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AI Could Transform Global Economy Like Industrial Revolutions, Says Aletheia Capital’s Jonathan Wilmot
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Wilmot says rapid advances in artificial intelligence represent a turning point for global productivity and economic growth.
Jonathan Wilmot, Global Strategist at Aletheia Capital.
Artificial intelligence (AI) is set to transform the global economy in a way comparable to past industrial revolutions, even as geopolitical tensions and energy risks continue to shape the near-term outlook for markets and policymakers, according to Jonathan Wilmot, Global Strategist at Aletheia Capital.
Speaking at the Moneycontrol Global Wealth Summit, Wilmot said rapid advances in artificial intelligence represent a turning point for global productivity and economic growth.
“When I started my firm, I was convinced that AI and machine learning had reached a point of takeoff and would eventually become the leading factor transforming the whole of the world economy,” Wilmot said.
AI could accelerate innovation
Wilmot described artificial intelligence as a powerful force multiplier for human innovation and scientific discovery.
“In a very simplistic way, AI is to human brain power what the steam engine was to horsepower,” he said.
According to him, the technology could act as a “force accelerator for human intellect”, helping speed up innovation, research and product development across sectors.
AI may lower costs of essentials over time
Wilmot said AI-driven innovation could eventually reduce the cost of essential goods and services globally.
“I’m convinced that the effect will be profound in lowering the costs of food, energy, housing and healthcare,” he said.
He added that the impact would come not only from artificial intelligence itself but also from its interaction with other technologies such as solar energy, smarter farming systems and advanced manufacturing.
However, Wilmot cautioned that the transition may initially push prices higher as companies invest heavily in building AI infrastructure before long-term cost benefits begin to emerge.
Central banks facing a complex policy challenge
According to Wilmot, the combination of rapid technological change and geopolitical tensions has created one of the most challenging environments for central banks.
“This is one of the most difficult periods for central banks around the world,” he said.
He noted that policymakers may be divided between those focusing on long-term productivity gains and those concerned about short-term inflationary pressures.
“If you emphasise the longer-term productivity benefits… you would say there’s no need to raise interest rates in the face of a short-term shock,” he said.
AI boom not similar to dot-com bubble
Wilmot also addressed concerns about the sharp rise in valuations of artificial intelligence companies.
“What it clearly is not is the same as the dot-com situation in the 1990s,” he said, adding that many leading AI companies are supported by strong earnings growth.
At the same time, he warned that global economic shocks could still trigger sharp corrections in technology stocks.
“If we have a shock to the world economy… you’re going to see very large declines in the valuation of this stuff,” he said.
Oil price risks remain amid Middle East tensions
Wilmot also highlighted the risks posed by ongoing geopolitical tensions in the Middle East.
He said global oil markets remain highly sensitive to disruptions in the Strait of Hormuz, a key global energy shipping route.
“Unless we can reopen the Strait of Hormuz within three or four weeks, we’ll be in a situation where oil prices could head towards $150 or even higher,” he said.
India could benefit from AI-driven growth
On India’s long-term prospects, Wilmot said the country’s demographic strength and economic trajectory position it well in the evolving global economy.
“India is going to be the largest country in the world in terms of population,” he said.
He added that India could become increasingly important both as an alternative global manufacturing hub and as a participant in the AI-driven economy.
“I think India will become more and more important, both economically as an alternative manufacturing destination and because you will actually do well from the AI trade,” he said.
Advice for investors
Wilmot advised businesses and investors to adopt artificial intelligence tools while remaining mindful of broader macroeconomic risks.
“Go hire a lot of AI agents to help you with the business, but don’t fire anybody as a result,” he said.
He also emphasised the importance of monitoring macroeconomic trends. “Never forget macro… because if the world has a macro seizure, that will dominate everything else.”
March 14, 2026, 13:20 IST
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Business
UAE savings strategies 2026 explained: Best apps, tools, budget rules and smart money hacks to beat rising cost of living in emirates – The Times of India
As the cost of living rises across the Gulf, many residents in the UAE are searching for smarter ways to save money without sacrificing their lifestyle. From digital budgeting apps to automated savings tools and simple financial rules, a new wave of personal finance strategies is helping people track spending and build savings more efficiently.Financial experts say that technology is now playing a central role in how residents manage their money, particularly in a fast-paced economy where digital payments, food delivery apps and lifestyle spending can quickly eat into monthly income. Here’s a closer look at the best savings tools and strategies that the UAE residents are increasingly turning to in 2026.
Why saving money in the UAE can be challenging
Managing finances in the UAE can feel difficult for many residents, especially in cities like Dubai and Abu Dhabi where lifestyle temptations, from luxury shopping to frequent dining out, are everywhere. Experts say that the key challenge is balancing high living costs with long-term financial goals.A widely recommended strategy is the 50/30/20 rule, which divides income into three categories:
- 50% for essential expenses such as rent, groceries, utilities and transport
- 30% for lifestyle spending like travel, entertainment and dining
- 20% for savings or investments.
This framework helps individuals maintain financial discipline while still enjoying their income.
Budgeting apps are becoming essential for saving money in the UAE
One of the fastest-growing savings tools in the UAE is personal finance apps, which allow users to track spending and set financial goals. Several apps have become particularly popular among residents:
- Wally – A budgeting app that allows users to monitor spending habits, compare income with expenses and set savings targets. It also supports multi-currency tracking, making it useful for expats managing finances across different countries.
- Spendee – Spendee focuses on visual budgeting and expense categorisation. The app enables users to track spending patterns and create shared wallets for families or roommates managing joint expenses.
- Wallet by BudgetBakers – This app connects with thousands of banks globally and helps users monitor spending, recurring payments, and financial goals in one place. It is particularly helpful for expats who need multi-bank and multi-currency support.
- Monefy – For users who prefer simplicity, Monefy offers a straightforward interface to manually track income and expenses with minimal complexity.
UAE digital banking tools are expanding
Several UAE-based digital banking platforms now include built-in budgeting and savings tools. For example, digital finance platforms allow users to automatically track transactions, categorise expenses and set savings goals directly through their banking apps.
UAE’s Cost of Living Crisis: Are Budget Apps a Band-Aid or a Real Solution?
Some services even offer automatic transfers into savings accounts or investment wallets, helping users save money without actively thinking about it. These tools are designed to make budgeting easier for residents who rely heavily on digital payments.
Deal and rewards apps that help you save money in the UAE
Another popular category of savings tools involves reward-based apps that provide discounts, cashback, or loyalty points on everyday spending.For example:
- Apps offering discounts on dining, groceries and entertainment
- Loyalty programmes that convert spending into reward points
- Deal platforms that compare prices across retailers.
These apps effectively turn everyday purchases into savings opportunities. Financial advisers suggest that before using any savings tool, residents should first understand where their money actually goes each month. Tracking every expense, whether rent, food deliveries, transport or subscriptions, can reveal surprising spending habits.Many budgeting apps automatically categorise transactions, helping users identify areas where they may be overspending. For instance, people often discover that small purchases such as food delivery, streaming subscriptions, or ride-hailing services add up to a significant portion of their monthly expenses.
Can UAE Residents Really Save Money in 2026? Top Tools and Strategies Revealed
Automation is the future of saving. One of the most effective strategies recommended by financial planners is automated saving. Instead of waiting until the end of the month to save money, experts suggest setting up automatic transfers to savings accounts or investment funds as soon as a salary is received. Automation ensures that saving becomes a habit rather than an afterthought.Many digital banks now offer features such as:
- automatic savings transfers
- goal-based saving plans
- round-up savings, where small amounts from transactions are saved automatically.
The rise of AI-driven financial tools in the UAE
Artificial intelligence is also beginning to shape the future of personal finance. Some newer finance apps use AI to analyse spending behaviour and provide personalised recommendations on how to reduce expenses or increase savings. These tools can alert users when they are overspending in certain categories and suggest alternative budgeting strategies.Such innovations are expected to become increasingly common as fintech companies expand across the UAE. While technology can make budgeting easier, experts say the most important factor remains financial discipline. Even the best tools cannot replace good money habits.Key principles for long-term financial health include:
- tracking spending regularly
- avoiding unnecessary debt
- building an emergency fund
- investing for long-term growth.
For UAE residents, this often means balancing a high-spending lifestyle with careful financial planning.
A new era of smart money management in the UAE
With fintech innovation accelerating across the Middle East, managing personal finances is becoming easier than ever. From budgeting apps and automated savings platforms to loyalty programmes and AI-driven tools, residents now have more options than ever to take control of their money.For many people living in the UAE, the challenge is no longer access to savings tools—but choosing the right ones and using them consistently. As the cost of living continues to evolve in the emirates, the ability to track spending, automate savings and build financial resilience is quickly becoming an essential life skill.
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