Earlier this year, Forbes billionaire George Soros caused ripples in the economic sector when he stated that an economic crisis is looming. He said that the current environment resembled that of the 2008 global crisis and the situation in China should act as a cautionary signal to investors. China devalued the yuan a few months ago and in an effort to reassure investors, kept up its price by starving offshore markets of the currency. The hedge fund manager warned of a similar crisis a few years ago when the Greece debt crunch came into play. Even though some people had written him off, he correctly predicted the economic crisis of 2008.
Mr. George Soros is a Democrat and has used his wealth to back Democratic candidates that he believes will make a difference. Soros most ambitious political project to date was during the 2004 election where he backed John Kerry. Soros had expressed his dislike for George Bush and wanted to ensure that the Republican candidate did not become president for a second term. He gave more than $20 million to Kerry’s campaign but, unfortunately, Bush was re-elected. In the 2008 election, Soros wasn’t heavily involved, but he gave to Priorities USA, a Super PAC that backed Barrack Obama. Anticipating the 2016 election, Soros has backed Hillary Clinton, a candidate that he considers competent and open to suggestions. He recently made the news when he presented a 6 million dollar check to Priorities USA, in addition to another million he had given before.
George Soros is of Hungarian descent but fled the country after the Second World War. He went on to England to study at the London School of Economics, graduating with a Bachelors degree and a doctorate in philosophy. As an economist, his breakthrough into the elite circles came when he sold 10B pounds making a profit of 1 B pounds.
Apart from business, he is a devoted philanthropist and one of the most charitable billionaires we have today. He started philanthropy in the 70s when he sponsored South African youth to attend the Cape Town University. He has started the Open Society Foundation, a cause which seeks to improve civil life and encourage transparency in governance all around the world. He is currently a member of the top 30 richest people in the world with an estimated value of around $28 B even though he has given more than a third of that in the past to charity.
Soros is the author of a number of books such as The Tragedy of the European Union, Open Society and the Age of Fallibility. He is also an avid writer and writes pieces for reputable media organizations such as the Atlantic and the Wall Street Journal.