George Soros hands reins of multibillion empire to son

Hungarian-born financier tells business daily that Alexander had earned it

Hungarian-born US investor and philanthropist George Soros at the World Economic Forum in Davos in May 2022. AFP

American investor George Soros is passing control of his multibillion dollar foundation to his son Alexander.

The Hungarian-born father, 92, told the Wall Street Journal in an interview published on Sunday that his son, 37, the second youngest of five children, had earned it.

Reviled by conservatives, and often the target of anti-Semitic conspiracies, George Soros used his wealth amassed as a financier in the 1970s and 80s to create the Open Society Foundations, which supports a broad arrange of causes and non-profits worldwide, ranging from good governance and democracy-building programmes to liberal public policy initiatives.

He has also been one of the biggest Democratic Party donors in the US.

Alexander, who goes by Alex, told the Wall Street Journal he is “more political” than his father, and that one of his top aims would be to push back against a possible second term by former president Donald Trump.

“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.

Alex Soros, founder of the Alexander Soros Foundation. Bloomberg

Under his direction, the younger Soros said the OSF would continue down a similar path his father charted, pushing free speech, criminal justice reform, minority and refugee rights and backing liberal politicians.

But he also wants to embrace voting rights, abortion and gender equity initiatives.

The board of OSF had quietly elected Alex Soros as its chairman in December, the Wall Street Journal reported, adding that he is also the president of his father's “super PAC” – a type of organisation in the US that can spend unlimited amounts of money on politics.

An OSF representative confirmed to AFP on Sunday that “Alex is chair of the Open Society Foundations,” without any further details on the timing of the change.

The US newspaper also said he is the sole family member on the investment committee for Soros Fund Management, the firm that oversees family and foundation money.

About $125 million has been set aside for the super PAC over the coming years while most of the $25 billion in the Soros Management Fund will be directed towards the OSF, the Journal reported.

More focused on domestic politics than the elder Soros, Alex is already helping Democrats to increase their appeal with Latino voters and improve black voter turnout.

“Our side has to be better about being more patriotic and inclusive,” he said. “Just because someone votes Trump doesn't mean they're lost or racist.”