At the 2016 Milken Institute London Summit, Chairman Michael Milken used the occasion to explore how we can help people achieve meaningful lives amid a growing economic divide and technological advances that threaten jobs.
In recent decades, globalization has been a force for widespread economic growth, but not everyone has shared in the benefits.
“Half the people in the United States are worth less than $50,000, and almost 30 percent of the people in the U.S. have a net worth of under $30,000,” Milken said in his lunch plenary speech. “Juxtaposed, you will see that the United States has the highest percentage of people that are worth more than a million dollars.”
It’s this wide divide, he added, that is a challenge for the U.S. — a challenge we used to see in countries like Brazil.
As we look to the future of work, technological advances in automation, machine learning, artificial intelligence, and more could render a billion jobs unnecessary.
What will happen to these workers? What will they do with their lives and how will they support themselves and their families? How will they find fulfillment?
As Milken explained in his speech, the challenge we now face is how to create opportunities in an economy that can meet the needs of their people. It’s the goal and the mission of the Milken Institute to address this challenge as they examine the many ways to widen capital, create jobs, improve health through the independent data-driven research of its various centers.
Watch Milken’s full conference speech above.