According to a piece by Martha Gill in the Observer, Gen Z folk – that’s those born around the turn of the millennium, so young adults now – are the group recently found to be most likely to feel ‘hopeful’ that a gathering like Davos might change the world. This might come as a surprise to my fellow Gen Xers, who have been side-eyeing the event for ages. Most years at this time, I have taken up my pen to report on how the meeting is yet again failing to close the gender gap in attendees, and to question the likelihood of the gathering attaining its lofty aims. I am hardly alone in this – in the last couple of years Davos has been described undergoing a crisis of relevance, even as being ‘a referendum on itself’. This year, the FT suggested that FOMO was a major impetus for people showing up.
In 2024, the great and the ‘good’ collected around a theme of ‘Rebuilding Trust’ – the latest in a line of more soul-searching themes, which at least acknowledge that there is work to be done to meet today’s challenges and to persuade that Davos still might have some contribution to make. The waspish might point out that ‘trust’ is a kind of kryptonite in corporate sloganeering – its presence in Post-Office-Scandal-embroiled Fujitsu’s mission statement is mentioned here.
Strikingly, in a year where over half the world’s population will go to the polls, global leaders were thin on the ground in Switzerland. The large Chinese delegation came without Xi Jinping, and Emmanuel Macron was the only representative of the G7. Maybe that’s because France will not be holding national elections this year. Our own Rishi Sunak, who in another life could perhaps be Davos Man and tech bro par excellence, avoided the Swiss event – perhaps not wishing to be seen among a crowd which would remind the electorate of his multimillionaire status and distance from the average Brit enduring a cost-of-living crisis. Unfortunately for the PM, a camera caught him on walkabout this weekend, in an encounter with a member of the public which proved to many that he could demonstrate his lack of everyday relatability quite well enough on his own. Meanwhile, a relative lack of heavy political hitters seemed to highlight a reluctance among politicians to be associated with Davos when votes are on the line. I couldn’t help wondering – maybe cynically – if fewer world leaders was part of the reason that the proportion of women attending went up – at 28% it was the highest proportion ever, a figure which is still far from ideal.
So why might younger people have more faith than the rest of us that Davos might be effective? Perhaps as digital natives they are more persuaded by the idea of the worlds of Big Tech, business and politics engaging in productive dialogue; perhaps, as Martha Gill contends, they find the Davos concept of positive globalism more novel, having grown up amidst increasing populism, and in the aftermath of financial crisis, and with climate change as an existential threat. Against this, comes the perennial charge that the private jet crew may not be best-placed to solve such things. Furthermore, the news site Semafor reported in a scoop that oil-rich funders of the World Economic Forum (the Davos host organisation) have grumbled about the persistent criticism of fossil fuels at the summit. This may help explain why there was greater emphasis on AI and disinformation this year, and less on global warming and circular economies.
Elsewhere it’s been suggested that Davos was haunted by those who were not there – from a disgraced Putin, to Donald Trump. The latter, according to Davos consensus, will win the American Presidential race. Maybe those of us not so keen on his brand of global domination should welcome this, as the Davos consensus has so often proved to be wrong. This gives the cynics another reason to doubt the point of Davos. But perhaps we should salute a youthful optimism that bringing people together has a power to change things for the better. After all, to paraphrase Margaret Mead, it is the only thing that ever has.