Ex-UBS Chairman Weber Warns AI Ushering In New Era of Inequality

Former UBS Group AG Chairman Axel Weber has warned the coming disruption from artificial intelligence could usher in the rise of a new global elite that profits disproportionately from the adoption of the cutting-edge technology while leaving the rest worse off.

“We will see people who reap the benefits from this new technology in a way that we haven’t seen before,” Axel Weber, who’s also a former former chief of the German central bank, said on Friday during a panel discussion at the Bund Summit in Shanghai. “Like the sort of tech aristocrats and billionaires, we will see AI aristocrats.”