The list of countries that threaten to boycott the Biden summit 0:49
Davos, Switzerland (CNN Business) --
The last time top politicians, CEOs and billionaires gathered in a Swiss mountain town to discuss society's biggest problems and present their solutions, China's coronavirus outbreak was little more. than a remote threat.
The economy was growing and a major armed conflict in Europe was not on anyone's list of major risks.
More than two years later, the world has been affected by the covid-19 pandemic and the Russian invasion of Ukraine.
But for the rich and powerful who arrive in Davos, Switzerland, for the World Economic Forum, very little has changed.
"Davos is the epitome of one of the biggest challenges facing society right now, which is elites congratulating themselves," said Jeffrey Sonnenfeld, a Yale management professor who speaks regularly with many well-known executives.
The conference -- which is famous for combining altruistic panels with flashy parties -- aims to bring together important people to tackle pressing issues such as inequality, climate change, the future of technology and geopolitical conflicts.
But the logic behind inviting some of the richest people on Earth to solve these problems from a resort town seems even shakier these days.
OPINION |
The world after covid-19
Billionaires added $5 trillion to their fortunes during the pandemic, according to an Oxfam report published in January.
The 10 richest men in the world saw their collective wealth more than double between March 2020 and November 2021. Meanwhile, tens of millions more people around the world were pushed into extreme poverty as the economy global was closed, and many struggling households became dependent on government emergency supports.
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"The last two years have dramatized and clarified what has been true for some time now, that it is an elite plutocratic class that is not only outpacing the rest of the world, but is prospering precisely by stepping on everyone else's neck." said Anand Giridharadas, author of the book Winners Take All: The Elite Charade of Changing the World.
This year's financial market sell-off has hit the ultra-rich.
But that won't be much comfort to people in developed and developing economies experiencing the worst cost-of-living crisis in decades.
Skyrocketing food and fuel prices are already causing hunger and hardship, fueling instability, sparking protests and energizing political insurgents.
The 2022 forum was originally scheduled for January, but was postponed after the outbreak of the omicron variant.
And while organizers have cobbled together a delayed spring edition that they hope will remain relevant, many heavyweights have scheduling conflicts or are opting out.
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JPMorgan Chase CEO Jamie Dimon, who runs the largest bank in the United States, will not attend the event, which coincides with the company's annual investor day presentation.
US President Joe Biden, who delivered a major speech at Davos in 2017, will wrap up his trip to South Korea and Japan.
China's presence is very small, with its big cities still trapped by covid-19 and its technological titans crouching.
The main event on Monday is likely to be a speech by Ukrainian President Volodymyr Zelensky, who is expected to speak via video conference.
German 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 against Russia. .
In the past, Russian politicians and oligarchs were an integral part of Davos.
Founder Klaus Schwab has long emphasized that dialogue and deeper economic ties can promote peace between political adversaries.
Russian President Vladimir Putin delivered a speech at a virtual edition of the World Economic Forum last year and was invited to speak to attendees in 2015 after Russia annexed Crimea.
Business leaders at Davos fear central banks
"At this moment in history when the world has a short and unique window of 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 when introducing Putin in 2021.
In 2020, the CEOs of Lukoil, Sberbank and Yandex were on the list of attendees, along with the country's energy minister.
This year, Putin will not attend.
Neither will Russian officials, tycoons or executives.
Instead, the show features discussions on topics such as "Cold War 2.0" and "Back to War."
Davos Forum