DAVOS (Realist English). BlackRock CEO Larry Fink cautioned global leaders at the World Economic Forum that the rapid expansion of artificial intelligence could widen inequality and pose a fundamental challenge to modern capitalism if its benefits are not more evenly distributed.
In opening remarks to nearly 1,000 business executives and dozens of heads of state and government, Fink said the world must confront how AI-driven wealth is allocated, warning that early gains are flowing primarily to those who control models, data and infrastructure.
“Since the fall of the Berlin Wall, more wealth has been created than in all prior human history combined,” Fink said. “But in advanced economies, that wealth accrued to a far narrower share of people than any healthy society can sustain.”
He argued that AI could replicate the same pattern seen during globalization, where blue-collar workers bore disproportionate disruption. If white-collar jobs are similarly displaced, he said, policymakers and corporate leaders must develop credible strategies to ensure broad participation in growth rather than relying on abstract promises about “jobs of tomorrow.”
Fink, who co-founded BlackRock in 1988 and now serves as interim co-chair of the World Economic Forum’s board of trustees, has repeatedly used the Davos platform to advocate for reforms in global capitalism, including a stronger emphasis on stakeholder models that balance shareholder returns with broader social responsibilities.
He also urged the forum to expand its legitimacy by including a wider range of voices. “This forum can’t remain an echo chamber,” Fink said, emphasizing that many people affected by decisions discussed in Davos will never attend the conference.
Artificial intelligence dominated discussions at this year’s gathering. Consulting firm PwC released a survey ahead of the event indicating that while some companies are generating measurable financial returns from AI, many remain stuck in pilot phases. PwC Global Chairman Mohamed Kande described 2026 as a decisive year for the technology, warning that the gap between early adopters and laggards could widen quickly.
During a panel discussion with Microsoft CEO Satya Nadella, Fink addressed concerns about a potential AI investment bubble. He acknowledged the likelihood of failures but rejected the notion of an imminent collapse, framing AI development within broader geopolitical competition.
“For Western economies, if we don’t cooperate and scale, China wins,” Fink said. He stressed that AI must move beyond a handful of hyperscale technology firms and diffuse across industries to generate sustainable demand.
Nadella echoed the importance of democratizing access to AI, arguing that countries and companies that deploy the technology widely and effectively will ultimately outperform those that merely develop it. He added that AI’s long-term value lies in improving outcomes in sectors such as healthcare and education, rather than in short-term speculative gains.
The debate underscored a central tension at Davos: whether the next wave of technological transformation can strengthen economic inclusion — or deepen existing divides.