Philanthropist and multi-billionaire George Soros leaves control of his Open Society Foundations to his son Alex, who was named chairman in December, Bloomberg reports.

The foundation donates money to humanitarian and democratic causes, ranging from justice system reform to climate change initiatives, and controls most of the assets held by the Soros family.

George Soros, who turned 92, is listed with a fortune of $6.7 billion in Forbes, making him the 128th richest person in the world. The $6.7 billion therefore does not include the $18 billion that was transferred from the investment firm to the Open Society Foundations in 2017 to do charitable work.

George Soros is known as a major supporter of liberal causes and was for several years a major contributor to Democrats in the United States, donating, among other things, $125 million – more than 1.3 billion crowns – to elections mid-term of the last year.

This has made him a target of the political right, and he has also been the subject of a number of conspiracy theories, which often attempt to portray him as an evil person who tries to control world events and manipulate the authorities for his own benefit. Much of this was driven by the combination of his great wealth, involvement in philanthropy and political engagement, as well as his Jewish background.

– More political

His son isn’t really worried about it and says he’ll be even more outspoken than his father on “defending the right to vote and personal freedom at home and supporting democracy abroad”.

– I’m more political, says Alex Soros to the Wall Street Journal.

– As much as I want to take money out of politics…as long as the other side is doing it, we have to do it too, he says further and adds that he is worried about Donald Trump’s opportunities.

Soros Jr. recently met with close aides to President Joe Biden, as well as Senate Majority Leader Chuck Schumer, Brazilian President Luiz Inácio Lula da Silva and Canadian Prime Minister Justin Trudeau.

It was previously expected that Soros’ eldest son, Jonathan Soros, founder and CEO of investment firm JS Capital Management, would take over from his father, but the Wall Street Journal said Soros Sr. that the person who takes over the leadership must show that it is deserved.

– I didn’t want the foundation to be taken over by one of my children, out of principle. I thought he should be led by someone who is best suited, Soros says, adding that he thinks Alex has earned trust.