Reporter’s Notebook: A Walk Down the Davos Promenade Reveals a New World Order

The World Economic Forum (WEF) in Davos takes place amidst characteristic wintry Swiss scenery, with snow-covered roofs and crisp, sunlit air. As attendees arrive, familiar landmarks such as Lake Davos, historic hotels, and the iconic Promenade lined with expensive, temporary pavilions of nations and corporations come into view, with even favored coffee spots holding a sense of ritual for regulars returning each year[para. 1][para. 2].

The author, an experienced Davos reporter and recent inductee into “The Davos Circle” for decade-long veterans, describes this year’s event centered on the theme “A Spirit of Dialogue.” Over 3,000 official delegates from more than 130 countries, joined by thousands on the periphery, descend on this small Alpine town each January, demonstrating the enduring magnetism of the event[para. 3][para. 4].

Significant leadership changes shape this year’s meeting. Klaus Schwab, the Forum’s founder, is absent for the first time, having stepped down as executive chairman in 2025. In his stead, BlackRock’s Larry Fink and Roche’s André Hoffmann take interim co-chair roles, signaling an important generational shift at the helm of the WEF[para. 5].

Government participation reaches new highs, with 400 senior officials—including some 65 heads of state or government, 55 finance and economic ministers, 33 foreign ministers, and 11 central bank governors—in attendance. Six G7 national leaders are present. One key development is the anticipated arrival of U.S. President Donald Trump, accompanied by five cabinet secretaries and a large congressional delegation. For the first time, an “America House”—a pavilion representing U.S. interests and business—has been established, reflecting a strong American presence at this traditionally European event[para. 6]. Although sizable, the Trump delegation is not the largest in Davos history; under President Bill Clinton, even more U.S. officials attended[para. 7].

Beyond politics, the attendee list includes around 850 CEOs or chairpersons from leading global firms and nearly 100 founders of unicorn startups and tech companies. These figures confirm Davos’s ongoing significance as a focal point for elite business and policy dialogue despite leadership transitions[para. 8].

Larry Fink’s inaugural speech as interim co-chair acknowledged skepticism about Davos’s relevance but insisted on the necessity for clear, resonant messaging this year[para. 9]. During the forum, the Promenade becomes a high-stakes showcase, with rental prices for pavilions often exceeding $1 million per week. The signage and branding lining this single street are an indicator of global business and geopolitical trends[para. 10].

The Forum has historically been a venue for pivotal global messaging. For example, President Xi Jinping’s 2017 speech was seen as a strong endorsement of globalization just before Donald Trump’s initial inauguration. Subsequently, Chinese participation and visibility soared, peaking in 2019 when Chinese representatives made up 10% of attendees[para. 11][para. 12][para. 13]. However, following the pandemic and regulatory pressures on China’s tech sector, their presence briefly waned, only to rebound this year with prominent pavilions from companies like JD.com and TikTok, underscoring China’s ongoing importance[para. 14].

Meanwhile, interest in cryptocurrency has cooled, as highlighted by a survey revealing that 62% of chief economists expect further decline in crypto markets by 2026. Crypto-centric spaces have shrunk, giving way to the surging presence of artificial intelligence companies throughout the Promenade[para. 15].

Geopolitical changes are starkly visible. The Russia House, once famous for lively gatherings, has vanished since the war in Ukraine and now hosts a “War Crimes” exhibit. Russia’s total absence contrasts with the rising presence of developing nations—a sign of shifting global power dynamics. Major pavilions now represent countries from the Global South, joined for the first time by an “America House,” reflecting a newly assertive and fortified U.S. presence[para. 16][para. 17].

Ultimately, Davos is described as a microcosm of global transformation: a few days and a single, short street encapsulating the seismic shifts of a changing era[para. 18].

[para. 1]