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“What’s really coming is class warfare”

As billionaires and business leaders congregated in Los Angeles for the Milken Institute’s annual global conference this week, many shared a concern: a coming backlash against capitalism.

With democratic socialism ascendant and presidential candidates talking about raising taxes on the rich, Ray Dalio of Bridgewater Associates and Jamie Dimon of JPMorgan Chase have both recently said they believed capitalism needs to be reformed if it is to survive.

That message came through loud and clear at the conference:

• “The disparity in wealth is so extreme, it’s feeding populism,” Scott Minerd, the chief investment officer of Guggenheim Partners, said in an interview with Bloomberg at the event.

• “If you have a population where there’s a large wealth gap and you have an economic downturn, it’s almost reliably there is conflict,” Mr. Dalio noted, according to Bloomberg.