Former UBS Chairman Weber warns: Artificial intelligence will create a new aristocracy while exacerbating employment inequality

Former UBS Group AG Chairman Axel Weber warned that artificial intelligence is about to bring disruptive changes, potentially giving rise to a new global elite class that will reap disproportionate benefits from the application of this cutting-edge technology, while others will find themselves in worse situations. "We will see people extracting benefits from this new technology in ways we have never seen before." Weber, who also served as the head of the German central bank, stated on Friday: "Similar to the rise of tech aristocrats and billionaires in the past, we will witness the birth of an artificial intelligence aristocracy."