Pope Francis pleaded with a group of billionaires to take seriously their personal obligation to share their resources and make a real commitment to doing business in a way that helps other people realise their potential, too.

The global economic system, he said on December 3, needs a "fundamental renewal" that "does not have to do simply with market economics, figures to be balanced, the development of raw materials and improvements made to infrastructure."

"What we are speaking about is the common good of humanity, of the right of each person to share in the resources of this world and to have the same opportunities to realise his or her potential, a potential that is ultimately based on the dignity of the children of God, created in his image and likeness," the Pope told CEOs and other leaders taking part in the Fortune-Time Global Forum.