At $24.5 billion, magnate George Soros net worth is proof of a life consisting of a series of smart business choices.
An investor, philanthropist, and more, the chairman of Soros Fund Management is one of the richest people in the world (24th as of this writing) and is the world’s wealthiest hedge fund manager to this day.
Called “The Man Who Broke the Bank of England” due to his short sale of US$10 billion in British pounds during “Black Wednesday,” Soros is also a survivor of Nazi-occupied Hungary, holding dual citizenship for both his homeland and the U.S., as well as an established author. He currently plans to hand control of Soros Fund Management over to his son, Robert, later this year.
A Scary Childhood
Born in Budapest, Hungary in 1930, Schwartz György came from a non-observant Jewish family that changed its surname to “Soros” in 1936; they sought to be careful about displays of their religion. This proved to be justified in 1944 when the Nazis occupied Hungary. Given a job that would’ve gotten many Jews deported had he fulfilled it, he instead went into hiding, eventually coming to live with and pretending to be the godson of a government employee.
Moving to England in 1947, George Soros attended the London School of Economics while working as a waiter and railway porter. During this time, he wrote every managing director of every merchant bank in London, eventually getting a job at Singer & Friedlander. He would go on to possess both a Bachelor of Science and a Master of Science in philosophy upon graduating in 1954.
The Start of a Lucrative Career
Moving to New York City in 1956, Soros came to work at brokerage house F.M. Mayer of New York, where he came to specialize in European stocks. Eventually he moved on to Wertheim & Co. (1959, analyst of European securities) and Arnhold and S. Bleichroeder (1963–1973, vice president). Finally, in 1970, he founded Soros Fund Management, installing himself as chairman. While there, he formed what became the Quantum Fund with Jim Rogers, which grew to $400 million in just eight years.
The Quantum Fund would prove to be vital to George Soros’ net worth when, on Wednesday, September 16, 1992, the fund was used to short sell and ultimately “break” the Bank of England. This ultimately led to the devaluation of the British pound and its withdrawal from the European Exchange Rate Mechanism due to an inability to keep it above its lower limit. This day would come to be known as “Black Wednesday.” Soros later stated that they had to have made almost $10 billion in the move.
This isn’t the only successful prediction George Soros would make, though it’s easily the most famous. His most recent educated guess came in January, where he predicted a financial crisis similar to that seen in 2008 due to the current markets and the state of global currency, particularly the Chinese yuan. He attributes much of his success and the accuracy of his predictions to his ability to recognize and admit when he’s wrong and make changes accordingly.
Aside from the financial markets, Soros has also shown interest in professional sports teams. He was a minority partner in an organization that attempted to buy Major League Baseball team the Washington Nationals and later looked to be trying to purchase several soccer teams. He eventually came to own a 1.9% stake in Manchester United, which helped to stack George Soros’ net worth even higher.
Soros is also a noted philanthropist and has been since the 1970s. His first notable act was helping black students attend university in apartheid South Africa and would later put money towards the advancement of growing nations. He is also notable for being a heavy contributor towards the Democratic Party and its candidates’ campaigns, including giving current candidate Hillary Clinton $2 million last year.
There may be people who question George Soros’ goals, methods, and intentions, but there’s nobody who questions his success. That’s why he has a net worth that makes him one of the wealthiest people in the world.
|George Soros Net Worth||$24.5 billion|
|Ranking Among World’s Wealthiest People||24th|
|Soros Fund Management Assets||Over $30 billion|
|Quantum Fund Earnings||$5.5 billion|
|Estimated Tax Deferral||$6.7 billion|
|Estimated Amount Donated to Foundations||$8.0 billion|
|Estimated Amount Donated to Democrat Campaigns||Over $12 million|
|Value of Katonah, New York Mansion||$9.8 million|