Billionaire financier George Soros lashed out at President-elect Donald Trump on Wednesday, calling him 'a con artist' and a 'would-be dictator' whose election this past November was a 'powerful boost' to the 'forces of disintegration.'

Soros, the Hungarian-born magnate who supported Hillary Clinton's candidacy as well as other liberal causes worldwide, says that the rise of Trump and his affinity for rulers like Russian President Vladimir Putin threaten the open society model championed by the European Union.

'Democracy is now in crisis,' Soros writes in Project Syndicate.

'Even the US, the world's leading democracy, elected a con artist and would-be dictator as its president.'

'Although Trump has toned down his rhetoric since he was elected, he has changed neither his behavior nor his advisers.'

Billionaire financier George Soros (left) lashed out at President-elect Donald Trump (right) on Wednesday, calling him 'a con artist' and a 'would-be dictator'

'His cabinet comprises incompetent extremists and retired generals.'

Since his election victory on November 8, Trump has announced a series of cabinet appointments, some of which raised eyebrows.

He has so far named three retired generals to key positions - James Mattis as defense secretary; John Kelly as secretary of homeland security; and Michael Flynn, who will be national security adviser.

These picks would make the Trump cabinet the most military-heavy administration since the 1940s, according to Politico.

Soros supported the candidacy of Hillary Clinton (left) during the recent election. He accused Trump of having an 'affinity for dictators' like Russian President Vladimir Putin (right)

Soros believes that the election of Trump spells danger to democracy worldwide.

'The US will be preoccupied with internal struggles in the near future, and targeted minorities will suffer,' according to Soros.

'The US will be unable to protect and promote democracy in the rest of the world. On the contrary, Trump will have greater affinity with dictators.'

'That will allow some of them to reach an accommodation with the US, and others to carry on without interference.'

'Trump will prefer making deals to defending principles. Unfortunately, that will be popular with his core constituency,' he writes.

Soros said Trump was filling his cabinet with 'retired generals and incompetent extremists.' Trump is seen above on November 19 with James Mattis, his pick for defense secretary

Soros writes that Putin helped Trump win the election by utilizing social media to disseminate fake news stories.

He said that the Russian leader is now using the same tactic to undermine democratic governments throughout the EU.

Since Trump’s election win, Soros has contributed money to an international fact-checking organization that will warn readers on social media of stories whose veracity is deemed questionable.

Soros’ organization, Open Society Foundation, is listed among organizations which are backing The International Fact Checking Network, the body tasked with flagging bogus news stories to social media users, on its website.

Soros, a staunch Democrat who tried to block George W. Bush's campaign in 2004, has given $25million to Clinton and causes dear to her.

There were also rumblings in right-wing circles that Soros financed the failed vote recount effort in Wisconsin, Pennsylvania, and Michigan, which was spearheaded by Green Party candidate Jill Stein.

Stein, however, denied that Soros was involved, according to Fox News.

Soros writes that he fears for the future of the free world, as populist movement threaten to upend the status quo.

'I find the current moment in history very painful,' he writes.

'Open societies are in crisis, and various forms of closed societies – from fascist dictatorships to mafia states – are on the rise.'

'How could this happen? The only explanation I can find is that elected leaders failed to meet voters' legitimate expectations and aspirations and that this failure led electorates to become disenchanted with the prevailing versions of democracy and capitalism.'