George Soros is a billionaire Hungarian, a naturalized American investor, and business magnate who is renowned for his savvy investments all of which make him one of the most successful investors of all time. Let’s see what we can learn about him.
Early Life and Career
Soros was born Gyorgy Schwartz to Jewish parents; Erzsebet and Tivadar Schwartz on August 12, 1930, in Budapest, Hungary. His father was a lawyer and a former prisoner of war in Russia while his mother came from a family that dealt in silk. His family was a non-observant Jewish one who even though they were not practising had to protect themselves from the growing antisemitic prosecution in Hungary. This led his father to change the family’s surname from Schwartz to Soros as he himself began going by Teodoro and his wife, Elizabeth.
Having witnessed the Nazi Germany invasion of Hungary in 1944, Soros emigrated to England in 1947 where he enrolled at the London School of Economics and became a student of philosopher Karl Popper. In 1951, he graduated with a degree in Philosophy and by 1954, he got a Masters of Science in the same discipline from the same school.
After school, George Soros did a few odd jobs, working as a waiter and a railway porter before landing an entry-level job at the merchant bank Singer & Friedlander. After a few years on the job, he moved to New York to work on Wall Street as an arbitrage trader in F.M. Mayer.
Soros focused on European stocks which were at the time growing in popularity among U.S. investors. His next job was as a European Securities Analyst at Wertheim & Co. where he lasted for four years before being made Vice President at the investment bank, Arnhold and S. Bleichroeder.
In 1970, George Soros set up his own hedge fund called Soros Fund Management which is today known as the Quantum Endowment Fund and has over the years, generated more than $40 billion.
What Is George Soros Net Worth?
George Soros is one of the world’s most successful investors who is said to have an estimated net worth of $8 billion dollars. About a year or two ago, his current net worth was three times what it is today. The figure was cut short after Soros decided to give away $18 billion to philanthropic causes.
The legendary hedge fund manager, as of December 2017, through his family’s company, Soros Fund Management LLC, still has assets under management estimated to be around $27 billion.
What Do We Know About His Marriages and Children?
George Soros is currently in his third marriage. His first marriage was to a German immigrant, Annaliese Witschak from 1960 to 1983. His second marriage was to American historian, Susan Webber, who is twenty-five years younger than him, from 1983 to 2005. In 2013, he exchanged vows for the third time with Tamiko Bolton who is 42 years younger than he is.
He has a total of five children; three with his first wife and two with his second wife. His first is Robert Daniel Soros, who is the founder of the Central European University. He was born in 1963. After him came Andrea Soros, born in 1965 and then Jonathan Tivadar Soros, who was born in 1970 and currently works as a hedge fund manager. The last two are Alexander Soros and Gregory James Soros born in 1985 and 1988 respectively.
His Qualifications and Philanthropy
Soros has four doctoral degrees from New School for Social Research (New York), Oxford University, Corvinus University of Budapest, and Yale University. He has further authored or co-authored more than 10 books.
George Soros founded the philanthropic agency, Open Society Foundations (OSF), which financially supports civil society groups in more than 37 countries around the world. OSF was the recipient of its founder’s $18 billion which it uses to support causes in education and youth, justice, public health, and media.
The legendary investor is known as “The Man Who Broke the Bank of England” because of the foresight he had in betting against the Pound sterling due to the unfavourable position the United Kingdom took in the European Exchange Rate Mechanism. His fund sold short more than $10 billion worth of Pounds, which in turn made him a profit of more than $1 billion on the day which has been dubbed “Black Wednesday of 1992.”
Soros has spoken against the somewhat lenient regulations on tech/internet companies like Google and Facebook. Speaking at the World Economic Forum in Davos, Switzerland, in January 2018, Soros said that stricter regulations on such huge companies will preserve competition and innovation in the business.