More than two years later, the world was overturned by the Covid-19 pandemic and Russia’s invasion of Ukraine. But for the rich and powerful who come to Davos, Switzerland for the World Economic Forum, very little has changed.
“Davos embodies one of the biggest challenges facing society today, which is the self-congratulating elite,” said Jeffrey Sonnenfeld, a professor of management at Yale who spoke regularly with many prominent executives.
The conference – famously combining high-minded panels with screaming parties – aims to bring together important people to tackle pressing issues such as inequality, climate change, the future of technology and geopolitical conflict. But the logic behind the invitation of some of the richest people on Earth to solve these problems from a resort town seems even more unstable these days.
According to an Oxfam report released in January, billionaires added $ 5 trillion to their fortunes during the pandemic. The 10 richest men in the world saw their combined wealth more than twice between March 2020 and November 2021. Meanwhile, tens of millions more people around the world have been plunged into extreme poverty as the global economy has stopped and many households fight, relied on emergency government supports.
“The last two years have dramatized and clarified what has been true for some time, an elite plutocratic class that not only leaves the rest of the world behind, but thrives on the doors of everyone else,” said Anand Giridharadas, author. of the book “Winners Take It All: The Elite Charade to Change the World.”
This year’s sale on the financial market hit the super-rich. But this will not be as comforting to people in both developed and many emerging economies as experiencing the worst cost-of-living crises in decades. Rising food and fuel prices are already causing famine and hardship, fueling instability, provoking protests and encouraging political rebels. The 2022 forum was originally scheduled for January, but was postponed after the Omicron variant erupted. And while the organizers have prepared a postponed spring edition, which they hope will remain relevant, many heavy players have conflicts in the schedule or give up. JPMorgan Chase (JPM) CEO Jamie Dimon, who runs America’s largest bank, will not attend the event, which coincides with the company’s annual investor day presentation. US President Joe Biden, who delivered a long speech in Davos in 2017, will end his trip to South Korea and Japan. China’s presence has been significantly reduced, with its major cities still covered by Covid-19 and its technology titans low.
The main event is likely to be a speech Monday by Ukrainian President Volodymyr Zelensky, who is expected to attend via video conference. German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen are also due to address the issue later this week, which will be scrutinized as EU countries struggle to agree on an official oil embargo on Russia.
In the past, Russian politicians and oligarchs were part of Davos. Founder Klaus Schwab has long stressed that dialogue and deeper economic ties can promote peace between political opponents.
President Vladimir Putin delivered a speech at a virtual edition of the World Economic Forum only last year and was invited to address the audience in 2015 after Russia annexed Crimea.
“At this point in history, where the world has a unique and brief opportunity to move from an era of confrontation to an era of cooperation, the ability to hear your voice – the voice of the President of the Russian Federation – is essential,” Schwab said. Putin in 2021
In 2020, the CEOs of Lukoil, Sberbank and Yandex were on the list, along with the country’s energy minister.
Putin will not be present this year. Nor do Russian officials, tycoons or leaders. Rather, the program includes discussions on issues such as the Cold War 2.0 and the Return to War.
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