The chief executive of Blackstone, the world’s largest private equity firm, says the chances of a US recession have diminished and the forecasts of an American economic downturn are “overblown”.

Stephen Schwarzman, the co-founder of the $545bn buyout company, whose personal wealth is in excess of $18bn, according to Forbes, believes the US economy will be “fine” and the strength of the country’s consumer economy will underpin growth.