Luxury group Richemont supports Universal Basic Income

This week the ideology of Universal Basic Income, or UBI, once again became a hot topic of discussion. This time it was also endorsed by luxury group Richemont's founder, Johan Rupert.

UBI is a basic income which sees a fixed amount of money given by the state to all its citizens regardless of income or work states.

The argument for UBI is that it would be the elimination of households living below the power line, which would afford everyone a base level of income security. Many believe it will also result in an explosion in creativity, entrepreneurship, and research.

According to the Financial Times, Rupert has said he backs governments introducing “universal basic incomes” for all citizens to cope with economic upheaval.

The chairman of the group behind brands such as Cartier and Montblanc warned changes in industrial processes and the rise of artificial intelligence would leave many people unemployable. “I’m a proponent of universal basic income, we have to give time to people to re-skill themselves for a new economy.”

Credits: Photo, dollar bills ask.com; article sources:Bloomberg, FT, Futurism.com