US billionaire philanthropist George Soros has passed the reins of his $25 billion (£19.9 billion) financial and charitable empire to his son Alex, stating that he has "earned it" in an interview
with the Wall Street Journal.
For decades, the Soros family's wealth has been dedicated to supporting democracy-building efforts in numerous countries. However, in recent years, the 92-year-old former hedge fund manager has become the target of anti-Semitic conspiracy theories.
A spokesperson for Soros confirmed to the BBC the details of the interview published on Sunday.
George Soros is also one of the largest donors to the US Democratic Party. Alex, a 37-year-old history graduate, is the second-youngest of his five children.
Alex is the sole family member serving on the investment committee for Soros Fund Management, the entity responsible for managing the $25 billion for the family and the charitable foundation, according to the Wall Street Journal.
Alex assumed the role of chairman at the Open Society Foundations (OSF) in December and also oversees his father's "super PAC," a US mechanism for directing funds to political parties.
While he and his father share similar political views, Alex Soros told the Wall Street Journal that he is "more political" than his father and intends to campaign against Donald Trump's potential bid for a second term as US president.
"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," stated Alex Soros.
He added that the Open Society Foundations will continue pursuing the same objectives as under his father's leadership, including free speech, criminal justice reform, minority and refugee rights, and supporting liberal politicians. However, he also aims to prioritize voting rights, abortion, gender equity initiatives, and pursue a more domestically focused agenda in the United States.
George Soros, who was born in Hungary, experienced the horrors of the Nazi occupation during his childhood. His family concealed their Jewish identity to survive.
After the war, he left Hungary for London, eventually settling in New York where he amassed billions through his hedge fund activities.
He gained notoriety in the UK by correctly betting $1 billion on the fall of the pound in 1992.
Following the fall of the Berlin Wall and the subsequent establishment of democratic governments in the former Soviet bloc, he founded the Open Society Foundations (OSF) to support the process. Today, the OSF dedicates approximately $1.5 billion annually to backing liberal causes, educational organizations, and human rights in over 120 countries.
Some of the OSF's initiatives, such as combating racial bias in the US justice system, have drawn criticism from the right-wing.
In 2018, the OSF relocated its international operations office from Budapest to Berlin due to explicit campaigns by the Hungarian government, led by Viktor Orban, against Mr. Soros personally and the foundation's work.
Alex Soros, known for his "high-flying" social life and his love for hip-hop and the New York Jets American football team, has attended celebrity parties in Cannes and the Hamptons. He has also ventured to remote parts of the Amazon and joined the board of the human rights campaign group Global Witness.
"Our side has to be better about being more patriotic and inclusive," he expressed. "Just because someone votes for Trump doesn't mean they're lost or racist." Photo by Moran Wright at en.wikipedia, Wikimedia commons.