Do fortunes rise and fall primarily due to AI?

40 years ago, China was one of the poorest countries in the world, and now it's one of the richest. The US is no longer the leader in manufacturing and I think technology, too. Raw labor was a major factor in the Industrial Revolution before. If we assume a vertical asymptote, or an impact from AGI, then that's a discontinuity in human history in which labor in terms of the workforce and industry become completely obsolete. How do you think fortunes will rise and fall in the future, in terms of which countries will become the most powerful?