Monday, 24 January, 2022
HomeEconomyAfter US, India will have the largest contingent of billionaires at Davos...

After US, India will have the largest contingent of billionaires at Davos this year

19 Indian billionaires with a combined net worth of about $100 billion will be among 119 from around the world converging on Switzerland next week.

Text Size:

London: As the gulf between the rich and everyone else continues to grow, at least 119 billionaires are converging on Switzerland next week to join bankers, politicians and other grandees for their annual pilgrimage to the Alps.

The elite group, worth about $500 billion, includes regulars like Bridgewater Associates LP founder Ray Dalio, Blackstone Group Inc. Chairman Steve Schwarzman and JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon. They appear on a guest list of more than 2,000 names, representing roughly 100 countries, for the World Economic Forum’s annual meeting in Davos.

The event retains its enduring status as the premier networking hub for the world’s wealthiest — with its attendant flock of private jets and $43 hot dogs — even as it faces increasing criticism for its exclusivity.

“I’ve been going since 1979,” said India’s Rahul Bajaj, who will be making his 40th appearance at the event. “It’s grown a great deal since then but I continue to get a lot out of the meetings, the sessions, the surroundings.”

It’s no surprise he feels at home. He should be joined in Davos by at least 18 other Indian billionaires with a combined net worth of about $100 billion and business interests that include technology companies, steel mills and motorbike makers. Six are members of the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people.

For some, the gilded guest list seems at odds with the event’s focus on creating fairer economies and remaking the world of work. This year’s theme is “Stakeholders for a Cohesive and Sustainable World,” and panels include “Balancing Domestic and Global Inequality” and “Breaking Legal Barriers to Equality.” Last year, a panelist caused a sensation when he slammed attendees for ignoring tax avoidance by the rich.

“I hear people talking the language of participation, justice, equality and transparency but almost no one raises the real issue of tax avoidance,” Rutger Bregman, a Dutch historian, said at a talk on inequality.

Such attention hasn’t dampened the meeting’s widespread allure among the super-rich. Billionaires slated to attend hail from at least 36 countries with shipping tycoons from Greece set to mingle with Thai industrialists and Peruvian retailers.

India’s contingent of 10-figure attendees is second only to the U.S., which has 33 heading to Davos, according to a Bloomberg analysis of a participant list. Russian tycoons are the third-best represented.

“The World Economic Forum in Davos is the only place of its kind where you can simultaneously meet heads of state, captains of global business and public opinion leaders,” Russian mining magnate Alisher Usmanov, an occasional attendee, said in an email. “It is noteworthy that the forum has remained like this for half a century. This is a unique melting pot of ideas and opportunities.”

Outside of the official participant list, there are always plenty of unofficial attendees and a long tradition of globetrotters jetting in under the radar. A longstanding quip at the ski resort is that the most important meetings are the ones you don’t know about.

This year’s guest list dwarfs the single page that contained the names of 25 people from 12 countries for the forum’s gathering in 1976. By 2010, billionaire participants alone accounted for four times that number.

Despite, or because of, this expansion, the meeting has become less appealing for some. With wealth inequality now an explosive political issue — the richest 0.1% of Americans control more wealth than at any time since 1929 — attending the gathering can sometimes even blemish your reputation. Last year, Starbucks Corp.’s Howard Schultz was twice interrupted by hecklers at a Manhattan event a day after saying in a TV interview that he was seriously considering a run for the White House.

One of the antagonists told Schultz to “go back to Davos.”


Also read: World Economic Forum report’s top 5 global risks for 2020 are all to do with climate


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

1 COMMENT

  1. As India continues to grow the billionaires will become trillionaires and the poor will become poorer with low salaries. Joblessness will become rampant due to automation. Millions of unemployed youth will be on the streets without money. Therefore the slow down will be routine as the people buying power will be drastically reduced. Already banks are facing the NPA burden. This will be problem of plenty with no consumers as has been happening in the real estate sector.

Comments are closed.

Most Popular

×