SOROS: The refugee crisis 'has no simple solution'

The refugee crisis is at the top of George Soros' agenda.

At the 2016 Concordia Summit on Tuesday, the billionaire investor discussed his new plan to invest $500 million to address the needs of migrants and refugees.

And he also addressed the crisis' relationship with the larger political problems brewing in Europe.

"Let me make a crucial point: The refugee crisis is a complex problem. And it has no simple solution," Soros argued.

He continued:

"Anti-European, xenophobic political movements provided simple answers to a complicated problem, so they were by their very nature misleading. And this reinforced the disintegration of the European Union - that received tremendous boost from Brexit. So we must now find some way to prevent the process from reaching its ultimate conclusion. I consider this the most pressing problem and it is the top of my priority."

Earlier on Tuesday, Soros wrote in an op-ed for the Wall Street Journal about his plan to invest half a billion dollars in migrants, which will include investments in "startups, established companies, social-impact initiatives and businesses founded by migrants and refugees themselves."

He added at the Concordia Summit that he plans to work with the Office of the UN High Commissioner for Refugees and the International Rescue Committee.

"If you compared where we are and where we ought to be, then you can see how far we have to go," Soros said in his closing remarks at the summit.

"And there's no time to spare. So, we must all pull together in order to get there."