George Soros - Fortune - Billionaire list

George Soros
George Soros (born August 12, 1930 in Budapest, Hungary as Soros György) is a Hungarian-born American businessman. He is famous as a currency speculator and a philanthropist. Currently, he is the chairman of Soros Fund Management and the Open Society Institute and is also former member of the Board of Directors of the Council on Foreign Relations. He is known around the world for the role he played in Georgia's Rose Revolution. In the United States he is known for donating large sums of money in an attempt to defeat President George W. Bush's bid for reelection.

Soros was fourteen when the Germans took military control over their ally Hungary in the last part of the war, and he avoided the fate of many Jews as the grandson of a Hungarian official working for the Nazis, overseeing the confiscation of Jewish properties, who was assisted by his son-in-law, Tivadar Soros.

In 1969 he establishes the fund Quantum Fund which has had a average 33 percent average return since inception. The success of the fund is largely the reason for Soros current wealth.

In 1992, on Black Wednesday (September 16, 1992), Soros became instantly famous when he sold short more than $10bn worth of pounds, profiting from the Bank of England's stubborn reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency. Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devaluate the Pound Sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England."

$7.2 billion as of 2005.