George Soros hands over $25bn empire to son

Billionaire philanthropist steps down from management of his financial and charitable organisations

Alex Soros, 36, will now lead the Soros Fund Management and the Open Society Foundations

US billionaire philanthropist George Soros has handed over the running of his US$25 billion financial and charitable empire to his son Alex.

Alexander Soros, born October 27, 1985, is an American investor and philanthropist. One of the five sons of billionaire George Soros, he chairs the Alexander Soros Foundation.

George Soros, 89, is the founder and former chairman of Soros Fund Management, a global investment firm. He is also the founder of the Open Society Foundations, a network of organisations that support democracy and human rights around the world.

In a statement, George Soros said that he was handing over the management of his organisations to his son because he wanted to focus on his philanthropy. He said that he would continue to be involved in the decision-making process, but that he would no longer be responsible for the day-to-day operations of the organisations.

Alex Soros said that he was honoured to be taking over the management of his father's organisations. He said that he would continue to support his father's work and that he would work to ensure that the organisations continued to make a positive impact on the world.

The handover of power from George Soros to Alex Soros is a significant event. George Soros is one of the world's most successful investors and his organisations have played a major role in supporting democracy and human rights around the world. The transition to Alex Soros' leadership is a sign of confidence in the next generation and it is likely that the organisations will continue to play an important role in the world for many years to come.