BlackRock CEO Larry Fink Tells Davos 'Capitalism Must Evolve' for AI Era
BlackRock CEO Larry Fink will open this year’s World Economic Forum in Davos warning that the version of capitalism celebrated there faces a crisis of legitimacy and must change to deliver prosperity more broadly, especially as artificial intelligence threatens white‑collar jobs. In prepared remarks obtained by Axios, Fink says Davos has become a symbol of an elite system that has generated huge wealth since the Cold War but left many people behind, and pointedly asks whether "anyone outside this room" still cares what its attendees say. He argues prosperity can no longer be measured just by GDP or corporate market caps, but by how many people can "see it, touch it, and build a future on it," and cautions that AI could repeat globalization’s pattern of displacing workers—this time in offices rather than factories—unless leaders confront that risk directly. Casting himself as an interim "mayor of Davos" after Klaus Schwab, Fink calls for taking the forum’s conversations beyond the Alps to places like Detroit and Dublin and insists the "mountain will come down to earth" by engaging those traditionally excluded. His speech sets the tone for a week in which President Trump’s return to Davos, populist anger over inequality, and surging AI investment will test whether global business and political leaders are prepared to adapt the economic order they built.
📌 Key Facts
- BlackRock CEO Larry Fink is delivering the opening remarks at the 2026 World Economic Forum in Davos.
- Fink says capitalism 'must evolve' and warns Davos faces a 'crisis of legitimacy' because its prosperity has not been broadly shared.
- He cautions that AI could do to white‑collar work what globalization did to blue‑collar jobs, and urges leaders to address that distributional impact directly.
- Fink calls for WEF to extend its conversations beyond Davos to places like Detroit and Dublin so people who bear the consequences of elite decisions have a voice.
📊 Relevant Data
In 2022, the median wealth for White households in the US was $284,310, compared to $44,100 for Black households and $71,000 for Hispanic households, while White households make up about 59% of the US population, Black 12%, and Hispanic 19%.
From 2019 to 2022, median wealth increased by 23% for White households, 77% for Black households, 42% for Hispanic households, and 43% for Asian households, though absolute gaps remain wide.
Wealth gaps across racial and ethnic groups — Pew Research Center
Globalization and offshoring led to the loss of over 5 million US manufacturing jobs between 2000 and 2020, with Black and Hispanic workers disproportionately affected, as they were overrepresented in affected sectors; for example, Black workers lost manufacturing jobs at a rate 1.5 times higher than their workforce share.
Botched policy responses to globalization have decimated manufacturing and left working-class Americans behind — Economic Policy Institute
Projections indicate that AI could disrupt tasks in 30% of US workers' occupations, with higher exposure for Asian workers (25% high exposure) and women (21% high exposure) compared to the overall 19%, particularly in white-collar fields like finance and professional services.
Which U.S. Workers Are More Exposed to AI on Their Jobs? — Pew Research Center
Detroit's population grew from 639,471 in 2020 to 645,705 in 2024, with Black residents comprising 78% but declining in share from 84% in 2010, while White residents increased; this shift accompanies economic recovery, with median household income at $37,761 in 2023, lower for Black households at around $35,000 compared to $60,355 for Asian households.
New data confirms: Detroit is a growing city — BridgeDetroit
AI-driven job losses in 2023-2025 have disproportionately affected Black workers in early waves, with Black unemployment at 6% versus 3% for White workers in 2022, exacerbated by overrepresentation in vulnerable administrative and customer service roles.
AI's First Wave of Job Loss Hits Disproportionately Hard in the Black Community — Colaberry
📰 Source Timeline (1)
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