George Soros Just Used $18 Billion to Create One of the World’s Biggest Charities
Billionaire investor George Soros has transferred “the bulk of his wealth” to the Open Society Foundations, the nonprofit organization said.
The $18 billion donation from Soros, who has long championed democratic causes, makes the organization one of the world’s largest philanthropic nonprofits, according to the Wall Street Journal.
Created by Soros in 1979, Open Society is a grant-making foundation with branches and partners around the world and focuses on supporting democracies and combating issues of injustice and discrimination, among other causes.
Open Society’s total expenditures are nearly $14 billion over its several decades of existence. Its 2017 budget is $940.7 million, with grants to seven regions around the globe focused on issues like economic governance and advancement, justice reform and human rights, according to the organization.
“My success in the financial markets has given me a greater degree of independence than most other people,” Soros wrote, according to his website. “This allows me to take a stand on controversial issues: In fact, it obliges me to do so because others cannot.”
A representative from Open Society did not respond to a request for comment from Fortune. Open Society tweeted the Journal‘s original story.
On Tuesday, Forbes listed Soros’s net worth as $23 billion with the release of its list of the 400 richest billionaires in the United States. An iconic hedge fund manager, the 87-year-old founded Soros Fund Management in 1969, and it is now a private family office.