Revalue dollar peg, Leaders told

'You should do a one time re-evaluation. Keep it stable and keep it fixed. But a one time re-evaluation would be appropriate to correct the mistakes made by the Federal Reserve.'

He said the current high price of gold was an indication of the need for such a move, but did not advise moving to a basket of currencies.

'Even though the pound, yen and euro have appreciated they all have inflation. They have all sinned, but the Federal Reserve is the biggest sinner of all,' he said.

If the dollar continues its current inflationary trend, then GCC countries can look again at whether to move a basket of currencies in the future, he added. But by re-evaluating, it would give governments time to make a decision.

Forbes also advised soverign wealth funds looking to take bigger chunks of foreign companies to move slowly, allowing those governments to see decisions were being made for business reasons.

He pointed to the furore in the US after DP World tried to take over the country's ports. If a fund wants to takeover large foreign companies, use private companies to do so, and that way 'people can see it is for business reasons', he said.