AKIPRESS.COM - Investor and philanthropist George Soros has moved $18 billion to his foundation -- the majority of his estimated $24.6 billion fortune, CNNreported.

The Open Society Foundations, which seeks to promote democracy around the globe, confirmed the massive donation on Tuesday. A foundation official told CNNMoney in an emailed statement the move "reflects an ongoing process of asset transfer that has been underway for several years."

The Wall Street Journal first reported the transfer of the funds.

The Open Society Foundations has outposts in more than 100 countries, according to the organization's website. It has worked to combat authoritarianism, promote human rights, and support "marginalized" groups -- including refugees, the LGBT community, and minorities.

Soros, 87, "plans to leave the vast majority of his wealth to the Open Society Foundations," the official said.

The foundation has spent about $14 billion since the 1980s, according to spokesperson Laura Silber.

She said its current value is $18 billion, potentially making it larger than the Ford Foundation and the second-largest charity behind tech billionaire Bill Gates's foundation, based on figures from the National Philanthropic Trust.