With the U.K.â€™s June 23 referendum on whether the country will exit the European Union, also dubbed â€˜Brexitâ€™, approaching, Billionaire investor Wilbur Ross, is getting anxious.
â€œI think thereâ€™s a lot of things to worry about. To me the biggest worry coming up near-term is the Brexit, the potential for the U.K. pulling out. That would really be a madhouse if it happened,â€ Ross told the FOX Business Networkâ€™s Maria Bartiromo.
Ross also pointed out a twist in who is the most supportive of the exit from the EU.
â€œAnd whatâ€™s strange about it, in Scotland it was the young people that wanted to break away from the U.K., young people idealist and patriotic and all that. In U.K., itâ€™s the reverse, itâ€™s the old people who want to pull out and the young people know there will be a half a million or so unemployed people if they break out,â€ said Ross.
In his opinion older people in the U.K. are committing â€˜financial suicideâ€™ by supporting â€˜Brexitâ€™, according to Ross.
â€œMore than 70% of the people over 45 years of age in U.K. own their own home. If you have half a million people laid off in the recession that would follow a British exit, those house prices will collapse and a house is usually the main asset that any family hasâ€ Ross said.
If the U.K. does vote to leave, Ross says there would be major complications in other regions of the world.
â€œThere would be a domino effect, for sure the Scottish exit would come back up again, you know the Spaniards will have the problem with Catalonia, Germany, youâ€™ll have all these extreme parties, Euro-skeptic parties, get together,â€ Ross said.
Ross then compared Britainâ€™s potential exit to the previous concerns over a potential Greek exit from the EU.
â€œIf you had a big country like U.K. pulling out, remember the EU was hysterical over the danger of Greece pulling out. Well Greece is a pimple compared to the U.K. To the degree the fears were at all justified for Greece, got to be ten times as dangerous with the U.K.â€ said Ross.