We Are Witnessing the Rise of a New Aristocracy

Imagine that in just two years, 19 families have accumulated $1.8 trillion—equivalent to the wealth of the entire country of Australia. This is the new American reality: the gap between those who have a lot and those who have little is not only widening, but is being pushed to levels not seen since the advent of artificial intelligence. A frequently circulated argument is that A.I. will make the world of work more equitable by eliminating jobs for both managers with prestigious degrees and blue-collar workers, perhaps even restoring value to practical trades like plumbing. But those who study the numbers warn: this is almost a fantasy. The first to pay the price will be those in the middle—secretaries, administrative clerks, salespeople, junior programmers—people with salaries between $40,000 and $100,000 a year. These jobs are the easiest to replace with an algorithm that can write, calculate, or respond to emails in a second. Gabriel Zucman, one of the most respected economists on these issues, says that the amount of money being concentrated in the hands of a few far exceeds that of old dynasties like the Rockefellers or the Vanderbilts. And today, that money also buys political influence: those who hold the keys to technology can easily turn wealth into power in the rooms where the rules of the game are decided. Here's a concrete detail: as jobs are automated, government tax revenues decrease, because fewer and fewer people earn enough to pay a lot of taxes. Fewer public resources mean less ability to take action to ensure services, security, and education. And when wealth becomes so concentrated, democracy itself is weakened: at a certain point, the author says, we are no longer governing together, but rather subject to the decisions of a new aristocracy, invisible but extremely powerful. There is one aspect that no one mentions: while all the fear is about layoffs and robots, the real change is that the economic base that underpins society is shrinking. Those who invest in A.I. not only earn more, but also become the true arbiters of what is possible and what is not, while the masses remain on the sidelines. The key takeaway? Artificial intelligence is not democratizing wealth: it is helping to create a new aristocracy. If these ideas have helped you see technology in a different light, you can mark I'm In on Lara Notes—this means that this perspective is now part of your way of thinking. And when you discuss this with someone, perhaps mentioning the $1.8 trillion held by 19 families, you can tag that conversation with Shared Offline: that way, a record of a meaningful conversation remains. This insight comes from The New York Times and has just saved you over a minute compared to reading the original article.