Larry Fink ponders moving WEF meetings from Davos to Dublin or Detroit
World Economic Forum’s Davos legacy faces scrutiny following misconduct allegations against founder Klaus Schwab
[DAVOS] Larry Fink, the interim co-chief of the World Economic Forum (WEF), is openly musing about a venue change for the flagship event that would take the annual January meeting outside of Switzerland.
“You should also see WEF start doing something new: showing up – and listening – in the places where the modern world is actually built,” he wrote on LinkedIn. “Davos, yes. But also places like Detroit and Dublin – and cities like Jakarta and Buenos Aires.”
The Blackrock chief executive officer acknowledged in the post on Jan 19 that the forum is likely to stay “synonymous with Davos” for a while. Still, “the mountain will come down to Earth,” he said in reference to Thomas Mann’s Magic Mountain.
The Financial Times reported on Wednesday (Jan 21) that Fink has privately discussed options to move the flagship gathering of the forum to other locations on a rotational basis, according to the report, citing people familiar with the matter.
A WEF spokesperson responded to say the forum “is pleased to be in Davos this year and looks forward to this continued collaboration and partnership at all levels with the Swiss”.
Fink is rethinking the forum’s design and wants access to be extended beyond political and business leaders. Co-chair Andre Hoffmann, who is vice-chairman of pharma giant Roche Holding’s board of directors, agrees.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The World Economic Forum, which has been taken place in the Swiss Alps for decades, has come under siege in recent years after accusations of misconduct against its founder Klaus Schwab emerged. Schwab, 87, ultimately left the forum even though he was cleared of any wrongdoing.
A possible relocation would be a blow to Switzerland. The WEF, which is a not-for-profit organisation, has helped to cement the country’s position as a place for high-stakes global diplomacy and business talks.
The forum’s new leadership has managed to attract a record showing of heads of state and government to this year’s event, though US President Donald Trump – who is set to speak on Wednesday – has grabbed the spotlight.
SEE ALSO
The WEF has been held in Davos since 1971, though in 2002 it was moved to New York for one year to show solidarity following the Sep 11 terror attacks. During the Covid pandemic, the forum considered holding it in Singapore for a year, yet those plans were later scrapped.
For the town of Davos, any more permanent move would hit the local economy because it would leave restaurants, bars and hotels devoid of the usual deluge of guests.
A University of St Gallen study estimated that the 2017 meeting generated roughly 60 million francs (S$97.3 million) in revenue for the Davos economy, and about two million francs in local tax revenue. BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
