Sasfin, today, 28 June 2018 hosted its annual Beyond Global Wealth event with Paul Donovan, UBS Wealth Management Global Chief Economist at an event held at Summerplace, Sandton South Africa.
Donovan’s talk focused mainly on the current world economy, technology and the fourth industrial revolution.
“We today are standing on the edge of a really dramatic change in the world economy,” says Donovan.
“In fact it’s so dramatic that Economists are calling this the fourth industrial revolution.”
“We are seeing the growth of technology in a phenomenal way. Robotics, Artificial Intelligence, Digitisation, the Internet of Things – and all of things is dramatically changing the way the economy works,” confirms Donovan.
“When you talk about an industrial revolution, a lot of people get very excited about the technology.”
He says that the point about the industrial revolution is not only about the technology but how it changes society.
“That’s where the really dramatic changes start to come in to us all as investors.”
Donovan says that the fourth industrial revolution is reversing a lot of the social changes that took place in the first industrial revolution.
“The first industrial revolution was extremely disruptive. Everything changed and with it the entire investment opportunity changed,” says Donovan.