More than two years later, the world was turned upside down by the Covid-19 pandemic and the Russian invasion of Ukraine. But for the rich and powerful who arrive Davos, Switzerland for the World Economic Forum, very little has changed.
“Davos epitomizes one of the biggest challenges facing society right now, which is complacent elites,” said Jeffrey Sonnenfeld, a management professor at Yale who regularly speaks with many well-known executives.
The conference – which famously combines high-profile panels with flashy parties – aims to bring important people together to address pressing issues such as inequality, climate change, the future of technology and geopolitical conflict. But the logic behind inviting some of the world’s wealthiest people to solve these problems from a vacation spot looks even shakier today.
Billionaires have added $5 trillion to their fortunes during the pandemic, according to a report by Oxfam released in January. The 10 richest men in the world saw their collective wealth more than double between March 2020 and November 2021. At the same time, tens of millions more people around the world were pushed into extreme poverty as the global economy shut down, and many struggling households were left to rely on emergency governments for support.
“The last two years have dramatized and made clear what has been true for some time, that an elite plutocratic class not only outperforms the rest of the world, but thrives on stepping on everyone else’s neck,” he told Anand Giridharadas , author of Winners Take All: The Elite Charade of Changing the World.
This year’s sell-off in financial markets has hit the ultra-rich. But that won’t bring as much comfort to people in both developed and many developing countries who are experiencing the worst cost-of-living crisis in decades. Rising food and fuel prices are already causing hunger and misery, fueling instability, sparking protests and emboldening political insurgents. Forum 2022 was originally scheduled for January but was postponed after the outbreak of the Omicron variant. And while organizers have cobbled together a delayed spring issue they hope will remain relevant, many heavyweights are having scheduling conflicts or dropping out. Jamie Dimon, CEO of JPMorgan Chase (JPM), which runs America’s largest bank, will not be attending the event, which coincides with the company’s annual Investor Day presentation. US President Joe Biden – who delivered a major speech in Davos in 2017 – will conclude a trip to South Korea and Japan. China’s presence is severely reduced as its major cities are still gripped by Covid-19 and its tech titans lie low.
The main event is expected to be a speech by Ukrainian President Volodymyr Zelenskyy on Monday, who is expected to attend via video conference. Chancellor Olaf Scholz and European Commission President Ursula von der Leyen are also scheduled to deliver speeches later in the week, which will be scrutinized as EU countries struggle to agree on a formal oil embargo on Russia.
In the past, Russian politicians and oligarchs were a fixture in Davos. Founder Klaus Schwab has long emphasized that dialogue and deeper economic ties can promote peace between political opponents.
President Vladimir Putin spoke at a virtual edition of the World Economic Forum just last year and was invited to address attendees in 2015 after Russia annexed Crimea.
“At this moment in history, when the world has a unique and brief window of opportunity to move from an age of confrontation to an age of cooperation, the ability to hear your voice – the voice of the President of the Russian Federation – is of of crucial importance,” said Schwab at the presentation of Putin in 2021.
In 2020, the CEOs of Lukoil, Sberbank and Yandex were on the list of participants along with the country’s Minister of Energy.
This year Putin will not participate. Also no Russian officials, magnates or executives. Rather, discussions on topics such as “Cold War 2.0” and “Return to War” are on the program.