He said Brazil's large population of 180 million people, highly-trained work force, and array of crops and natural resources has made it largely self-sufficient.
'I'd buy Brazil,' Zell told the Milken Institute Global Conference. 'It has the chance 30 years from now of being a bigger economic power than China.'
Goldman Sachs is also tipping Brazil for big things although on a longer timescale than Zell. The investment bank believes Brazil is on course to be the 5th largest economy in the world by 2050.
Brazil has been attracting investors to its sunny shores in increasing numbers. All the big name property developers in Brazil are pushing resorts and projects in and around Natal on the back of the region's international promotion and the fact that it is to receive a major airport upgrade and become almost instantly more accessible as a result.
The high end market is already attracting interest from celebrities. In particular the Natal Ocean Club is carving out its own niche for decadent overseas property investment and is destined to be Natal's most sophisticated private beachfront resort
It has 300 metres of private beach, is adjacent to David Beckham's new soccer academy and within easy reach of two Championship standard golf courses, and predicted be northeastern Brazil's most coveted address.
Internationally renowned architect David Bastos has designed the club and fused indigenous wood with marble and granite to give a unique flavour to the resort.
There are maid's quarters and the marketing blurb says you'll find your favourite CD playing and your fridge full upon arrival, have a private house manager to attend to your every need and enjoy the services of a personal fisherman who will take to the Atlantic and pluck out fresh lobster, crab and oyster to satisfy your whims. Or you can charter the Natal Ocean Club yacht.
