It’s that time of the year again: from January 20 to 24, the world’s business and political elite is headed to Davos, Switzerland for the Annual Meeting of the World Economic Forum. But what is really going on? This is your Insider’s Guide to Davos, in five questions and answers.
Who is going?
3,000 people from the world’s business and political elite. Notable names from the U.S. 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 run into anyone from the CEOs of Zoom or TikTok, to academics like Larry Summers or Adam Grant, to political leaders such as Ukrainian President Volodymyr Zelensky or Argentine President Javier Milei. Even the newly inaugurated U.S. President Donald Trump, who has attended twice before, will again address the Davos crowd via videolink this year. Some 20,000 more people will also go to Davos for the countless side-events, despite not being officially invited.
Who is not going?
For all the hype, some people don’t like (to be seen in) Davos.
Tesla CEO and Trump advisor Elon Musk has expressed his disdain for the World Economic Forum (though WEF President Borge Brende said this week he remains welcome if Trump returns next year). Musk’s fellow Department of Government Efficiency leader Vivek Ramaswamy even sued WEF for naming him a Young Global Leader, not wanting his name associated with WEF. And even Mark Zuckerberg and Sam Altman, who are Davos regulars, may snub (part of) the Davos week this year, preferring the Trump inauguration instead.
While 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 Korea’s leader Kim Jong-Un was once uninvited, after performing a banned nuclear test.
Where to go while you’re in Davos?
The Davos Congress Centre is the epicenter of the action and the heart of the security perimeter. It’s where most official sessions of the Annual Meeting take place, such as the speeches of Presidents, 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 stripes organize their side invite-only events and rent hotel rooms and suites for one-on-one business meetings. At night, the Barry’s Piano bar is a fan favorite, and several high rollers, such as George Soros (until recently), Bono, or Bill Gates, will often host private dinners in all kinds of chalets. (Disclosure: Fortune hosts several invite-only events as well. I’ll be one of our journalists on site, and previously worked for the World Economic Forum.)
What to avoid?
Skiing. Getting drunk. Taking a car. That is, if you want to get a return on your investment. Corporate membership of the World Economic Forum costs anywhere from $100,000-$1 million per year, and hotel rooms in Davos easily cost $3,000 a night, meaning that time is money while you’re in Davos for WEF. The last thing you want to do, then, is to go skiing or partying - though some tech, finance, and crypto firms in Davos such as Salesforce or Skybridge still compete to organize the most glitzy and lavish soirees. In my view, it’s not worth it. There’s the reputational risk of getting called out in Davos-skeptic media such as The New York Post, and, possibly, the headache, literally, given that Davos is a high-altitude town. Taking a car is also a bad idea, as the streets are notoriously clogged: there’s only one main street, the Promenade, and on it, only one lane is open to the traffic, meaning the fastest way to get anywhere is to walk.
What to expect for a total newbie?
To be overwhelmed. This is the only place in the world where you’ll meet as many high-net-worth individuals and influential people in as small a place. You may also be amazed at how slippery Davos is, literally. The town doesn’t use salt to clear the roads when it snows, meaning the streets are often icy or slushy. Luckily, so far, the weather predictions for next week are for cold, but dry winter weather.
