Inequality and anxiety are rising as the elite Davos event opens with Trump preparing to attend
Davos, Switzerland — Corporate bosses and government leaders, including US President Donald Trump, flocked to Davos, Switzerland, this week, joining an elite annual gathering that encourages dialogue and economic progress — even as authoritarian rhetoric from Washington has upended the global order and billionaires reap trillions in new wealth as the poor fall behind.
The World Economic Forum, the think tank that opens its four-day annual meeting on Tuesday, has a declared slogan of “Improving the State of the World,” and this year’s theme is “The Spirit of Dialogue.” One question is whether Trump will speak to those in attendance — or to them.
Nearly 3,000 participants from the interconnected worlds of business, advocacy and policy will address issues including the growing gap between rich and poor; The impact of artificial intelligence on jobs; concerns about geo-economic conflict; tariffs that have shaken long-standing trade relations; And the erosion of trust between societies and countries.
“This will be a real discussion at a very important moment,” said Mirek Dušek, the forum’s managing director in charge of programming. “Geopolitics is changing.” “Some people think we’re going through a transition. Some people think we’ve actually entered a new era. But I think it’s undeniable that you’re seeing a more competitive and competitive landscape.”
Trump’s third visit to Davos as president comes amid concern among US allies about his visit Her ambition is to control GreenlandLatin America is grappling with his efforts to harvest Venezuela oilAnd his tough tactics towards the Chairman of the Federal Reserve Jerome Powell It has raised concerns among businessmen and lawmakers alike.
Trump’s peacemaking credentials will also be on the table: an announcement on his “plan” looms. Peace Council As for Gaza, he and his administration are expected to hold bilateral meetings in the side rooms of the conference center.
The US leader appears to be enjoying walking around the Davos Congress Center and among executives who support his business-focused, money-making approach to politics.
The critics will also be around: it was blown away Hot and cold lately With Colombian President Gustavo Petro, invited; Iranian Foreign Minister Abbas Araghchi confronts his leaders US sanctions On their handling of the recent protests, it will come in handy.
The two most likely counterweights to the Trump administration on the international stage – China and the European Union – take center stage on the first day of the event: European Commission President Ursula von der Leyen will speak on Tuesday morning, right before Deputy Prime Minister He Lifeng, China’s “economic czar” – in Ducek’s words.
The forum will be without its founder, Klaus Schwab, who hosted the first event in Davos 55 years ago that focused on business, only to see it since transformed into an all-out extravaganza. He resigned in April. The new co-chairmen are Larry Fink, president of investment firm BlackRock, and Andre Hoffman, vice president of pharmaceutical company Roche.
This year will also mark the debut of Nvidia CEO Jensen Huang, arguably the most important tech leader in the world today, among some 850 CEOs and heads of global companies — along with some celebrities like Hollywood actor and safe water advocate Matt Damon.
The future of artificial intelligence, its impact on business and work, and its prospects Artificial general intelligence will be the main topics.
The presidents of Argentina, France, Indonesia, Syria and Ukraine will be among the dozens of national leaders in attendance.
Leading public relations firm Edelman reported in its annual measure of confidence – launched a quarter-century ago and which this year polled nearly 34,000 people in 28 countries – that fears of trade and recession had risen to all-time highs, that optimism was declining especially in developed countries, and that the “grievances” of the past year had turned into broader “isolationism.”
“People retreat from dialogue and compromise, choosing the safety of familiarity over the perceived risk of change,” said CEO Richard Edelman. “We prefer nationalism to global outreach and individual gains to common progress. Our mentality has shifted from ‘we’ to ‘me’.”
The survey found that about two-thirds of respondents said their trust was focused on the CEOs of the companies they work for, their citizens or their neighbors, while nearly 70% believe that institutional leaders – such as companies or government – intentionally mislead the public.
Oxfam, the world-renowned advocacy group, released a report ahead of the Davos event that showed billionaire wealth rose more than 16% last year, three times faster than the average of the past five years, to more than $18 trillion. It relied on Forbes magazine data about the richest people in the world.
Oxfam said that the $2.5 trillion increase in the wealth of billionaires last year would be enough to eliminate extreme poverty 26 times. The group said their wealth has risen by more than four-fifths since 2020, while nearly half the world’s population lives in poverty.
The group said the Trump administration has led a “pro-billionaire agenda,” through actions such as cutting taxes on the wealthy, promoting the growth of AI-related stocks that help wealthy investors get richer, and thwarting efforts to tax giant corporations.
The advocacy group wants more national efforts to reduce inequality, increase taxes on the super-rich to limit their power, and impose greater restrictions on their ability to shape policy through lobbying.
With such concerns seeping into political decision-makers, Trump, who is leading the largest American delegation ever and will be accompanied by about six government ministers, is expected to discuss… Housing and affordability In his speech in Davos on Wednesday.
As usual, demonstrators gathered over the weekend in and near Davos ahead of the event. Hundreds of demonstrators climbed the Alpine road leading to the city on Saturday behind a banner in German reading “No Profit from War” and next to a truck carrying a banner: Global Economic Failure.
Companies such as Microsoft, Indian consultancy Tata, social media giant TikTok, and cybersecurity company CrowdStrike have joined governments from countries such as Nigeria, Qatar, Ukraine and the United States – an American foundation made its debut this year – to set up shop on Davos Promenade to promote their services, products and national economies.
Shop owners in Davos are renting out their buildings so forum participants can have prime real estate for the week.
Critics have long accused the annual meeting in Davos of generating more rhetoric than results, and see Trump’s return as a sign of the disconnect between the haves and have-nots. Some say Swiss leaders who support the event and flock to Davos are adding to the problem.
“It is alarming how Swiss politicians are courting warmongers and their profiteers in Davos,” said Miriam Hostetmann, president of the Swiss Socialist Youth Organization, which led the protests against the event. “The World Economic Forum will never bring peace, but will only fuel escalation.”
