It’s that time of year again: From January 20 to 24, the world’s business and political elite head to Davos, Switzerland, for the World Economic Forum Annual Meeting. But what is really happening? This is your Guide to Davos, in five questions and answers.
Who’s going?
3,000 people from the world’s business and political elite. Notable names from the US include Jamie Dimon, CEO of JPMorgan, Satya Nadella, CEO of Microsoft, Dara Khosrowshahi, CEO of Uber, and David Solomon, CEO of Goldman Sachs. But you can find anyone, from the CEOs of Zoom or TikTok, to academics like Larry Summers or Adam Grant, and political leaders like Ukrainian President Volodymyr Zelensky or Argentine President Javier Milei. Even newly inaugurated US President Donald Trump, who has attended twice before, will again address the Davos audience via video conference this year. Around 20,000 more people will also go to Davos for the numerous side events, despite not being officially invited.
Who won’t?
Despite all the excitement, some people don’t like (being seen in) Davos.
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Tesla CEO and Trump adviser Elon Musk has expressed his disdain for the World Economic Forum (although the forum’s president, Borge Brende, said this week that he remains welcome if Trump returns next year). Musk’s colleague and Government Efficiency Department leader Vivek Ramaswamy even sued the forum for naming him a Young Global Leader, not wanting his name to be associated with the event. And even Davos regulars Mark Zuckerberg and Sam Altman may skip (part of) Davos week this year, preferring Trump’s inauguration.
Although Davos wants to be a platform for any world leader to meet, in recent years Russian business and political leaders such as President Vladimir Putin have been shunned because of Russia’s war in Ukraine. North Korean leader Kim Jong-Un was once recalled after carrying out a banned nuclear test.
Where to go while you are in Davos?
The Davos Congress Center is the epicenter of the action and the heart of the security perimeter. This is where most of the official Annual Meeting sessions take place, such as presidents’ speeches, industry CEO meetings, or televised panels. A second place to be is the Hotel Steigenberger-Belvedère, as well as several other high-end hotels such as the Hilton, the Ameron, Waldhuus or Morosani, where companies of all types organize their side events by invitation only and rent rooms and suites for one-on-one business meetings. At night, Barry’s piano bar is a favorite, and several big names, such as George Soros (until recently), Bono or Bill Gates, often host private dinners in chalets of all types. (Notice: Fortune also hosts several invitation-only events. I will be one of our on-site journalists and previously worked for the World Economic Forum.)
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What to avoid?
Skiing. Get drunk. Drive. That is, if you want to get a return on your investment. Corporate membership to the World Economic Forum costs between $100,000 and $1 million a year, and hotel rooms in Davos easily cost $3,000 a night, meaning time is money while you’re in Davos for the forum. The last thing you want to do, then, is ski or party – although some technology, finance and crypto companies in Davos, like Salesforce or Skybridge, still compete to organize the most glamorous and extravagant parties. In my opinion, it’s not worth it. There is a reputational risk of being called out in media outlets that are skeptical of Davos, such as The New York Postand possibly a headache, literally, as Davos is a high-altitude city. Driving is also a bad idea, as the streets are notoriously congested: there is only one main street, the Promenade, and on that, only one lane is open to traffic, meaning the quickest way to get anywhere is the foot.
What to expect as a total beginner?
Feeling overwhelmed. This is the only place in the world where you will find so many high net worth individuals and influential people in such a small space. You might also be surprised by how slippery Davos is, literally. The city does not use salt to clean the roads when it snows, which means the streets are often icy or slushy. Fortunately, so far, the weather forecast for next week calls for cool but dry weather.
