Soros transfers $18bn to his Foundations

Billionaire investor George Soros has given away nearly $18 billion to his Open Society Foundations, transforming it into the "second largest" charity in the US after the Bill and Melinda Gates' Foundation.

On Tuesday, the 87-year-old tycoon moved the hefty sum from his personal funds into his non-profit group, the Wall Street Journal and Financial Times report. Soros, the 29th richest man in the world with a net worth of more than $25 billion according to Forbes, had reportedly been working on the transfer for several years.

The magnate intends to "leave the vast majority of his wealth to the Open Society Foundations," the chief of the group's strategic communications and public affairs, Laura Silber, said, as quoted by AFP.

The investment heavyweight set up the Open Society Foundations in 1984. It has since become the target of criticism among the...