Fourth industrial revolution set to benefit richest, UBS report says

Greatest disruption could be experienced by workers who have so far felt immune to robotic competition, Swiss bank adds

The richest stand to gain more from the introduction of new technology than those in poorer sections of society, according to a report which warns that policymakers may be required to intervene to tackle the widening inequality.

The so-called fourth industrial revolution, following on from the introduction of steam power, electricity and electronics, will have less of an impact on developed economies, such as Switzerland, Singapore and the UK. Emerging markets - notably in parts of Latin America and India - will suffer when artificial intelligence and robots become widely used, reducing the competitive advantage of their cheap labour.