Ray Dalio describes upcoming US election as probably the most momentous of his life

Ray Dalio said the 2024 US elections would likely be the most important of his life and he believes the country needs a “strong centrist leader”.

In an interview with CNBC's “Squawk Box Asia” on Thursday, the founder of Bridgewater Associates said the United States should strive for “widespread prosperity” and that the presidential election would highlight the challenges to the smooth functioning of society.

“In terms of the election, it will be the most consequential election of my lifetime because there are now irreconcilable differences between the two sides,” he said. “The first question we will be asking ourselves is: Will there be an orderly transition of power? The fact that it is possible that election results will not be accepted is quite a thing.”

On Wednesday, Dalio described the elections as one of the most important forces shaping the global economy, calling them “a question of domestic order and disorder.”

On Thursday, he told CNBC that the “win-at-all-costs mentality” is a bigger problem because it “complicates the ability to compromise and make decisions in a way that is conducive to the effective functioning of our democracy.”

Republicans and Democrats are sharply divided on a range of issues, including abortion access, immigration and climate change, but voters' biggest concerns across the spectrum are inflation and the high cost of living, according to national polls.

When asked who he was supporting in the presidential election, Dalio said, “That's not what the country needs.”

“What the country needs is for moderates to come together to work together and make big reforms,” ​​he said. “What the country needs is broad-based prosperity.”

While Dalio expressed optimism about certain areas of American society, such as universities and the culture of innovation, he said these extraordinary elements benefit only a small percentage of the population.

He explained that widespread prosperity creates a society in which there is both order and opportunity, pointing to Singapore as an example. The Southeast Asian country is often praised for its high level of education and its availability of public housing.