George Soros Succession Plan: Learn From the Rich

Jun 26

George Soros, 92, is handing the reins of his $25 billion empire to his young son, Alexander Soros.

Alex was not originally thought to be a potential successor because of his “playboy” persona and overall lack of visibility within his father’s organizations. He was an introvert and said to be embarrassed by his family’s wealth according to childhood friends.

On top of that, George initially said: “I didn’t want the foundation to be taken over by ne of my children, as a matter of principle. I thought it should be managed by

someone who is best suited.”

Despite George’s statement, others within the organization thought that Alex’s older half-brother, Jonathan, now 52 and a lawyer with a finance background, was the more likely choice.

Jonathan worked for the foundation and stabilized the Soros hedge fund in turbulent times, but apparently there was a falling out and change of heart since then. It’s reported that Jonathan and his father butted heads, and, in effort to keep peace in the family, Jonathan left the Soros investment business in 2011. It wouldn’t be unusual for Jonathan to also have the itch to be out on his own after operating in the shadows of his father for so long.

In the meantime, Alex, now 37, began standing in for George on trips to the organization’s offices around the world. On his own initiative, he would travel to places like the remote parts of Amazon to meet with indigenous leaders and draw attention to their needs. In 2015, four years after Jonathan left, Alex took on a full time role within the foundation. During such time he worked directly with one of George’s longtime advisors, Michael Vachon, and others to improve his public speaking and political acumen. He became increasingly vocal on certain topics. For example, he advocated for the organization to increase the foundation’s spending in Latin America from $12 million to $60 million, and backed organizations in Colombia to support the 2016 peace accord that ended decades of violence.

All of this led George to say that “[Alex] earned it.”

Alex has now been elected to the foundation’s chairman role, replacing his father, and directs political activity as president of the Soros super PAC. He is also the only family member on the investment committee overseeing Soros Fund Management, the firm that handles money for both the foundation and the family.

It’s expected that most of the $25 billion will be directed toward the foundation, with $125 million set aside for the super PAC.

While Alex and his father may have differing political opinions, their values are aligned and Alex’s actions show that he understands the philanthropic side of George’s legacy. One critical component of that legacy being donations to particular US politicians, district attorneys, and other key players, which has drawn a lot of controversy around George Soros and his foundation, which gives about $1.5 billion to various organizations each year.

Regardless of how much wealth you have, we all have the similar questions - What’s my legacy? What will my children remember about me? What will I be known for? And will my hard work live on long after I am gone?