Sir Michael Hintze, the billionaire chief executive of London-based CQS, has warned the wave of political populism that swept the US and Europe in 2016 could have further to run yet — picking out South Africa, Turkey and France as countries at risk.

"I think rumours of the demise of populism are premature," Hintze wrote in his latest half-yearly investment letter. Populism could surge in emerging markets "or where leaders such as [French president] Macron seek to implement vital and long overdue reforms," he added.