Global Economy and Markets

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.