Global chaos renews purpose at Davos as red carpet is rolled out for the agitator-in-chief

Geopolitical upheaval and Donald Trump's attendance have given the Swiss economic summit a shot in the arm, despite the fact its founder Klaus Schwab will be absent for the first time in 55 years.

- Matthew Bishop

No one is asking "is Davos still relevant?" as the global elite gather this week in the Swiss Alps for the annual meeting of the World Economic Forum (WEF). With Donald Trump bringing many of his cabinet, and 65 heads of state, and most of the other G7 leaders also coming, as well as bosses of many of the world's biggest companies and investment institutions, enough decision makers who can help "improve the state of the world" (WEF's stated mission) will be there. Whether they can get their act together is another matter.

For much of 2025, relevance was a real question for the summit. The mood in Davos was as downbeat last January as it is expected to be electric this year. Among business leaders, conversation struggled to get beyond how much richer they would each become thanks to the pro-business instincts of the incoming Trump administration (on the assumption that his threatened tariffs wouldn't amount to much and his industrial policy would be hands-off). Heavyweight political leaders were scarce, with only a few upbeat appearances by Ukraine's Volodymyr Zelensky to liven things up.

The vibe was even flat at the famously lavish Davos cocktail parties, fondue dinners and early morning piano bar singalongs, where conversation quickly turned to whether the outrageous cost of being at the meeting was worth it and the case for giving it all a miss in 2026.