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The 86-year-old Hungarian-American said Brussels is “on the verge of breakdown” and could even fall under the influence of Vladimir Putin. Writing in a blog, the highly influential businessman warned: “Open societies are in crisis, and various forms of closed societies – from fascist dictatorships to mafia states – are on the rise.

Getty US business tycoon George Soros has hit out at the EU

“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. “Quite simply, many people felt that the elites had stolen their democracy.” In the article, Soros, who is believed to have amassed a personal wealth of around $24.9billion (£20bn), partially blamed the rise of unregulated globalised financial markets and the inability of governments to redistribute wealth.

Getty George Soros (right) in conversation with former US President Bill Clinton

He wrote: “The lack of redistributive policies is the main source of the dissatisfaction that democracy’s opponents have exploited.” Mr Soros, once a self-proclaimed “avid supporter” of the European Union, has now turned his back on the bloc saying that after the financial crash of 2008 what was once seen as a relationship of equals as been turned into one of “creditors and debtors” which is “neither voluntary nor equal”. Germany was the main cause of the crash, according to Soros, for only serving its “narrow self-interest” to the detriment of those who rely on it.

Mr Soros also blamed Angela Merkel as she failed to take a European-wide perspective after the financial meltdown and insisting that each member state should look after its own institutions. The businessman said “that was the start of a process of disintegration” which led to the EU as well as the eurozone becoming “increasingly dysfunctional”. And according to Mr Soros, “democracy is now in crisis”.

Getty German Chancellor Angela Merkel during her New Year speech

But the business tycoon, who is one of the world’s wealthiest people, still has no faith in US President-elect Donald Trump, who he refers to as a “con artist and would-be dictator”. While Mr Soros has some concerns about the future of the US, he is more worried about the future of the EU which he fears could come under the influence of the Russian president.

Getty US President-elect Donald Trump