Booming Brazil Is Like the 'US in the 1950s'

“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 proceedings following his acquisition of the Tribune Company, whose holdings include the Los Angeles Times, for $8.7 billion in 2007.

Zell said that even though Brazilians will elect a new president in October, both the major candidates have vowed to continue the policies of the current leader, Luiz Inácio Lula da Silva, who goes by the name Lulu.