"The vast majority of wealth has flowed to people who owned assets, not to people who earned most of their money by working."
"Now AI threatens to repeat that pattern at an even larger scale-concentrating wealth among the companies and investors positioned to capture it."
"Research from the Federal Reserve has found America's haves and have-nots have rarely been this far apart."
"With the speeding growth and corporate adoption of artificial intelligence, that trend risks accelerating."
Larry Fink warns that technological progress, particularly AI, threatens to worsen wealth inequality. While asset values have surged, wages have stagnated, leading to a growing divide between the wealthy and the working class. The top 1% now holds a disproportionate share of U.S. wealth, comparable to the bottom 90%. AI may increase productivity but has primarily benefited a limited number of jobs, risking further concentration of wealth among those who own assets and leverage technology.
Read at Fortune
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