There are not many multi-billionaires on this planet. Even fewer of these very rich people made their fortunes completely by themselves. To become a self-made billionaire is a monumental achievement. So how does a person start with little or no money and become one of Forbes’ Highest Earners? Every self-made billionaire has a different story of how their money was made. For many of them, it was about having the right idea at the right time. For others, the secret to great wealth was very shrewd investing. This describes how George Soros began his life as a poor child in Budapest and went on to have a net worth of more than $24 billion, according to Forbes.
George Soros has developed the well-deserved reputation of being one of the greatest currency speculators in the world. He has a knack for knowing exactly what various financial markets are going to do before they do it. This unique and enviable ability has allowed Soros and the people who invest with him to become very rich. The vast majority of George’s wealth comes from being the founder and chairman of Soros Fund Management. This is a hugely successful wealth management company that operates a hedge fund in New York City that is valued at well over $20 billion. Soros started the company in 1969 after spending many years working for a variety of merchant banks. While working at these jobs, he made many of his clients a lot of money by advising them on investments in the European stock market. Therefore, George had a large amount of eager investors lined up when it was finally time to launch his new venture.
Money started to pour into the Soros Fund Management accounts. Investors that had worked with George previously knew that their money was in very good hands. In fact, the hedge fund that George oversaw has become known around the world for being one of the most profitable. People who invest money into this fund see an average yearly return of 20 percent on their investments. The more money that his clients made, the more money that George made in commissions. As the years went by, George’s wealth steadily grew. He even admits that he can’t comprehend the amount of money he is worth. He says that the numbers do not seem real when he sees them written down on a piece of paper.
As George’s wealth increased, he then invested his own fortune in many of the same investments that he was using for his clients. This allowed his wealth to grow even faster. George Soros could be worth even more today than he already is. He has been involved in a wide range of charitable causes including fighting for voting rights as described in this NY Times article. He has never shied away from donating generously to causes that he believes are worthwhile. It is estimated that his charitable donations have totaled well over $1 billion so far. The total could actually be much higher because George does not publicize many of the donations he makes.