AI Could Destroy Millions of Jobs: BlackRock’s Larry Fink Issues Stark Davos Warning
AI Boom Could Leave Millions Behind, Fink Warns
At the World Economic Forum in Davos, Switzerland, BlackRock CEO Larry Fink delivered a stark warning: the rapid rise of artificial intelligence could disrupt the lives of millions of workers, potentially becoming capitalism’s next failure. Speaking to a gathering of global leaders and executives, Fink stressed that while AI is creating enormous wealth, most of it is going to a small group of owners, leaving the majority of workers behind.
“Early gains are flowing to the owners of models, owners of data and owners of infrastructure,” Fink said. “What happens to everyone else if AI does to white-collar workers what globalization did to blue-collar workers? The future is now—we cannot ignore it.”
The Inequality of the Post-Cold War Era
Fink pointed out that the last 30 years, since the fall of the Berlin Wall, have created more wealth than any period in human history. But most of that wealth has concentrated among a tiny elite.
“In advanced economies, wealth has accrued to a far narrower share of people than any healthy society can sustain,” he said.
Fink has long championed a version of stakeholder capitalism, urging companies to prioritize employees, consumers, and society—not just shareholders. At Davos, he framed AI as the latest test of whether capitalism can evolve to be more inclusive.
AI Riches Are Going to the Few
The AI boom has seen staggering wealth gains for tech giants. According to Bloomberg, the richest Americans added nearly $10 billion each to their net worth in 2025. Google co-founders Larry Page and Sergey Brin alone saw their fortunes rise by $101 billion and $92 billion, respectively.
Meanwhile, ordinary workers see little benefit. Fink highlighted a growing K-shaped economy, where the rich get richer while the majority are left behind.
- The bottom 50% of Americans own roughly 1% of stock market wealth.
- The top 1% of households hold nearly 50% of corporate equity.
Fink warned that AI could repeat the mistakes of globalization, displacing white-collar workers while further enriching those already in control.
Capitalism Needs a Plan for the AI Era
Fink’s message was clear: leaders must act now to prevent AI from exacerbating inequality. He urged executives to create actionable plans to ensure broad participation in AI’s economic gains.
“Capitalism can evolve to turn more people into owners of growth, instead of spectators watching it happen,” he said.
Fink emphasized that the World Economic Forum has a central tension: the decisions made in elite boardrooms affect people who will never attend Davos.
Past Critiques and Current Context
Fink’s warnings echo his past advocacy for responsible capitalism. He has promoted environmental, social, and governance (ESG) initiatives and stakeholder capitalism as ways for companies to benefit society broadly. At the same time, he has noted the rise of inequality and the risks of an AI-driven economy where only a few profit.
Critics have long highlighted that post-Cold War capitalism has largely benefited elites, while nations and workers without access to technology or capital struggle to catch up. Fink reinforced this view, noting the need to rethink how wealth is distributed in the modern world.
AI Could Mirror Globalization’s Impact on Workers
Experts, including AI pioneer Geoffrey Hinton, have warned that AI could displace millions of white-collar jobs while massively increasing profits for a few companies. Fink used this point to stress urgency: without intervention, AI could widen the wealth gap, leaving many workers without secure employment.
Some companies have already acted, reshaping their workforce to adapt to AI. For example, software firm IgniteTech cut nearly 80% of staff during an AI adoption phase in 2023, although the roles were later rehired. Fink highlighted this as an example of how AI can benefit companies without benefiting society at large if careful planning isn’t applied.
Why Fink Believes in Inclusive Growth
Fink’s solution lies in designing capitalism to include more participants in the wealth generated by AI. This includes:
- Reimagining work and reskilling employees for AI-driven industries
- Ensuring equitable distribution of AI-driven gains
- Building policies that prevent massive displacement of workers
“It’s not about the jobs of tomorrow—it’s about making sure that everyone can share in the gains of growth today,” he said.
The Big Picture
Larry Fink’s speech at Davos highlights a growing global concern: AI is not just a technology issue—it’s a societal one. Without deliberate action, the economic benefits of AI may flow exclusively to the few, leaving billions of workers behind.
As AI reshapes industries, the challenge for the world’s most powerful leaders is to balance innovation with inclusion, ensuring that the next wave of wealth creation does not exacerbate inequality.