George Soros, the living proof that philanthropy is better that net worth

George Soros was born in Budapest, Hungary in 1930 to a Jewish family. He later fled in 1947 to England and studied Economics at the London School of Economics. To meet his tuition and upkeep fees, he worked part-time as a waiter and railway porter. It is when he moved to the United States, that he began working in New York at Wall Street. In 1969, he started off his own hedge fund, Double Edge. This fund later came to be known as Quantum Fund. Since the conception of Quantum Fund to 2011, they managed to have $12 million in form of assets and a net worth of $25 billion. George Soros has been a huge advocate for organizations and people when it comes to promoting equality and justice around the world.

George Soros managed to be one of the most legendary hedge fund managers in New York. For the past 50 years, he has managed to be at the top of his game on Wall Street. His success managed to earn him a spot in Forbes list of 400 millionaires 30 years ago. Soros had a net worth of $300 million when he first appeared on the list. Ever since he has managed to appear in all Forbes lists of the rich, and more information click here.

Soros is well known around the world for his philanthropic acts. He recently donated $18 billion to his philanthropic organization, Open Society Foundation from the George Soros estate. The total amount donated was straight from his fortune. Before the donation, Forbes had estimated his fortune to be $23 billion. This made him the 20th richest in America in the Forbes list of 400 2017 version. Putting into consideration $3 billion was already contributed. After additionally contributing $15 billion, he dropped to 59th place in the Forbes list of 400.

Laura Silber, Open Society Foundation’s Chief Communications Officer, confirmed the transfer had hit the foundations account. This transfer had been in the planning process for several years. The foundation’s expenditure is to be closely monitored and managed by Soros Fund Management. This is according to Dawn Fitzpatrick, Soros Fund Management’s first ever female Chief Investment Officer. Open Society Foundation is to continue with its regular operations of supporting other donor organizations. Open Society Foundation is one of the largest philanthropic organizations. They support a wide range of programs around the world that focus on public health and refugee relief. The organization has played a huge role in supporting the rights of the Roma children. They have also funded several liberal causes in the past, and George Soros’s lacrosse camp.

Financial experts state that on completing the transfer, George Soros is expected to receive a 30% relief in tax on his gross income. This reduction in adjusted gross income can be pushed forward up to 5 years. The tax relief even goes further to his heirs, it is said that on his demise, they will receive a reduction in the estate tax. When someone donates to a charitable organization, they are eligible for a deduction on adjusted gross income.

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