On this day, August 12 in the year 1930, one of the world’s most successful investors was born in Budapest, Hungary. His name is George Soros, the founder of Soros Fund Management. According to forbes.com, his net worth is $8.6 billion as of August, 2020. This is way down from $25 billion in August of 2017.
George Soros was the son of well-to-do Jewish parents. His father was a lawyer and his mother owned a silk shop. In his growing up years, the whole family experienced persecution for being Jews and his parents had to change their surname to Soros which means “successor” or “to soar” in order to avoid problems. In 1947, he went to England to study at the London School of Economics where he earned a bachelor’s and master’s degree in philosophy. To help finance his studies, he worked as a railway porter and waiter.
After graduation, he wanted to work in a bank but he was ignored by employers. So, he worked peddling fancy goods on the seaside or souvenir shops. Four years after, he finally landed on a clerical job in a merchant bank. In 1956, he moved to the United States where he got a job as an arbitrage trader in a New York firm. 11 years later, he got his dream job – managing his first fund called First Eagle Fund.
In 1973, George established his own company, the Soros Fund Management which was structured as a hedge fund. In its initial years, it generated astronomical returns that the fund soon grew to more than $300 million by 1981. By this time, George was worth a hundred million dollars. The fund continued its winning ways, outperforming the Standard and Poor’s index.
In the 1990s, George earned billions of dollars by short selling currencies such as the British Pound, Italian Lira, and Swedish Krona. At present, The Soros Fund Management has a total asset worth S30 billion.
George has been married three times and divorced two times. He has 5 children.