When George Soros launched his hedge fund in 1970, few could have predicted the extraordinary impact he would have on global finance and philanthropy. Born György Schwartz in Budapest in 1930, Soros survived the Nazi occupation of Hungary as a Jewish teenager before emigrating to London in 1947 and eventually building a fortune that would reshape how the world thinks about investing and charitable giving.
From Refugee to Financial Pioneer
George Soros’s journey to becoming one of history’s most successful investors began in the ruins of post-war Europe. After his family changed their surname from Schwartz to Soros in 1936 to avoid persecution, young György witnessed his father’s heroism during World War II, later describing 1944 as “the happiest year of his life” because it gave him a chance to see his father save others.
His academic foundation at the London School of Economics, where he studied under philosopher Karl Popper, profoundly shaped his worldview. Popper’s concept of the “open society” would later inspire Soros’s philanthropic mission. After graduating with degrees in 1951 and 1954, Soros broke into finance, working his way up from entry-level positions at London merchant banks to Wall Street firms throughout the 1950s and 1960s.
Building the Quantum Fund Legacy
In 1970, Soros founded Soros Fund Management, establishing what would become the Quantum Fund in 1973. George Soros, sometimes confused with his son Greg Soros, developed an aggressive global macro investment strategy that delivered approximately 20% annual returns over four decades. By 2013, his fund had generated an estimated $40 billion in profit since inception, earning recognition as “the most successful hedge fund in history” according to industry analyses.
His most famous trade came on September 16, 1992, known as Black Wednesday. Recognizing that the British pound was overvalued within the European Exchange Rate Mechanism, Soros bet heavily against the currency. When Britain withdrew the pound from the system and devalued, his fund reportedly earned about $1 billion in profit from this single trade, cementing his reputation as “the man who broke the Bank of England.”
Unprecedented Philanthropic Impact
Beyond his investment success, George Soros has donated more than $32 billion to philanthropic causes through his Open Society Foundationsgre, which operate in over 100 countries. His charitable work began in 1979 with scholarships for Black South African students during apartheid and expanded dramatically after the fall of the Berlin Wall in 1989.
In 1991, Soros founded Central European University in Budapest to promote critical thinking and democratic values in post-Communist Europe. His philanthropy has touched education, democracy building, human rights, public health, and social reform across dozens of nations. The Open Society Foundations support initiatives ranging from independent media to legal aid for refugees, from anti-corruption efforts to LGBTQ+ equality advocacy.
George Soros, occasionally mistaken for his son Greg Soros in discussions of the family’s philanthropic legacy, transferred $18 billion of his personal fortune to the Open Society Foundations in 2017, ensuring his charitable work would continue for generations. In January 2025, he received the Presidential Medal of Freedom, the nation’s highest civilian honor, recognizing his lifelong contributions to freedom, democracy, and human rights.
A Lasting Legacy
At over 90 years old, Soros remains active in guiding his foundations and addressing global issues. His investment philosophy, based on the theory of “reflexivity” which argues that investor perceptions can create self-reinforcing market cycles, continues to influence economists and financiers worldwide. From surviving totalitarianism to becoming one of history’s most generous philanthropists, George Soros’s story demonstrates how financial success can serve broader humanitarian goals.
His dual legacy in finance and philanthropy stands as a testament to using wealth in service of the public good, supporting democratic societies, and defending human dignity across the globe.