Investing.com -- BlackRock Inc. Chief Executive Officer Larry Fink said Monday that the artificial intelligence boom threatens to make wealthy companies and investors even richer while exacerbating inequality, unless more individuals can share in the market gains.

"The massive wealth created over the past several generations flowed mostly to people who already owned financial assets," Fink said in his annual letter to investors. "Now AI threatens to repeat that pattern at an even larger scale."

The head of the world's largest money manager wrote that while AI will disrupt the labor market, creating new jobs while displacing many other workers, the technology "will create significant economic value." Encouraging individuals to invest for the long-term alongside that probable growth "is both the challenge and the opportunity," he said.

"Too many are left out," said Fink, whose firm manages more than $14 trillion in client money. "When market capitalization rises but ownership remains narrow, prosperity can feel increasingly distant to those on the outside."

One of the biggest ways to give more people a chance to share in the upside would be through changes to the US Social Security system, Fink said. Individuals are eligible for benefits as early as age 62, and those born after 1960 are considered at full retirement age at 67.

"Social Security provides stability, but it doesn't allow most Americans to build wealth in a way that grows with their country," said Fink, who is 73.

While he said he is not in favor of privatizing Social Security or putting all of its funds into the stock market, Fink argued the program needs a rethink before it suffers and cannot pay out what savers expect in their retirement years. The Social Security trust fund is invested in US Treasury bonds, and Fink suggested opening a discussion on how to diversify those investments.

Fink noted that major changes to the system would be difficult to accomplish.

"Social Security is a core promise, and people rightly believe it should be honored," Fink wrote. "But under the current system, doing nothing could very well break that promise."