The retired winger thinks that his compatriot deserves to claim the award after his sensational 2011-12 season, but noted that the winner is decided by subjective criteria
The 27-year-old attacker has been tipped to win the prestigious individual accolade after scoring an impressive 60 goals in all competitions last season, helping Los Blancos to their first La Liga title since 2008.
Figo thinks that Ronaldo deserves to win the award, which Barcelona star Lionel Messi has claimed on three consecutive occasions since 2009, but pointed out that the deserving candidate cannot always be successful.
"Ronaldo matches all the criteria to win the Ballon d'Or for everything he did last season, but these choices are always subjective, because some 100 people will vote," Figo told reporters.
"However, it is clear that Ronaldo had a wonderful season."
Ronaldo is expected to join up with the rest of the Madrid squad only at the end of the July, as he is currently holidaying in Thailand after representing the Seleccaoat Euro 2012.