Billionaire investor: Capitalism is not working for most people

Billionaire hedge fund founder and investor Ray Dalio said “capitalism is not working” for most of the population, pointing to the growing wealth gap as proof.

Speaking at a ritzy conference in Los Angeles this week, Dalio critiqued the current U.S. economic system, according to investment publication Barron’s.

 “Capitalism is basically not working for the majority of people,” he said.

{mosads}Dalio is founder of hedge fund Bridgewater Associates, with a net worth estimated by Forbes at $18 billion; capitalism has worked quite well for him.

But he says inequality is impacting far too many people right now, calling the increasing wealth and opportunity gap a “national emergency.”

“It has to be dealt with,” Dalio said.

He pointed to a Federal Reserve survey that found 40 percent of U.S. households could not raise $400 in the event of an emergency.

“We might not have contact with those people, but that is a reality,” Dalio said.

Dalio has been a frequent critic of capitalism for many years, and argues that artificial intelligence and its growing role in society will only exacerbate the issues he sees.