In a dramatic move reshaping the map of American philanthropies, Jewish businessman and philanthropist George Soros has disclosed a major boost to his Open Society Foundations with an $18 billion cash infusion from his personal wealth. The move will make Soros’ foundation the third largest charity in the world and the second largest in America, after the Bill and Melinda Gates Foundation.
Foundation officials said Soros, who is 87, has increased in recent years the pace of transferring funds to the foundation. Soros’s personal net worth, made by successful foreign currency betting and hedge fund management, is estimated at $25 billion.
A leading donor for progressive causes in America and around the world, Soros has come under fire for his support for Democrats in the U.S., for backing non-governmental organizations in Israel, and for promoting democracy in Eastern Europe. In his homeland of Hungary, Soros was a target of anti-Semitic attacks by allies of the current government.
Soros Moving $18 Billion To Pro-Democracy Foundation
Nathan Guttman, staff writer, was the Forward’s Washington bureau chief. He joined the staff in 2006 after serving for five years as Washington correspondent for the Israeli dailies Haaretz and The Jerusalem Post. In Israel, he was the features editor for Ha’aretz and chief editor of Channel 1 TV evening news. He was born in Canada and grew up in Israel. He is a graduate of the Hebrew University of Jerusalem.