Larry Fink: Migration Is Bad for Productivity and Wealth



Wall Street’s most influential mega-investor says migration makes it difficult for developed countries to embrace the high-tech, productivity-boosting technologies that will raise the income of ordinary people.

“I can argue, in the developed countries, the big winners are the countries that have shrinking populations,” BlackRock founder Larry Fink said at a pro-globalist event hosted by the World Economic Forum in Saudi Arabia. He continued:

That’s something that most people never talked about. We always used to think [a] shrinking population is a cause for negative [economic] growth. But in my conversations with the leadership of these large, developed countries [such as China, and Japan] that have xenophobic anti-immigration policies, they don’t allow anybody to come in — [so they have] shrinking demographics — these countries will rapidly develop robotics and AI and technology …

If a promise of all that transforms productivity, which most of us think it will [emphasis added] — we’ll be able to elevate the standard living in countries, the standard of living for individuals, even with shrinking populations.

In contrast, countries with expanding populations need to focus on basic issues of education and the “rule of law,” said Fink, who oversees $10 trillion worth of investments worldwide:

So for those countries that have rising populations, the answer will be education … [and] for those countries that do not have a foundation of rule of law, or education, that’s where the [economic] divide is going to get more and more extreme.

“This is a guy who tried very hard to profit off mass migration … and then realized it backfired and now he’s regretting his choices,” said Rosemary Jenks, cofounder of the Immigration Accountability Project.