Larry Fink, CEO of BlackRock, the world’s largest asset management firm with $14 trillion in assets under management, delivered a stark warning at the World Economic Forum in Davos about the potential for artificial intelligence to exacerbate wealth inequality. Speaking as the newly appointed interim co-chair of the forum, Fink drew parallels between the current AI revolution and past economic transformations that left many behind.
Fink acknowledged that unprecedented wealth has been created since the fall of the Berlin Wall, but emphasized that this prosperity has not been shared equitably. In advanced economies, wealth has concentrated among a narrow segment of the population—a pattern he fears could repeat with AI. “Early gains are flowing to the owners of models, owners of data, and owners of infrastructure,” Fink stated, highlighting how AI wealth is already concentrating among tech companies and data holders.
The BlackRock chief posed a critical question: “What happens to everyone else?” He warned that if AI impacts white-collar workers the way globalization affected blue-collar workers, society must confront this challenge immediately and directly. This concern echoes broader anxieties about AI-driven job displacement across professional sectors, from legal work to creative industries.
Fink called on Davos attendees to fundamentally rethink how prosperity is measured and to develop a “credible plan” for broad participation in AI’s economic gains. He argued that capitalism must evolve to “turn more people into owners of growth instead of spectators watching it happen.” This represents a test case for whether economic systems can adapt to ensure AI benefits are distributed widely rather than captured by a small elite.
The speech comes amid growing concerns about AI’s societal impact. According to the World Inequality Report 2026, the wealthiest 10% control approximately 75% of global wealth, while the poorest half holds only 2%. Fink acknowledged that the World Economic Forum itself has lost trust and “feels out of step with the moment,” calling for greater transparency about what economic success truly means.
Fink has previously championed stakeholder capitalism—the concept that companies should prioritize interests beyond shareholders—and has made BlackRock a leading voice in ESG investing. His 2022 shareholder letter emphasized that effective stakeholder capitalism enables efficient capital allocation and sustainable value creation, principles he now argues must extend to the AI era.
Key Quotes
Early gains are flowing to the owners of models, owners of data, and owners of infrastructure
Larry Fink identified the three key groups currently capturing AI wealth: companies developing AI models (like OpenAI and Anthropic), data holders (tech giants with vast user data), and infrastructure providers (cloud computing and chip manufacturers). This observation highlights how AI value is concentrating among established tech players rather than distributing broadly across society.
If AI does to white collar workers what globalisation did to blue collar workers, we need to confront that today, directly
Fink drew a direct parallel between AI’s potential impact on professional workers and how globalization devastated manufacturing communities. This comparison is significant because it acknowledges that AI could trigger similar economic dislocation and social upheaval, but affecting educated, middle-class professionals rather than factory workers.
Capitalism can evolve to turn more people into owners of growth instead of spectators watching it happen
The BlackRock CEO argued that economic systems must adapt to ensure broader participation in AI-driven prosperity. This statement suggests support for structural changes—potentially including new ownership models, profit-sharing arrangements, or policy interventions—to prevent AI wealth from concentrating exclusively among tech elites.
Prosperity just isn’t the growth in the aggregate. It’s not just GDP. It can’t be measured by GDP or the market caps of companies. It has to be judged by many people who see it, who can touch it, can feel it, and can build their own future on it
Fink called for redefining economic success beyond traditional metrics like GDP growth or stock market performance. This represents a significant shift from conventional financial thinking, acknowledging that aggregate economic gains mean little if ordinary people don’t experience tangible improvements in their lives—a concern particularly relevant as AI drives productivity gains that may not translate to wage growth.
Our Take
Fink’s intervention is remarkable because it comes from the heart of global capitalism, not from progressive activists or labor advocates. When the CEO managing $14 trillion warns that AI could replicate globalization’s failures, it signals that even financial elites recognize the unsustainability of current wealth concentration trends. His call for “credible plans” suggests awareness that without proactive intervention, AI could trigger social instability that threatens the very system BlackRock depends on. The timing is critical—these warnings come as generative AI is rapidly being deployed across industries, but before its full economic impact has materialized. If Fink’s concerns translate into actual capital allocation decisions or policy advocacy from BlackRock, it could significantly influence how AI development proceeds. However, the challenge remains translating rhetoric into action: what specific mechanisms would actually democratize AI ownership and benefits? Without concrete proposals, even well-intentioned warnings risk becoming empty gestures from an institution that has profited enormously from the very inequality patterns Fink now critiques.
Why This Matters
This speech represents a significant moment where one of the world’s most powerful financial leaders is publicly acknowledging AI’s potential to deepen economic divides. As CEO of BlackRock, which manages $14 trillion and influences global investment flows, Fink’s warnings carry substantial weight in shaping how capital markets approach AI development and deployment.
The comparison between AI’s impact on white-collar workers and globalization’s effect on manufacturing jobs is particularly significant. Globalization hollowed out middle-class manufacturing communities across developed nations, contributing to political instability and populist movements. If AI follows a similar pattern with professional workers—lawyers, accountants, analysts, and knowledge workers—the social and political consequences could be even more destabilizing.
Fink’s call for a “credible plan” for broad AI participation suggests that market forces alone won’t ensure equitable distribution of AI benefits. This signals potential support from the financial establishment for policy interventions, whether through taxation, ownership structures, or regulatory frameworks that democratize AI gains. His position as interim WEF co-chair gives him a platform to influence global economic policy at a critical juncture in AI development.