George Soros, a self-made billionaire, is known for his investment knowledge, as well as his vast array of philanthropic work. Born in Budapest, Hungary in 1930, he fled the Nazis in mid-1940, making his way to England. While in London, George studied finance at the London School of Economics. After graduation, he moved to New York City, working at Wall Street brokerage firm, F.M. Mayer. After gaining experience while working at other firms, Soros founded the Soros Fund, later renamed the Quantum Fund Endowment with $12 million acquired from investors.
Soros began his philanthropic work in 1979 when he opened the Open Society Foundations in 1984. Funding several global initiatives, all in hopes of advancing areas that needed help. More than 500 pages long, his list of foundations that he has helped is extensive and far reaching. He has also been known to be quite controversial as well. Supporting the extent of criminalization with the war on drugs is one such controversy. But with controversy comes compromise and there are the countless organizations that Soros has helped. He has also been an influential figure in the field of finance and in philanthropy.
One such philanthropic mission George Soros has taken on is to invest $500 million into companies and startups that are founded by migrants and refugees. He is also funding businesses and initiatives that focus on the needs of refugees and their communities. The reason behind his mission to help refugees and migrants developed from the lack of help those that are seeking a better life abroad are not getting. Most refugees are escaping war, poverty, or sometimes just seeking the lure of advancement for their families. The failure to implement policies on Investopedia to handle the influx of migrants and refugees fleeing into and out of these countries has created instability with both sides. Being forced to live in poverty most times, the country that the migrants establish themselves in usually fail to gain any benefit that person could potentially bring.
The $500 million Soros has reserved will be specifically for the needs of refugees and the communities they live in. He will work with international organizations that help the refugees determine how to invest the money but has decided that technology will be one area that will be invested in. Being able to communicate is a crucial area for these newly placed people. Mobile phones and internet access being just as critical to refugees as good, shelter, and water. With more than 65 million people worldwide having been forced from their homes according to the United Nations High Commissioner for Refugees, Soros’ main concern is hoping these investments are successful but is focused on creating products and services that truly benefit migrants.