Jack Ma, founder of Alibaba Group, faulted the United States for its $14.2 trillion expenditures on war over the last 30 years than on its own people.
Ma's statement was made on Wednesday during the World Economic Forum held in Davos, Switzerland. The Chinese business mogul also said besides war, the world's largest economy has also invested too much on Wall Street.
Ma's opinion about the United States came after he was thrown with a question on globalization and on his reaction now that the 45th President will lead America in the next four years. He said that irrespective of the good strategy, one's leader should instead spend on his own people.
"The money goes to Wall Street. Then what happened? Year 2008," Alibaba Group's chairman was quoted as reported by The United Kingdom Business Insider.
"The financial crisis wipe out $19.2 trillion in U.S. income," Ma continued, adding, "What if the money was spent on the Midwest of the United States, developing industry there?"
Ma then recalled that three decades ago, two companies that Chinese people spoke were Boeing and Ford. Today, however, the Chinese talk about Wall Street and Silicon Valley.
A site called U.S. Government Spending reported that before the World War II, the United States spent only one percent of its Gross Domestic Product on its defense and military.
However, the figure rose after the World War II to not less than 3.6 percent of its GDP. During the second World War, the United States spent 41 percent of its GDP.
Meanwhile, the Council on Foreign Relations shared a chart prepared using information provided by Stockholm International Peace Research Institute as well as from the U.S. Bureau of Economics Analysis.
It said that in 1990s, the U.S. government reduced its defense budget, but from 1990 to 1995, it increased its share of military expenses while cutting out on its foreign allocation of GDP to defense, specifically in Russia.