Billionaire investor Paul Tudor Jones believes that the world has loaded on too much debt, which could bring trouble across markets and asset classes.

Worldwide debt, which recently hit a new high at $247 trillion, according to the Institute of International Finance (IIF) figures released earlier this year, is being eyed by economists as a growing risk to the global growth outlook.

"From a 50,000-feet viewpoint, we're probably in a global debt bubble," Jones said at the Greenwich Economic Forum in Connecticut last week. "Global debt to GDP is at an all-time high."

"This is going to be a very challenging time for policymakers moving forward," he said.

Jones is famous for making big macro calls. One of his biggest predictions came when he correctly called the 1987 crash. His hedge fund, Tudor Investment, reportedly manages $7 billion in assets.

The hedge fund manager believes it is in the corporate bond market where the first signs of trouble will emerge. Data from S&P Global released earlier this year showed U.S. corporate debt hitting an all-time high, totaling $6.3 trillion. Global debt also hit a record high earlier in 2018, reaching $247 trillion.

"I think this time it's going to be corporate credit and I think the breakdowns are something that we have to pay attention to in the last day or two," he said. "And they're really scary because, one thing about this credit bubble [is] we've had liquidity absolutely dry up in so many markets."

"There probably will be some really scary moments with corporate credit," he added.