The 88-year-old, who made his money in the hedge fund industry, reportedly made his comments during a “provocative” speech at the World Economic Forum in Davos.
While China is not the only authoritarian state in the world, it is the most powerful and technologically advanced, according to Soros.
“This makes [Chinese president] Xi Jinping the most dangerous opponent of open societies,” he said.
China is widely considered to be at the forefront of the AI race along with the US. Both countries are pumping billions of dollars into developing the technology in hopes that it will reap rewards down the line.
China’s social credit system, which is currently being rolled out across the country to determine the trustworthiness of each citizen, will “give Xi total control over the people,” stated Soros.
Soros, who famously bet against Sterling in the 1990s, said he wants to draw attention to the risk that China presents.
“Since Xi is the most dangerous enemy of the open society, we must pin our hopes on the Chinese people, and especially on the business community and a political elite willing to uphold the Confucian tradition,” he said.