As global poverty continues to decline thanks to technology, another issue emerges. According to the World Economic Forum, rising income inequality and the polarization of societies pose a risk to the global economy, and may lead to increased polarization and lack of political stability reports Tech Crunch.
This, however, is not a global problem. In developing countries, inequality is decreasing and the amount of people living in extreme poverty is at an all-time low. Mobile technology is contributing to financial inclusion in countries without an established financial infrastructure, and global markets create trade opportunities.
However, the increase in inequality is affecting high- and middle-income countries, as labor-saving technology has replaced many blue-collar jobs that paid well. Those workers have had to switch to retail and home healthcare jobs, where the pay is typically lower.
As technology replaces human work, we should also give everyone a share of the benefits gained by increased productivity, the same way Finland is trialing universal basic income for all citizens. in order to equalize wealth distribution, both Bill Gates and Mark Zuckerberg have pledged to donate 99 percent of their fortunes to charity, and are encouraging others to do the same.