critical of Israeli policies including groups that campaign for the Boycott, Divestment and Sanctions movement against Israel. Speaking before a 2003 conference of the Jewish Funders Network, Soros said that the administrations of
George W. Bush George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he ...
in the U.S. and Ariel Sharon in Israel, and even the unintended consequences of some of his own actions, were partially contributing to a new European antisemitism. Soros, citing accusations that he was one of the "Jewish financiers" who, in antisemitic terms, "ruled the world by proxy", suggested that, if the direction of those policies were changed, then anti-Semitism would diminish. Abraham Foxman, national director of the Anti-Defamation League later said that Soros's comments held a simplistic view, were counterproductive, biased and a bigoted perception of the situtation, and "blamed the victim" when holding Jews responsible for
antisemitism Antisemitism (also spelled anti-semitism or anti-Semitism) is hostility to, prejudice towards, or discrimination against Jews. A person who holds such positions is called an antisemite. Antisemitism is considered to be a form of racism. Antis ...
. Jewish philanthropist Michael Steinhardt, who arranged for Soros's appearance at the conference, clarified that "George Soros does not think Jews should be hated any more than they deserve to be." Soros has also said that Jews can overcome antisemitism by "giv[ing] up on the tribalness". In a subsequent article for ''The New York Review of Books'', Soros emphasized that
I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views.
In 2017, Israeli businessman Beny Steinmetz filed a $10-million lawsuit against Soros, alleging that Soros had influenced the government of Guinea to freeze Steinmetz's company BSG Resources out of iron ore mining contracts in the African country due to "long-standing animus toward the state of Israel". Steinmetz claims that Soros engaged in a "smear" campaign against him and his companies and blames Soros for scrutiny of him by American, Israeli, Swiss, and Guinean authorities. Soros called Steinmetz's suit "frivolous and entirely false" and said that it was "a desperate PR stunt meant to deflect attention from BSGR's mounting legal problems across multiple jurisdictions". During an award ceremony for Imre Kertész, Soros said that the victims of violence and abuse were becoming "perpetrators of violence", suggesting that this model explained Israel's behavior towards the Palestinians, which led to walkouts and Soros being booed. In July 2017, a Hungarian billboard campaign backed by Prime Minister Viktor Orbán, which was considered to be anti-semitic by the country's Jewish groups, vilified Soros as an enemy of the state, using the slogan "Let's not allow Soros to have the last laugh". The campaign was estimated to have cost 5.7bn forints (then US$21 million). According to the Israeli ambassador, the campaign "evokes sad memories but also sows hatred and fear", a reference to Hungary's role in the deportation of 500,000 Jews during the Holocaust. Lydia Gall of Human Rights Watch asserted that it was reminiscent of Nazi posters during the Second World War featuring "'the laughing Jew'". Orbán and his government's representative said they had a "zero tolerance" of antisemitism, explaining the posters were aiming to persuade voters that Soros was a "national security risk". Hours later, in an apparent attempt to ally Israel with Hungary, Israel's Ministry of Foreign Affairs (Israel), Ministry of Foreign Affairs issued a "clarification", denouncing Soros, stating that he "continuously undermines Israel's democratically elected governments by funding organizations that defame the Jewish state and seek to deny it the right to defend itself". Soros's son Alexander Soros, Alexander said in an interview that his father cares about Israel, and that he "would like to see Israel in Yitzhak Rabin's image. His views are more or less the common views in Meretz and in the Israeli Labor Party, Labor Party." According to Alexander, Soros supports a two-state solution. The younger Soros recounts that after his bar mitzvah in 1998, his father told him: "If you're serious about being Jewish, you might want to consider immigrating to Israel." In a 2018 interview with ''The New York Times'', Alex Soros, the son of George Soros, when asked about why his father fights for an open society, Soros replied that in a non-Jewish state, a Jew can only feel safe when other minorities are protected, which is one of most important driving forces why his father has been active in his philanthropy:
But he had always "identified firstly as a Jew," and his philanthropy was ultimately an expression of his Jewish identity, in that he felt a solidarity with other minority groups and also because he recognized that a Jew could only truly be safe in a world in which all minorities were protected. Explaining his father's motives, he said, "The reason you fight for an open society is because that’s the only society that you can live in, as a Jew—unless you become a nationalist and only fight for your own rights in your own state."


Views on the U.S.

On November 11, 2003, in an interview with ''The Washington Post'', Soros said that removing President George W. Bush from office was the "central focus of my life" and "a matter of life and death". He said he would sacrifice his entire fortune to defeat Bush "if someone guaranteed it".Laura Blumenfeld
Deep Pockets vs. Bush, Financier Contributes $5 Million More in Effort to Oust President
, ''The Washington Post'', November 11, 2003; p. A03.
Soros gave $3 million to the Center for American Progress, $2.5 million to MoveOn.org, and $20 million to America Coming Together. These groups worked to support Democrats in the 2004 U.S. presidential election, 2004 election. On September 28, 2004, he dedicated more money to the campaign and kicked off his own multistate tour with a speech, "Why We Must Not Re-elect President Bush", delivered at the National Press Club (USA), National Press Club in Washington, D.C. The online transcript of this speech received many views after Dick Cheney accidentally referred to FactCheck.org as "factcheck.com" in the vice presidential debate, causing the owner of that domain to redirect all traffic to Soros's site. His 2003 book, ''The Bubble of American Supremacy'', was a forthright critique of the Bush administration's "War on Terror" as misconceived and counterproductive, and a polemic against the re-election of Bush. He explains the title in the closing chapter by pointing out the parallels in this political context with the self-reinforcing reflexive processes that generate bubbles in stock prices. When Soros was asked in 2006 about his statement in ''The Age of Fallibility'' that "the main obstacle to a stable and just world order is the United States", he responded that "it happens to coincide with the prevailing opinion in the world. And I think that's rather shocking for Americans to hear. The United States sets the agenda for the world. And the rest of the world has to respond to that agenda. By declaring a 'war on terror' after September 11, we set the wrong agenda for the world ... When you wage war, you inevitably create innocent victims." In 2017, Soros described Donald Trump as a con man, and predicted Trump would fail because he believed Trump's ideas were self-contradictory. Soros also said he believed Trump was preparing for a trade war and expected financial markets to do poorly.


Views on Europe

In October 2011, Soros drafted an open letter entitled "As concerned Europeans we urge Eurozone leaders to unite", in which he calls for a stronger economic government for Europe using federal means (Common EU treasury, common fiscal supervision, etc.) and warns against the danger of nationalistic solutions to the economic crisis. The letter was co-signed by Javier Solana, Daniel Cohn-Bendit, Andrew Duff, Emma Bonino, Massimo D'Alema, and Vaira Vīķe-Freiberga. Soros criticized Hungarian Prime Minister Viktor Orbán and his handling of the European migrant crisis in 2015: "His plan treats the protection of national borders as the objective and the refugees as an obstacle. Our plan treats the protection of refugees as the objective and national borders as the obstacle." Soros expected that Brexit would fail and the Premiership of Theresa May would last only a short time.George Soros: Theresa May won't last and Donald Trump is 'would-be dictator'
''The Guardian''
Soros is opposed to Brexit and donated £400,000 to the anti-Brexit 'Best for Britain' group. Soros also hosted a dinner for Conservative donors at his London home to encourage them to follow his lead. Soros's Open Society Foundations also donated a total of £303,000 to two pro-EU organizations, the European Movement UK and Scientists for EU, and a center-right think-tank, Bright Blue. In 2018, Soros highlighted that Europe faces major challenges related to immigration, austerity, and nations leaving the EU. He holds that Europe is facing an existential crisis, in view of the rise of populism, the refugee crisis and a growing rift between Europe and the United States. Soros has also stated that "the euro has many unresolved problems" which "must not be allowed to destroy the European Union". He advocated replacing the notion of a multi-speed Europe by the aim of a "multi-track Europe" that would allow member states a wider variety of choices.


Views on relations between Europe and Africa

In view of the possibility of a further increase of the number of refugees from Africa to Europe, Soros proposes that the European Union devise a "Marshall Plan for Africa" (see ''Marshall Plan''), fostering education and employment in Africa in order to reduce emigration.


Views on China

Soros has expressed concern about the growth of Chinese economic and political power, saying, "China has risen very rapidly by looking out for its own interests ... They have now got to accept responsibility for world order and the interests of other people as well." Regarding the political gridlock in America, he said, "Today, China has not only a more vigorous economy but actually a better functioning government than the United States." In July 2015, Soros stated that a "strategic partnership between the US and China could prevent the evolution of two power blocks that may be drawn into military conflict". In January 2016, during an interview at the World Economic Forum (WEF) in Davos, Soros stated that "[a] hard landing is practically unavoidable". Chinese state media responded by stating "Soros' challenge to the RMB and Hong Kong dollar are doomed to fail, without any doubt." In January 2019, Soros used his annual speech at the World Economic Forum, in Davos, to label Xi Jinping, General Secretary of the Chinese Communist Party and President of the People's Republic of China, President of China, as the "most dangerous opponent of open societies", saying: "China is not the only authoritarian regime in the world but it is the wealthiest, strongest and technologically most advanced". He also urged the United States not to allow the Chinese technology companies Huawei and ZTE to dominate the 5G telecommunications market as this would present an "unacceptable security risk for the rest of the world". Soros also criticized the newest form of China's Big Brother (Nineteen Eighty-Four), Big Brother-like system of mass surveillance in China, mass surveillance called the Social Credit System, saying it would give Xi "total control" over the people of China." Additionally, Soros is very critical of American companies that ignore Chinese human rights violations for business reasons, for example slamming BlackRock's decision to invest big in China as detrimental to worldwide democracy and US national security.


Views on Russia and Ukraine

In May 2014, Soros told CNN's Fareed Zakaria: "I set up a foundation in Ukraine before Ukraine became independent from Russia. And the foundation has been functioning ever since and played an important part in events now." In January 2015, he said that "Europe needs to wake up and recognize that it is under attack from Russia" and urged Western countries to expand economic International sanctions during the 2013–2015 Ukrainian crisis, sanctions against Russia for its support of separatists in eastern Ukraine. In January 2015, Soros called on the European Union to give $50 billion of bailout money to Ukraine. In July 2015, Soros stated that Annexation of Crimea by the Russian Federation, Putin's annexation of Crimea was a challenge to the "prevailing world order," specifically the European Union. He hypothesized that Putin wants to "destabilize all of Ukraine by precipitating a financial and political collapse for which he can disclaim responsibility, while avoiding occupation of a part of eastern Ukraine, which would then depend on Russia for economic support." In November 2015, Russia banned the Open Society Foundations (OSF) and the Open Society Institute (OSI)—two pro-democracy charities founded by Soros—stating they posed a "threat to the foundations of the constitutional system of the Russian Federation and the security of the state." In January 2016, 53 books related to Soros's "Renewal of Humanitarian Education" program were withdrawn at the Vorkuta Mining and Economic College in the Komi Republic, with 427 additional books seized for shredding. A Russian intergovernmental letter released in December 2015 stated that Soros's charities were "forming a perverted perception of history and making ideological directives, alien to Russian ideology, popular". Most of these books were published with funds donated by Soros's charities. In May 2022, Soros stated that the 2022 Russian invasion of Ukraine, Russian invasion of Ukraine may be the start of "a World War III, third world war" and that Putin must be defeated "as soon as possible". He also stated that "Other issues that concern all of humanity -- fighting pandemics and climate change, avoiding nuclear war, maintaining global institutions -- have had to take a back seat to that struggle. That's why I say civilization may not survive."


Wealth and philanthropy

, ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
'' magazine listed Soros as the 162nd richest person in the world, with a
net worth Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net ...
of $8.3 billion. He has also donated 64% of his original fortune, and distributed more than $15 billion through his Open Society Foundations (an international grantmaking network that supports advancing justice, education, public health and independent media). Forbes has called him the most generous giver (when measured as a percentage of net worth). Soros has been active as a philanthropist since the 1970s, when he began providing funds to help Black African, black students attend the University of Cape Town in apartheid South Africa, and began funding dissident movements behind the Iron Curtain. Soros's philanthropic funding includes efforts to promote non-violent democratization in the post-Soviet states. These efforts, mostly in Central Europe, Central and Eastern Europe, occur primarily through the
Open Society Foundations Open Society Foundations (OSF), formerly the Open Society Institute, is a Grant (money), grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the wo ...
(originally Open Society Institute or OSI) and national Soros Foundations, which sometimes go under other names (such as the Stefan Batory Foundation in Poland). As of 2003, PBS estimated that he had given away a total of $4 billion. The OSI says it has spent about $500 million annually in recent years. In 2003, former Federal Reserve chairman Paul Volcker wrote in the foreword of Soros's book ''The Alchemy of Finance'':
George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become "open societies", open not only in the sense of freedom of commerce but—more important—tolerant of new ideas and different modes of thinking and behavior.
''Time'' magazine in 2007 cited two specific projects—$100 million toward Internet infrastructure for regional List of institutions of higher learning in Russia, Russian universities, and $50 million for the Millennium Promise to eradicate extreme poverty in Africa—noting that Soros had given $742 million to projects in the U.S., and given away a total of more than $7 billion. Other notable projects have included aid to scientists and universities throughout central and eastern Europe, help to civilians during the siege of Sarajevo, and Transparency International. Soros also pledged an endowment of €420 million to the Central European University (CEU). According to ''National Review Online'' the Open Society Institute gave $20,000 in September 2002 to the Defense Committee of Lynne Stewart, the lawyer who has defended controversial, poor, and often unpopular defendants in court and was sentenced to 2 years in prison for "providing material support for a terrorist conspiracy" via a press conference for a client. An OSI spokeswoman said "it appeared to us at that time that there was a right-to-counsel issue worthy of our support" but claimed later requests for support were declined. In September 2006, Soros pledged $50 million to the Millennium Promise, led by economist Jeffrey Sachs to provide educational, agricultural, and medical aid to help villages in Africa enduring poverty. ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' termed this endeavor a "departure" for Soros whose philanthropic focus had been on fostering democracy and good government, but Soros noted that most poverty resulted from bad governance. Soros played a role in the End of communism in Hungary (1989), peaceful transition from communism to democracy in Hungary (1984–89) and provided a substantial endowment to Central European University in
Budapest Budapest (, ; ) is the capital and most populous city of Hungary. It is the ninth-largest city in the European Union by population within city limits and the second-largest city on the Danube river; the city has an estimated population ...
. The Open Society Foundations has active programs in more than 60 countries around the world with total expenditures currently averaging approximately $600 million a year. On October 17, 2017, it was announced that Soros had transferred $18 billion to the
Open Society Foundations Open Society Foundations (OSF), formerly the Open Society Institute, is a Grant (money), grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the wo ...
. In October 2018, Soros donated $2 million to the Wikimedia Foundation via the Wikimedia Endowment program. In July 2020, Soros's Foundations announced plans to give $220 million in grants for racial justice groups, criminal justice reform and civic engagement.


Personal life

Soros has been married three times and divorced twice. In 1960, he married Annaliese Witschak (born January 3, 1934). Annaliese was an ethnic German immigrant, who had been orphaned during the war. Although she was not Jewish, she was well-liked by Soros's parents as she had also experienced the privation and displacement brought about by World War II. They divorced in 1983. They had three children: * Robert Soros, Robert Daniel Soros (born 1963): The founder of the Central European University in Budapest, as well as a network of foundations in Eastern Europe. In 1992, he married Melissa Robin Schiff at the Congregation Emanu-El of New York, Temple Emanu-El in New York City. The Rabbi Dr. David Posner officiated the ceremony. * Andrea Soros Colombel (born June 11, 1965): The founder and president of Trace Foundation, established in 1993 to promote the cultural continuity and sustainable development of Tibetan people, Tibetan communities within China. She is also a founding partner and member of the board of directors of the Acumen Fund, a global venture fund that employs an entrepreneurial approach in addressing the problems of global poverty She is married to Eric Colombel (born October 26, 1963). * Jonathan Soros, Jonathan Tivadar Soros (born September 10, 1970): A hedge fund manager and political donor. In 2012, he co-founded Every Voice, Friends of Democracy, a super PAC dedicated to reducing the influence of money in politics. In 1997, he married Jennifer Ann Allan (born November 26, 1969). In 1983, George Soros married Susan Weber (historian), Susan Weber. They divorced in 2005. They have two children: * Alexander Soros (born 1985): Alexander has gained prominence for his donations to social and political causes, focusing his philanthropic efforts on "progressive causes that might not have widespread support." Alexander led the list of student political donors in the 2010 election cycle. * Gregory James Soros (born 1988), artist. In 2008, Soros met Tamiko Bolton; they married September 21, 2013. Bolton is the daughter of a Japanese-American nurse and a retired naval commander, Robert Bolton. She was raised in California, earned an MBA from the University of Miami, and runs an Internet-based dietary supplement and vitamin-sales company. Soros's older brother Paul Soros, a private investor and philanthropist, died on June 15, 2013. Also an engineer, Paul headed Soros Associates and established the Paul and Daisy Soros Fellowships for Young Americans. He was married to Daisy Soros (née Schlenger), who, like her husband, was a Hungarian Jewish immigrant, and with whom he had two sons, Peter and Jeffrey. Peter Soros was married to the former Flora Fraser (writer), Flora Fraser, a daughter of Antonia Fraser, Lady Antonia Fraser and the late Hugh Fraser (British politician), Sir Hugh Fraser and a stepdaughter of the late 2005 Nobel Prize in Literature, Nobel Laureate Harold Pinter. Fraser and Soros separated in 2009. In 2005, Soros was a minority partner in a group that tried to buy the Washington Nationals, a Major League Baseball, Major League baseball team. Some Republican lawmakers suggested that they might move to revoke Major League Baseball's antitrust exemption if Soros bought the team. In 2008, Soros's name was associated with AS Roma, an Italian association football team, but the club was not sold. Soros was a financial backer of Washington Soccer L.P., the group that owned the operating rights to Major League Soccer club D.C. United when the league was founded in 1995, but the group lost these rights in 2000. On August 21, 2012, BBC reported SEC filings showing Soros acquired roughly a 1.9 percent stake in English football club Manchester United through the purchase of 3.1 million of the club's Class-A shares. In a 1998 interview with ''CBS News'', Soros said he was not religious and did not believe in God.


Honors and awards

Soros received honorary doctoral degrees from the New School for Social Research (New York), the University of Oxford in 1980, the Corvinus University of Budapest, and Yale University in 1991. He received an honorary degree in economics from the University of Bologna in 1995. In 2008, Soros was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame along with Alfred Winslow Jones, Alfred Jones, Bruce Kovner, David F. Swensen, David Swensen, Jack Nash (businessman), Jack Nash, James Harris Simons, James Simons, Julian Robertson, Julian Roberston, Kenneth C. Griffin, Kenneth Griffin, Leon Levy, Louis Bacon, Michael Steinhardt, Paul Tudor Jones, Seth Klarman and Steven A. Cohen. In January 2014, Soros was ranked number 1 in LCH Investments list of top 20 managers having posting gains of almost $42 billion since the launch of his Quantum Endowment Fund in 1973. In July 2017, Soros was elected an Fellow of the British Academy, Honorary Fellow of the British Academy (HonFBA), the United Kingdom's national academy for the humanities and social sciences. Soros was the ''Financial Times'' Person of the Year for 2018, with the ''FT'' describing him as "a standard bearer for liberal democracy, an idea under siege from populists". In April 2019, Soros was awarded the The Ridenhour Prizes, Ridenhour Prize for Courage. In his acceptance address Soros said: "In my native Hungary, the government of [Prime Minister] Viktor Orbán has turned me into the super villain of an alleged plot to destroy the supposed Christian identity of the Hungarian nation... [I] donate the prize money associated with this award to the ''Hungarian Spectrum'', an online English-language publication that provides daily updates on Hungary, Hungarian politics. It renders an important service by exposing to the world [in English] what Prime Minister Viktor Orbán is telling his own people [in Hungarian]. It [''Hungarian Spectrum''] deserves to be better known and supported."


Publications and scholarship


Books authored or co-authored

* ''The Tragedy of the European Union: Disintegration or Revival?'' (PublicAffairs, 2014). . * ''Financial Turmoil in Europe and the United States: Essays'' (PublicAffairs, 2012). . * ''The Soros Lectures at the Central European University'' (PublicAffairs, 2010) . * ''The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means'' (PublicAffairs, 2008). . * ''The Age of Fallibility: Consequences of the War on Terror'' (PublicAffairs, 2006) . * ''Underwriting Democracy: Encouraging Free Enterprise and Democratic Reform Among the Soviets and in Eastern Europe'' (Free Press, 1991) (paperback; PublicAffairs, 2004; ) * ''George Soros on Globalization'' (PublicAffairs, 2002) (paperback; PublicAffairs, 2005; ) * ''The Bubble of American Supremacy: Correcting the Misuse of American Power'' (PublicAffairs, 2003) (paperback; PublicAffairs, 2004; ) * ''Open Society: Reforming Global Capitalism'' (PublicAffairs, 2001) . * With Mark Amadeus Notturno, ''Science and the Open Society: The Future of Karl Popper's Philosophy'' (Central European University Press, 2000) (paperback: Central European University Press, 2000; ) * ''The Crisis of Global Capitalism: Open Society Endangered'' (PublicAffairs, 1998) . * ''Soros on Soros: Staying Ahead of the Curve'' (John Wiley, 1995) (paperback; Wiley, 1995; ) * ''Opening the Soviet System'' (Weidenfeld & Nicolson, 1990) (paperback: Perseus Books, 1996; ) * ''The Alchemy of Finance'' (Simon & Schuster, 1988) (paperback: Wiley, 2003; )


Notable op-eds

* George Soros,
Why I support legal marijuana
, ''The Wall Street Journal'', October 26, 2010. * George Soros, "The Crisis and the Euro", ''The New York Review of Books'', August 19, 2010. * George Soros, , ''Financial Times'', September 24, 2008 * George Soros, "On Israel, America and AIPAC", ''The New York Review of Books'', April 12, 2007. * George Soros, "The Bubble of American Supremacy", ''The Atlantic'', December 2003, also audio recording of this article via Assistive Media, read by Grover Gardner, 18 minutes. * George Soros, "Soros on Brazil", ''Financial Times'', August 13, 2002. * George Soros, "Bitter Thoughts with Faith in Russia", ''Moskovskiye Novosti'' (''Moscow News''), translated from the Russian by Olga Kryazheva, February 27, 2000. * George Soros
"The Capitalist Threat"
''The Atlantic Monthly'', February 1997.


Television

* A half-hour ''Opinions (TV series), Opinions'' television lecture by Soros was transmitted by Channel 4 on 1 August 1993, and published in ''The Times'' the following day as "Why Appeasement Must Not Have Another Chance"''The Times'', August 2, 1993


See also

* Forbes 400, ''Forbes'' 400 * Alexander Soros * Jonathan Soros *
Open Society Foundations Open Society Foundations (OSF), formerly the Open Society Institute, is a Grant (money), grantmaking network founded and chaired by business magnate George Soros. Open Society Foundations financially supports civil society groups around the wo ...
* Quincy Institute for Responsible Statecraft * Scott Bessent, former chief investment officer of Soros Fund Management * Tides Foundation


Explanatory notes


References


Further reading


Biographies

* ''Soros: The Life and Times of a Messianic Billionaire'' by Michael T. Kaufman (Alfred A. Knopf, 2002) * ''Soros: The World's Most Influential Investor'' by Robert Slater (McGraw-Hill Professional, 2009)


Journalism

* * Laura Blumenfeld, , ''The Washington Post'', November 11, 2003 * Connie Bruck, Abstract of ''The New Yorker'' profile of Soros "The World According to Soros", ''The New Yorker'', January 23, 1995. * Malcolm Gladwell, gladwell.com "Blowing Up", ''The New Yorker'', April 22 & 29, 2002. * Matt Welch, Open Season on 'Open Society': Why an anti-communist "Holocaust survivor is being demonized as a Socialist, Self-hating Jew". ''Reason (magazine), Reason'', December 8, 2003
"Time's 25 Most Influential Americans"
, ''Time'', April 21, 1997. Retrieved May 21, 2007.

, ''Time'', May 14, 2007, Retrieved May 21, 2007. * Nahum Barnea
Why they hate George Soros
Ynetnews, April 25, 2018.


Scholarly perspectives

* * * * * * *


External links

*
Open Society Foundations

Institute for New Economic Thinking

Column archives
at Project Syndicate
Column archives
at ''The New York Review of Books'' * * * *
Forbes.com: George Soros

NYTimes: George Soros

Membership
at the Council on Foreign Relations {{DEFAULTSORT:Soros, George George Soros, 1930 births 20th-century American businesspeople 20th-century American male writers 20th-century American non-fiction writers 21st-century American businesspeople 21st-century American male writers 21st-century American non-fiction writers Alumni of the London School of Economics Alumni of the University of London American anti-globalization writers American billionaires American business writers American chief executives of financial services companies American commodities traders American currency traders American derivatives traders American drug policy reform activists American economics writers American Esperantists American finance and investment writers American financial analysts American financial company founders American financiers American foreign policy writers American hedge fund managers American investors American male non-fiction writers American money managers American people of Hungarian-Jewish descent American philosophers American political fundraisers American social activists American stock traders Central European University Critical rationalists Esperanto speaking Jews Honorary Fellows of the British Academy Hungarian atheists Hungarian billionaires Hungarian emigrants to the United States Hungarian Esperantists Hungarian financiers Hungarian hedge fund managers Hungarian investors Hungarian Jews Hungarian money managers Hungarian philanthropists Hungarian political writers Hungarian stock traders Institute for New Economic Thinking Jewish activists Jewish American atheists Jewish American philanthropists Jewish American writers Living people Naturalized citizens of the United States People convicted of insider trading People from Budapest People named in the Paradise Papers Philanthropists Recipients of the Order of the Cross of Terra Mariana, 1st Class Speculators Stock and commodity market managers University and college founders Writers about globalization