Philanthropist George Soros donates most of his net worth to charity

George Soros just gave most of his wealth to his charitable organization, the Wall Street Journal reported Tuesday.

The billionaire philanthropist transferred $18 billion to Open Society Foundations, a sprawling international group of charities in which works in more than 100 countries on projects focused on refugee relief, public health in addition to many different topics.

The $18 billion figure amounts to almost 80 percent of the financier’s total net worth. Before the transfer, Soros had a net worth of $23 billion, according to a Forbes tally Tuesday. The site ranks him as the 29th wealthiest person inside the entire world.

The donation catapulted Open Society Foundations to the front ranks of American charities based on total assets, the Journal reported, citing 2014 data. The only American charity larger than Open Society, the Bill in addition to Melinda Gates Foundation, is usually also funded by a famous billionaire.

Soros began his charitable giving in 1979, nine years after launching Soros Fund Management, the hedge fund in which might propel him into America’s ultrawealthy. He has given away $12 billion inside the four decades since, according to his official biography, available on his website.

His first charitable work involved providing black South Africans with scholarships during the country’s apartheid. During the Cold War, he provided photocopiers to people living in eastern Europe in order to reprint texts banned by communist governments. He has also underwritten the largest effort to integrate Europe’s Roma, according to the biography available on his website.

Soros in addition to the Open Society Foundations did not immediately respond to a request for comment.

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