George Soros transfers $18 billion to his Open Society Foundations

The donation makes Open Society Foundations the second largest philanthropic grant-making group in the United States after the Bill & Melinda Gates Foundation.

George Soros, a Hungarian-born investor, chairs Open Society Foundations and known for his risky financial bets. (File Photo AP)
AP

George Soros, a Hungarian-born investor, chairs Open Society Foundations and known for his risky financial bets. (File Photo AP)

Investor George Soros has transferred about $18 billion, the majority of his estimated fortune, to his Open Society Foundations, making them the second largest philanthropic grant-making group in the United States, according to reports on Tuesday.

The foundations already controlled billions of dollars, but Soros, 87, has in recent years increased the pace of transfers from his hedge fund-turned-family office, Soros Fund Management, the US media reported on Tuesday, citing Open Society officials.

The figure "reflects an ongoing process of asset transfer that has been underway for several years," spokeswoman Laura Silber said.

Soros "plans to leave the vast majority of his wealth to the Open Society Foundations," she added.

Open Society works globally to "build vibrant and tolerant democracies" and has given away nearly $14 billion since inception in 1979, according to its website.

Hungarian-born Soros, who made a huge profit betting against an overvalued British pound in 1992, is a vocal supporter of liberal causes and was a large contributor to the fund-raising Super PAC group backing Democratic presidential nominee Hillary Clinton last year.

In recent years, Open Society’s activities have faced criticism from the governments of Hungary, Russia, Poland, Macedonia, Romania and Israel, where it is seen as undermining their authority. 

Only the Bill & Melinda Gates Foundation is now larger than Open Society among US grant-making groups, with an endowment of about $40 billion.

Soros is worth an estimated $23 billion, according to Forbes.

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