George Soros

George Soros (born György Schwartz on August 12, 1930) is a Hungarian-American billionaire investor and philanthropist. , he had a net worth of US$6.7 billion, having donated more than $32 billion to the Open Society Foundations, of which $15 billion has already been distributed, representing 64% of his original fortune. Forbes called Soros the "most generous giver" (in terms of percentage of net worth). He is a resident of New York. Born in Budapest to a non-observant Jewish family, Soros survived the Nazi occupation of Hungary and moved to the United Kingdom in 1947. He studied at the London School of Economics and was awarded a BSc in philosophy in 1951, and then a Master of Science degree, also in philosophy, in 1954. Soros started his career working in British and American merchant banks, before setting up his first hedge fund, Double Eagle, in 1969. Profits from this fund provided the seed money for Soros Fund Management, his second hedge fund, in 1970. Double Eagle was renamed Quantum Fund and was the principal firm Soros advised. At its founding, Quantum Fund had $12 million in assets under management, and it had $25 billion, the majority of Soros's overall net worth. Soros is known as "The Man Who Broke the Bank of England" as a result of his short sale of worth of pounds sterling, which made him a profit of $1 billion, during the 1992 Black Wednesday UK currency crisis. Based on his early studies of philosophy, Soros formulated the General Theory of Reflexivity for capital markets, to provide insights into asset bubbles and fundamental/market value of securities, as well as value discrepancies used for shorting and swapping stocks.