The man who broke the Bank of England has a history of backing Democrats, to the point where right-wingers cast George Soros in conspiracy theories as a puppet mastermind controlling the party. He’s now pouring millions into getting Democrats elected ahead of the midterms.
Soros-linked organizations donated $102 million to Democracy PAC, which was founded by Soros in 2019, according to Federal Election Commission records. About half that sum came from Geosor Corp, a private investment company owned by Soros. The other half came from the Fund for Policy Reform, a nonprofit that’s part of Soros’ Open Society Foundations, which supports progressive organizations and whose board is chaired by his son, Alex Soros.
Democracy PAC has spent nearly $42 million as of the end of June, FEC records show, funding groups involved in Senate, House and state races. This structure lets Soros money flow into organizations that can concentrate spending on competitive races as Democrats face a fundraising gap with Republicans.
But Democrats are now polling ahead. They held an 11-point advantage over Republicans among likely voters in Emerson College’s Sept. 24 poll. A separate survey by The Cook Political Report also found Democrats have a lead of 49% to 47% in 37 competitive House races. According to the report, those districts had backed President Donald Trump by an average of five points in 2024, suggesting Democrats have improved their position in some of the places most likely to determine control of the House.
A loyal Democratic donor who made it a family tradition
The $102 million contributed to Democracy PAC this cycle extends Soros’s pattern of nine-figure political giving. A Holocaust survivor who escaped communism in his native Hungary and moved to the U.S. to make a name on Wall Street, Soros, now 96, has financially backed Democrats for more than two decades. The party’s platform tends to align more with his philanthropic vision of advancing toward an “open society” of institutions supporting civil society and the rule of law.
And he’s been a heavy-hitting donor. Soros gave Democrats $128 million in the 2022 midterm cycle, making him the biggest contributor that year, according to OpenSecrets. Democracy PAC also raised more than $81 million during the 2020 election cycle and nearly $72 million during the 2024 cycle, according to FEC records, passing most of the money to Democrat-aligned PACs and independent groups.
This is also the first congressional election cycle since George Soros transferred control of his political operation to Alex in 2023. The younger Soros backed Kamala Harris in 2024 and urged Democrats to unite behind her. His siblings have also poured money into left-leaning groups. In 2013, Jonathan Soros gave $1 million to center-left Friends of Democracy, and Andrea Soros contributed $100,000 to the same PAC, according to FEC records.
Soros’s political giving has also put his philanthropic network in the Trump administration’s sights. Last year, Trump accused George and Alex Soros of backing “Violent Protests” and instructed federal prosecutors to prepare to investigate Open Society Foundations. The organization called the accusation “outrageous and false.”
Soros was also vocal in the 2004 presidential election. He donated nearly $24 million to political groups opposing former President George W. Bush’s reelection and openly campaigned for then-Democratic candidate John Kerry, writing that he considered it “the most important election of my lifetime.” Soros also said in 2003 he’d give up his entire fortune if that would guarantee stopping Bush from winning.