Axel Weber, the former Chairman of UBS Group, has warned that artificial intelligence is poised to bring about disruptive changes, potentially giving rise to a new global elite class that will disproportionately benefit from the application of this cutting-edge technology, while others may find themselves in a worse situation. Weber, who also served as the President of the German central bank, stated on Friday, “We will see people extracting benefits from this new technology in ways we have never seen before.” He added, “Similar to the rise of tech aristocrats and billionaires, we will witness the birth of an AI elite class.”

At 68 years old, Weber expressed concern that AI technology could lead to massive unemployment, creating a stark contrast between those who can collaborate with AI and those at risk of being replaced. “The impact will be extremely far-reaching,” he said, “but for those who can ride the wave of AI and leverage it, it will be a remarkable journey.”