George Soros doesn't think Wall Street will determine the 2020 election

Getty Images / Andia / Contributor

  • George Soros told The New York Times in an interview published Friday that he doesn’t think Wall Street will decide the next president.
  • He also said that Elizabeth Warren is the candidate to beat, according to the report, and that he supports her policy to tax the wealthy.
  • Still, Wall Street has balked at Warren’s tax policies, and some have said they won’t support her.
  • Read more on Business Insider.

George Soros, the billionaire philanthropist and former investor, doesn’t think that Wall Street will determine the next president of the US in 2020.

“There are more Main Streets in America than there are Wall Streets,” Soros said in an interview with Andrew Ross Sorkin that The New York Times published Friday. “So I don’t think that Wall Street, other than being a source of money, will have its way in choosing the president.”

He’s predicting that much will turn around in 2020, as he sees signs that people are growing tired of nationalistic tendencies, according to the report. While he hasn’t endorsed a candidate, Soros told the Times that Elizabeth Warren has “emerged as the clear-cut person to beat.”

He continued: “I don’t take a public stance, but I do believe that she is the most qualified to be president.”

Soros said he disagrees with Wall Street’s gripes about Warren’s policies that would tax the rich and impose tighter regulations on banks. Soros has long supported taxing the wealthy, and in June was one of many wealthy individuals who signed a letter supporting Warren’s wealth tax.

He doesn’t think that such taxes are a threat to capitalism, according to the Times.

Still, Wall Street has been largely divided on Warren because of her policies. Some analysts have argued that a Warren presidency would weigh on stocks in financial, healthcare, and energy sectors.

In addition, Democratic donors on Wall Street have warned that they will back Trump instead of Warren if she wins the party’s nomination, according to CNBC.

Soros himself is a prominent champion of liberal causes and has given millions of dollars to PACs that have supported Democratic candidates such as Hillary Clinton and opposed President Trump. In July, he launched Democracy PAC with $US5.1 million to fund 2020 election spending, at the time the biggest check from any megadonor for 2020, according to Politico.

Read more: The ‘Warren Buffett of bonds’ has survived every major market crash since 1958. He told us 4 pieces of wisdom for anyone who also wants to enjoy a long career.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.