The small Swiss mountain town of Davos is about to host its biggest gathering ever. The World Economic Forum's 56th Annual Meeting opens Sunday, January 19, bringing together a record 3,000 participants including nearly 65 heads of state and government, 850 of the world's top CEOs, and 100 leading technology pioneers. The theme this year: "A Spirit of Dialogue."

The phrase might sound like typical corporate bromide, but it carries particular weight in 2026. The WEF's Global Risks Report, released this week ahead of the gathering, identified geoeconomic confrontation as the top risk facing the world this year—with 18% of respondents naming it the most likely trigger for a global crisis. Interstate conflict, extreme weather, societal polarization, and misinformation rounded out the top five.

A Different Kind of Davos

This year's meeting takes place under new leadership and in a dramatically changed geopolitical landscape. Borge Brende and André Hoffmann now lead the forum, inheriting an organization that must navigate what they acknowledge is an era where "global consensus-forming is out and nationalism and populism are in."

The contrast with recent years is stark. Where Davos once served as a celebration of globalization and multilateral cooperation, this year's gathering confronts a world of fragmenting trade relationships, rising tariffs, and competing economic blocs.

"Geoeconomic confrontation topped the near-term risk rankings, with the largest share of respondents naming it the most likely trigger for a global crisis in 2026."

— World Economic Forum Global Risks Report 2026

Trump Returns to Davos

In a notable development, President Trump is scheduled to appear in person at Davos for the first time since 2020. His attendance—leading the largest U.S. delegation in the forum's history—signals both the administration's confidence and its desire to engage directly with global business leaders.

The president's Davos appearance comes just days before the one-year anniversary of his second inauguration on January 20. His first year in office has been defined by sweeping tariff actions, questions about Federal Reserve independence, and an aggressive use of executive authority—topics certain to dominate corridor conversations in Davos.

For global CEOs, Trump's presence offers a rare opportunity for direct dialogue about trade policy, regulatory direction, and the economic outlook. Many attendees will be seeking clarity on tariff plans that have scrambled supply chains and complicated business planning across virtually every industry.

Five Defining Questions

The WEF has framed this year's discussions around five key questions:

  • How can we cooperate in a more contested world? With economic nationalism on the rise, traditional multilateral frameworks are under strain.
  • How can we unlock new sources of growth? Global growth remains sluggish by historical standards, with many economies searching for sustainable expansion.
  • How can we better invest in people? Skills gaps and workforce transitions pose challenges across developed and emerging economies alike.
  • How can we deploy innovation at scale and responsibly? Artificial intelligence sits at the center of this question, with both transformative potential and significant risks.
  • How can we build prosperity within planetary boundaries? Climate transition remains a pressing challenge despite political headwinds in some major economies.

AI Takes Center Stage

Artificial intelligence will be a dominant theme throughout the five-day gathering. The forum has partnered with Salesforce to deploy an AI-powered concierge called "EVA" to assist attendees—a symbolic gesture that puts AI's practical applications front and center.

But the discussions will go far beyond chatbots. Sessions will address AI's impact on labor markets, the geopolitics of chip production, governance frameworks for advanced AI systems, and the massive capital investments reshaping the technology landscape.

Big Tech's $602 billion AI spending spree—the largest corporate investment wave in history—has made artificial intelligence impossible to ignore. Every major company represented at Davos is grappling with how to deploy AI, compete against AI-native disruptors, or both.

What Investors Should Watch

For market participants, Davos can generate both headlines and meaningful policy signals:

Trade policy comments: Any clarification from Trump administration officials on tariff plans could move markets, particularly in sectors like technology, automotive, and agriculture.

Central bank perspectives: While Fed Chair Powell won't attend given the ongoing tensions with the administration, other major central bankers will offer views on inflation, rates, and financial stability.

CEO confidence signals: Off-the-record conversations at Davos often shape executive sentiment. Watch for any shifts in hiring, investment, or M&A intentions following the gathering.

Geopolitical developments: Davos serves as neutral ground for diplomatic back-channels. Any progress—or setbacks—on major conflicts could emerge from sideline meetings.

The Bigger Picture

Davos has its critics, and the gathering's relevance has been questioned in an era of rising populism. But the sheer concentration of global decision-makers in one location makes it difficult to ignore. For five days starting Sunday, the Swiss Alps will host conversations that could shape policy directions, business strategies, and investment flows throughout 2026 and beyond.

Whether this year's theme of "A Spirit of Dialogue" produces meaningful cooperation or simply provides a backdrop for positioning and posturing remains to be seen. But in a world increasingly defined by confrontation, even the attempt at dialogue seems worth noting.