US billionaire George Soros hands over $25 billion empire to younger son Alex

George Soros, the Hungarian-American 92-year-old hedge fund tycoon, has handed over his $25 billion empire to his younger son, Alexander Soros, The Wall Street Journal (WSJ) reported.

In an interview to the US-based newspaper, Soros on Sunday said that his son had "earned it".

Among his empire includes nonprofit Open Society Foundations, which—according to its website— is active in more than 120 countries around the world and funnels about $1.5 billion annually to groups such as those that back human rights and promote the growth of democracies around the world.

Soros, who has a net worth of $6.7 billionaccording to Forbes, is one of the top 400 richest people in the world. He has often been the target of right-wing conspiracists.

Alex (37), asserted that he is more political than his father, and added that he will be expanding his father's “liberal aims” and embracing different causes including voting and abortion rights, as well as gender equity.

Speaking to the WSJ, he said he aims to keep using the family's wealth to back left-leaning US politicians, noting that the two "think alike".

Alex said that he recently met with Biden administration officials, Senate Majority Leader Chuck Schumer and heads of state of Brazil President Luiz Incio Lula da Silva and Canada's Prime Minister Justin Trudeau, to push for issues related to the family foundation.

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Alex was elected as the chairman of the board of Open Society Foundations in December, succeeding his father. He now directs political activity as president of Soros' super PAC, the newspaper reported.

The 37-year-old hinted that the Soros organisation would play a key financial role in the 2024 presidential race, as he expressed concern over the possible return of Donald Trump to the White House.

"As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it, too," he said in the interview that took place at the fund manager's New York offices.

Alex is the oldest of two sons from George Soros' marriage with his second wife, Susan Weber, according to the Wall Street Journal.

Who is George Soros?

Born in Hungary in 1930, Soros has lived through the Nazi occupation of 1944–1945, which resulted in the murder of over 500,000 Hungarian Jews.

His Jewish family survived by securing false identity papers, concealing their backgrounds, and helping others do the same, according to Open Society Foundations website.

Soros later recalled that “not only did we survive, but we managed to help others.”

After emigrating to England in 1947, Soros attended the London School of Economics (LSE) and began working at merchant banks, first in England and then in the US.

In 1969, George Soros started his own hedge fund. Thereafter, he started his second hedge fund, in 1970, Soros Fund Management.

As of 2023, he is reportedly worth £5.8 billion, that is after he gave away 80 percent of his wealth to charity.

How is Soros perceived?

Soros has been a frequent target of antisemitism, conspiracy theories, personal attacks by authoritarian political leaders such as Hungary’s Viktor Orban and Russia’s Vladimir Putin.

He has been subjected to numerous conspiracy theories, with many claiming that Soros is responsible for stoking immigration, backing coups, sponsoring protests and seeking to push a multicultural and liberal agenda.

(With inputs from agencies)

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