AI could worsen inequality, says BlackRock's Larry Fink
BlackRock CEO Larry Fink is worried that AI might make the wealth gap even bigger.
At Davos, he pointed out that "early gains are flowing to the owners of models, owners of data, and owners of infrastructure," and asked what happens to everyone else.
He warned that if AI disrupts white-collar jobs like globalization did for blue-collar workers, we need to address it now.
Global inequality is at an all-time high
Fink's concerns come amid very high global inequality: the richest 10% now own 75% of all wealth, while the poorest half have just 2%, according to the World Inequality Report.
This means most people are left watching a small elite get even richer.
Capitalism needs more 'owners of growth,' Fink warns
He's calling for a "credible plan" so more people benefit from AI, not just those who own or control it.
Fink says capitalism needs more "owners of growth instead of spectators," or risk deepening divides as tech advances.
Who is Larry Fink?
Larry Fink is the CEO of BlackRock; it manages about $14 trillion in assets.
He became interim co-chair at the World Economic Forum and regularly shapes global economic debates with his annual letters and Davos speeches.