BILLIONAIRE INVESTOR: 'A high probability that we're looking at a recession'

You can add Sam Zell to the list of investors who think we're headed towards a recession.

The chairman of Equity Group Investments, who ranked #318 in the 2015 Forbes Rich List in 2015, spoke to Bloomberg TV hosts Stephanie Ruhle and David Westin on Wednesday ahead of the Federal Reserve's interest rate hike.

"I think the economy is closer to falling over than it is to going up," he said.

"I think that there's a high probability that we're looking at a recession in the next 12 months."

Zell isn't alone in his pessimism. JPMorgan recently published research saying there is a 76% chance that a recession will take hold within the next 12 months. Former fund manager Raoul Pal put the odds that there will be a global recession at 65% in an interview earlier this month. 

Here is Zell on Bloomberg TV.