The billionaire chairman of luxury giant Compagnie Financiere Richemont said changes in technology will create a massive underclass and growing inequality that could spark "envy and hatred" of the wealthy.
In a speech Monday at the Financial Times Business of Luxury Summit in Monaco, Johann Rupert said the most important issue for the luxury industry and economies globally is the structural unemployment caused by robots, artificial intelligence and the new machine age.
Inequality will accelerate in the coming years due to the growth in structural unemployment coupled with a "new abundance" for the global winners, he said. That will cause "envy, hatred and social warfare" against the winners in the new economy.
"We can't have the point 1 percent of the point 1 percent taking all the spoils," he said. "Now folks those are our clients. But it's unfair and it's not sustainable."