Davos Preview: Trump Expected to Lead "Largest Delegation in History," Global Markets Hold Their Breath
2026-01-20 09:28:51
US President Donald Trump will attend the forum in person for the first time since his first term in 2020. His video address, delivered days after his return to the White House in 2025, caused a sensation. According to the World Economic Forum, he will lead an unprecedentedly large US delegation this year.
The organizers claimed that the number of attendees was expected to be record-breaking – including “nearly 3,000 cross-sector leaders,” a record 400 political figures, 850 business giants, and 100 technology pioneers.
As the Greenland dispute escalates, a World Economic Forum spokesperson confirmed on Monday (January 19) that the invited Danish government representative has decided not to attend. This decision underscores the tense atmosphere surrounding the meeting—just last weekend, Trump announced new tariffs on European countries. The World Economic Forum spokesperson stated, “The decision regarding attendance is made by the governments concerned. We can confirm that the Danish government will not be sending a representative to the Davos Forum this week.”
Among those absent were several prominent figures. British Prime Minister Keir Starmer and Italian Prime Minister Giorgio Meloni were not listed among the participants of the World Economic Forum, although reports indicate that both will attend.
World Economic Forum Chairman Borg Brende emphasized at a press conference last week that six of the G7 countries are expected to send representatives, a move that can be described as "historic."
In 2025, then-G7 Chancellor Olaf Scholz became the only G7 leader to personally attend Davos, accompanied by President Trump, French President Emmanuel Macron, Canadian Prime Minister Mark Carney, and German Chancellor Friedrich Merz.
US President Donald Trump, French President Emmanuel Macron, Canadian Prime Minister Mark Carney, and German Chancellor Friedrich Merz will attend in person.
Downing Street has not confirmed whether British Prime Minister Keir Starmer will attend – he missed the event last year – but he is reportedly expected to participate this year.
At an emergency press conference on Monday, Starmer responded to Trump's announcement of additional tariffs, stating that if Greenland is not sold to the United States, it will target several European countries, including the United Kingdom. However, when pressed by reporters about whether he would consider meeting with Trump "this week," Starmer did not give a direct answer.
Although the World Economic Forum's list did not mention Japanese Prime Minister Sanae Takaichi, she is expected to remain in Japan given her announcement on Monday that a special election will be held on February 8.
The Davos Forum will run from Monday evening to Friday morning. This year's annual meeting theme is "The Spirit of Dialogue," and the agenda focuses on five key areas: the geopolitical environment, artificial intelligence, climate and nature, new sources of economic growth, and "Humanity and Preparedness."
But Eric Kutcher, a senior partner at McKinsey & Company (a strategic partner of the World Economic Forum), points out that the real focus is on who will attend Davos . In a video released by his firm, he stated, "The key is the lineup of attendees; that's far more important than the agenda."
Trump's delegation will include Secretary of State Marco Rubio, Treasury Secretary Scott Bessant, Middle East envoy Steve Vitkov, and advisor Jared Kushner. The president is scheduled to deliver a speech in Davos on Wednesday.
Klaus Schwab, founder of the World Economic Forum, was a prominent figure absent from Davos. After decades at the helm of the forum, Schwab was investigated for alleged misconduct and stepped down in April, but the investigation later concluded that he had "not committed any material misconduct."
BlackRock CEO Larry Fink and Roche Group Vice Chairman André Hoffmann were announced as interim co-chairs of the World Economic Forum in August. Kutcher said, "The organization's new leadership is working to revitalize the forum's economic orientation and attract more business leaders to participate."
Besides Nvidia CEO Jensen Huang, Microsoft CEO Satya Nadella, Anthropic CEO Dario Amodie, and DeepMind CEO Demis Hassabis are all on the forum's attendance list. OpenAI CFO Sarah Freer has also confirmed her attendance, but the company's CEO, Sam Altman, is not listed.
Key issues of market focus include the US attempt to take over Greenland, political turmoil in Venezuela, and Trump's threat to use force against Iran. Investors will also be closely watching announcements from artificial intelligence companies, central bank activities, and news related to companies reducing their reliance on the US.
Jan Alt Skorte, Professor of Global Transformation and Governance Challenges at Leiden University in the Netherlands, pointed out that although some political figures were absent, the leaders who confirmed their attendance, such as Argentine President Javier Millai and Indonesian candidate Prabowo Subianto, were "no ordinary people."
He added that governments still view Davos as an important platform for communication with the business community. He stated on Monday, "While large multinational corporations are no longer as highly regarded as they were two or three decades ago, global capital remains a powerful force in international politics."
The World Economic Forum said it expects to welcome "nearly 65" heads of state, including key figures such as European Commission President Ursula von der Leyen, but other prominent figures are not on the list.
Brazilian President Lula da Silva and Indian Prime Minister Narendra Modi have not scheduled any speeches. However, Brund noted that the Indian delegation is "strong" and pointed out that leaders from Asian economies such as Indonesia and Pakistan will be in attendance.
Saudi Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, was not on the list of attendees at the World Economic Forum, but several Saudi ministers, including Finance Minister Mohammed al-Jadaan, have been confirmed.
Spanish Prime Minister Pedro Sánchez announced the cancellation of his trip on Monday after two high-speed trains collided in the country's south on Sunday, killing 39 people.
Nigel Farage, leader of the right-wing Reform Party in the UK, is expected to attend the 2026 Davos Forum. Farage publicly criticized Davos in 2020 as an "elitist gathering" and accused attendees in a video of "people who decide our fate at the Swiss ski resort."
It is worth noting that the Davos Forum has long been criticized by some for its elitist nature.
This year's Davos Forum was not a traditional economic cooperation event, but rather a platform for the concentrated release and competition of global political and economic risk factors . Trump's attendance turned the forum into a "global roadshow" and stress test for his policies.
The US dollar may be facing a dilemma: geopolitical risks and initial trade frictions with Europe may support its safe-haven status, but if Trump's remarks are interpreted as recklessly squandering US diplomatic credibility and monetary policy independence, it will damage the dollar's credit in the long run, constituting a negative factor. Short-term volatility is expected to intensify.
On Tuesday in Asian trading, the US dollar index fluctuated around 99.10, after hitting a seven-week high of 99.49 in the previous trading day before falling significantly by about 0.49%.
Markets will be forced to make a difficult trade-off between the "Trump trade" (trade protectionism, fiscal expansion, geopolitical confrontation) and the "de-risking trade" (hedging, diversification, domestic supply chains) . This year's Davos Forum is a live broadcast of this trade-off.
(US Dollar Index Daily Chart, Source: FX678)
At 9:28 Beijing time, the US dollar index is currently at 99.08.
The organizers claimed that the number of attendees was expected to be record-breaking – including “nearly 3,000 cross-sector leaders,” a record 400 political figures, 850 business giants, and 100 technology pioneers.
As the Greenland dispute escalates, a World Economic Forum spokesperson confirmed on Monday (January 19) that the invited Danish government representative has decided not to attend. This decision underscores the tense atmosphere surrounding the meeting—just last weekend, Trump announced new tariffs on European countries. The World Economic Forum spokesperson stated, “The decision regarding attendance is made by the governments concerned. We can confirm that the Danish government will not be sending a representative to the Davos Forum this week.”
Among those absent were several prominent figures. British Prime Minister Keir Starmer and Italian Prime Minister Giorgio Meloni were not listed among the participants of the World Economic Forum, although reports indicate that both will attend.
Major world economic powers may meet
World Economic Forum Chairman Borg Brende emphasized at a press conference last week that six of the G7 countries are expected to send representatives, a move that can be described as "historic."
In 2025, then-G7 Chancellor Olaf Scholz became the only G7 leader to personally attend Davos, accompanied by President Trump, French President Emmanuel Macron, Canadian Prime Minister Mark Carney, and German Chancellor Friedrich Merz.
US President Donald Trump, French President Emmanuel Macron, Canadian Prime Minister Mark Carney, and German Chancellor Friedrich Merz will attend in person.
Downing Street has not confirmed whether British Prime Minister Keir Starmer will attend – he missed the event last year – but he is reportedly expected to participate this year.
At an emergency press conference on Monday, Starmer responded to Trump's announcement of additional tariffs, stating that if Greenland is not sold to the United States, it will target several European countries, including the United Kingdom. However, when pressed by reporters about whether he would consider meeting with Trump "this week," Starmer did not give a direct answer.
Although the World Economic Forum's list did not mention Japanese Prime Minister Sanae Takaichi, she is expected to remain in Japan given her announcement on Monday that a special election will be held on February 8.
A more heavyweight lineup of CEOs
The Davos Forum will run from Monday evening to Friday morning. This year's annual meeting theme is "The Spirit of Dialogue," and the agenda focuses on five key areas: the geopolitical environment, artificial intelligence, climate and nature, new sources of economic growth, and "Humanity and Preparedness."
But Eric Kutcher, a senior partner at McKinsey & Company (a strategic partner of the World Economic Forum), points out that the real focus is on who will attend Davos . In a video released by his firm, he stated, "The key is the lineup of attendees; that's far more important than the agenda."
Trump's delegation will include Secretary of State Marco Rubio, Treasury Secretary Scott Bessant, Middle East envoy Steve Vitkov, and advisor Jared Kushner. The president is scheduled to deliver a speech in Davos on Wednesday.
Klaus Schwab, founder of the World Economic Forum, was a prominent figure absent from Davos. After decades at the helm of the forum, Schwab was investigated for alleged misconduct and stepped down in April, but the investigation later concluded that he had "not committed any material misconduct."
BlackRock CEO Larry Fink and Roche Group Vice Chairman André Hoffmann were announced as interim co-chairs of the World Economic Forum in August. Kutcher said, "The organization's new leadership is working to revitalize the forum's economic orientation and attract more business leaders to participate."
Besides Nvidia CEO Jensen Huang, Microsoft CEO Satya Nadella, Anthropic CEO Dario Amodie, and DeepMind CEO Demis Hassabis are all on the forum's attendance list. OpenAI CFO Sarah Freer has also confirmed her attendance, but the company's CEO, Sam Altman, is not listed.
Key issues of market focus include the US attempt to take over Greenland, political turmoil in Venezuela, and Trump's threat to use force against Iran. Investors will also be closely watching announcements from artificial intelligence companies, central bank activities, and news related to companies reducing their reliance on the US.
Jan Alt Skorte, Professor of Global Transformation and Governance Challenges at Leiden University in the Netherlands, pointed out that although some political figures were absent, the leaders who confirmed their attendance, such as Argentine President Javier Millai and Indonesian candidate Prabowo Subianto, were "no ordinary people."
He added that governments still view Davos as an important platform for communication with the business community. He stated on Monday, "While large multinational corporations are no longer as highly regarded as they were two or three decades ago, global capital remains a powerful force in international politics."
Key figures on the absence list
The World Economic Forum said it expects to welcome "nearly 65" heads of state, including key figures such as European Commission President Ursula von der Leyen, but other prominent figures are not on the list.
Brazilian President Lula da Silva and Indian Prime Minister Narendra Modi have not scheduled any speeches. However, Brund noted that the Indian delegation is "strong" and pointed out that leaders from Asian economies such as Indonesia and Pakistan will be in attendance.
Saudi Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, was not on the list of attendees at the World Economic Forum, but several Saudi ministers, including Finance Minister Mohammed al-Jadaan, have been confirmed.
Spanish Prime Minister Pedro Sánchez announced the cancellation of his trip on Monday after two high-speed trains collided in the country's south on Sunday, killing 39 people.
Former Davos critics make unexpected appearance
Nigel Farage, leader of the right-wing Reform Party in the UK, is expected to attend the 2026 Davos Forum. Farage publicly criticized Davos in 2020 as an "elitist gathering" and accused attendees in a video of "people who decide our fate at the Swiss ski resort."
It is worth noting that the Davos Forum has long been criticized by some for its elitist nature.
An event that exacerbated market volatility and divergence.
This year's Davos Forum was not a traditional economic cooperation event, but rather a platform for the concentrated release and competition of global political and economic risk factors . Trump's attendance turned the forum into a "global roadshow" and stress test for his policies.
The US dollar may be facing a dilemma: geopolitical risks and initial trade frictions with Europe may support its safe-haven status, but if Trump's remarks are interpreted as recklessly squandering US diplomatic credibility and monetary policy independence, it will damage the dollar's credit in the long run, constituting a negative factor. Short-term volatility is expected to intensify.
On Tuesday in Asian trading, the US dollar index fluctuated around 99.10, after hitting a seven-week high of 99.49 in the previous trading day before falling significantly by about 0.49%.
Markets will be forced to make a difficult trade-off between the "Trump trade" (trade protectionism, fiscal expansion, geopolitical confrontation) and the "de-risking trade" (hedging, diversification, domestic supply chains) . This year's Davos Forum is a live broadcast of this trade-off.
(US Dollar Index Daily Chart, Source: FX678)
At 9:28 Beijing time, the US dollar index is currently at 99.08.
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