But Wei, who is the youngest member of the House of Lord, said "there is hope" and a "transition plan" needed to be put in place for jobs that could be under threat. Employees could, for example, be offered shares in companies.
"It's ownership of something – a company, a house, something scarce – that robots, big data, AI can't do. That allows you to get wealth," Wei said.
The automation of jobs could actually create more jobs too, Wei argued.
Robots could take over waiting jobs in a restaurants, for example, but people will be needed to maintain the machines. Plus, people who have been displaced could retrain and return to work in more advanced roles.
Indeed, the automation of roles will make society richer as people take up more advanced employment, Wei claimed.
"We'll all be richer when more people are doing jobs they're interested in, which match their skill levels. This means there is more surplus (of profit) in companies, which means it will feed through into higher wages or investment and then you get the virtuous cycle. Right now that isn't happening," he added.