"Brazil has 8 percent debt compared to 70 percent (of GDP) in the US."

“It has a growing population, it’s energy self-sufficient, it’s food self-sufficient," said Zell, chairman of Equity International, about Brazil, the largest of the South American countries. “It’s growing and, at least for now, they’ve solved the problem of inflation.”

Zell also acknowledged that half of his company's investments are in Brazil.

The native Chicagoan, who made his first fortune buying and selling real estate from distressed owners, ranks 237 on this year’s Forbes list of billionaires.

More recently, he has been dealing with the bankruptcy proceedingsfollowing his acquisition of the Tribune Company, whose holdings include the Los Angeles Times, for $8.7 billion in 2007.