The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests.
At the 2026 World Economic Forum Annual Meeting opening in Davos, leaders framed the moment as a “new epoch of transformation” defined by rapid technological change, geopolitical volatility, and a widening trust gap between institutions and citizens. WEF President Børge Brende set the tone with the theme “a spirit of dialogue,” arguing cooperation is the prerequisite for navigating redrawn trade architectures and accelerating innovation. Despite a “most difficult [backdrop] since 1945,” he noted the IMF’s 3.3% growth outlook and $1.5 trillion invested in new technologies, positioning AI and related advances as potential “driver[s] of growth for decades to come” if governed well.
BlackRock CEO Larry Fink challenged Davos to prove relevance in an age of populism and “deep institutional mistrust.” He called for broader representation, transparency, and a redefinition of prosperity beyond GDP and market caps. Warning that AI gains are concentrating among “owners of models, owners of data and owners of infrastructure,” he urged “a credible plan for broad participation,” so capitalism turns more people into “owners of growth” rather than spectators.
Swiss President Guy Parmelin emphasized neutrality, free trade, and long-term thinking amid protectionism and conflict, arguing technology “is what we make it,” while reminding that AI “will never be able to bring hearts together.”
We really are in a new epoch of transformation that affects a far wider slice of the world more rapidly than any previous transformation has.
The upside opportunity is so profound we can't miss it.
No company, no country, and no region can do this alone. We must work together.
Dialogue is our first line of defense and our greatest source of innovation.
Connecting the world together with capital, with ideas, with innovation is going to be what continues to drive growth.
The pace of technology change is just mind boggling. So how do you compete with that? You have to collaborate. Collaborate.
We have to focus on what it means to disagree constructively, what it means really to listen to one another.
And it means building the basis for political consensus. It's very important to me that workers have some say so, because that actually gives them an opportunity to have a voice.
Yes.
You sit at the table. Yes, you negotiate. But we all need each other. Each other. Today we are 8 billion. How did we get here? There is no way we can wipe out collaboration from the future of humanity.
The future is not given to us. It is upon us to create it. It's important to have such dialogues. To understand what you have to agree.
To discuss problems we solve problems.
To bring others in and listen to what their concerns.
With true dialogue, we can really move forward, forward, forward.
Your Majesties, Excellencies, distinguished foreign partners, ladies and gentlemen, it is really my great honor to welcome you to the World Economic Forum's annual meeting in Davos. With us are 3000 participants from 130 countries, including a record level of political leaders, more than 400 political leaders, 65 heads of state and government and 850 global CEOs and chairs. And in addition, we have the young global leaders, the shapers, the social entrepreneurs, academics, ten Nobel laureates, also labor leaders and faith leaders. That makes us and makes us a unique multi cultural village in Davos. And these are historic numbers for our annual meeting. We are convening at such a consequential moment for the world when geopolitical developments are fast moving, when long standing trade and economic architectures are being redrawn, and when technological forces are reshaping our industries and societies. We are standing at the start of a new reality. The contours of which are still to be defined. But hopefully it is not the jungle growing back. That is why also the deliberations and dialogues we make here in Davos will shape what comes next. Countries and companies are finding new ways to work with one another. Finding the way like water, to advance common agendas. Even in more uncertain times. Last year when we met in Davos, there was a fear that we would be facing a decade of slow growth like we had in the 1970s. Even with the very difficult geopolitical backdrop, maybe the most difficult one since 1945. We are seeing sustained economic growth. The IMF numbers that came showed 3.3% expected economic growth this year. And we are also seeing that trade is growing, not five 6% as in the past, but still growing 3%. When we read the media, you feel that things are contracting. But even more important, why are we less concerned about the decade of slow growth moving forward? It is because of the new technologies. Last year, 1.5 trillion USD was invested in the new technologies, and if we get it right, the new technologies can be the new driver of growth for decades to come. So maybe we can see decades where we see increased growth and we can deal then also with the debt level that is the highest since 1945. The foundation of moving forward has to build on cooperation and dialogue. It is the only way to identify shared interests and chart pathways forward together. This is why the theme of this year's annual meeting is a spirit of dialogue. It is really my hope that the week ahead and the year ahead will chart collaborative pathways forward for business and government and shape a more prosperous, prosperous and secure era. I'm so pleased to introduce the co-chair of the World Economic Forum and chair and CEO of Blackrock, Larry Fink. Welcome, Larry.
Good morning everyone. And it's a great welcome to be a part of this annual meeting at the World Economic Forum, which is a strongest session that we're going to be ever having in our 56 year history. This week has suggested 850 CEOs and chairs are here, 65 heads of state representing governments, representing actually 40% of the world's population. And alongside we have some of the world's most innovative entrepreneurs, some of the world's most innovative startups. And we have some of the most impactful civil society and NGO representatives. In fact, we believe that outside the United Nations, this is the largest gathering of global leadership of the post-Covid period of time. So thank you for being a part of that. But now we have a harder question to ask all of us. What are we going to do about it? And will anyone outside this room care what we're doing here? Because if we're honest, for many people, this meeting feels out of step with the moment. We hear all about the elites. And how does that play out in an age of populism? How does an established institution make a difference in an era of deep institutional mistrust? And there's some truth to the critique. I believe in this forum for a long time. I certainly wouldn't be leading this if I didn't believe that we can change and make the world better. But it's also obvious that the world now places far less trust in us to help shape what comes next. If the World Economic Forum is going to be useful going forward, it has to regain that trust. And there are some very obvious ways that we can improve for ourselves and hopefully for the world. We need to make sure that we widen who gets a voice in these conversations over the coming week. We have to be a lot more transparent and more engaged with people who don't feel represented in rooms like this. And because this is the World Economic Forum, to be more precise about what does it mean about economic success, prosperity just isn't the growth in the aggregate. It's not just GDP. It can't be measured by GDP or market caps of companies. It has to be judged by many people who see it, who can touch it, can feel it, and can build their own future on it. That, in my view, is the strongest critique of the last economic era. Since the fall of the Berlin Wall, more wealth has been created than in any time prior in human history, but in advanced economies, that wealth has accrued to a far narrower share of people than any healthy society can ultimately sustain. Now we're in the era of AI, which we're going to talk about a lot in this week. And are we going to replay the same pattern? Early gains are flowing to the owners of models, owners of data and owners of infrastructure. The open question what happens to everyone else if AI does to white collar work that globalization did to blue collar workers? We need to confront that today directly. It is not about the future. The future is now. Now with abstractions about the jobs of tomorrow, but with a credible plan for broad participation in these gains. This is going to be the test. Capitalism can evolve to turn more people into owners of growth. Instead of spectators watching it happen. And that kind of change is truly hard, especially in a world of competing ideologies and assumptions about how the system should work. Which brings me to the second way Davos can change who gets invited to these conversations. This forum cannot be an echo chamber, and we should want panels where everyone. Doesn't always agree. We need panels where we can have true conversations, maybe some overt disagreements, but through that we can have a deeper conversation and then we can have maybe deeper understanding of each other's views. You can already see the shift in who is here this year. That doesn't mean the goal of everyone to leave having a convinced themselves that they're right. The objective over the week is not an agreement, it's understanding. It's sitting with people who disagree with you, taking their arguments seriously, their viewpoints seriously, and being willing to admit they might be right, or they might have something that will help you evolve your opinions better. And there's a deeper challenge. Many of the people most affected by what we talk about here will never come to this conference. That's a central tension of this forum. Davos is an elite gathering trying to shape a world that belongs to everyone. That is why this year's theme is the spirit of dialogue. Because dialogue is the only way a room like this can earn the legitimacy to shape ideas for people who aren't in the room. And besides, the world needs some more good faith conversations with people who don't typically talk to one another. I think that most people, at least intellectually, know that finding a common ground with a stranger is a hopeful thing. It restores your faith in humanity a bit, but how often does it actually happen? Hopefully a little more happens now. But how often can we make it happen? Because dialogue, especially the listening half of dialogue. Is what the World Economic Forum needs in going forward. We need more of it. For 56 years, the World Economic Forum has been synonymous with Davos, and that's likely to remain true for a long while. But you should also see the World Economic Forum start doing something new, showing up and listening in places where the modern world is actually being built. Davos. Yes, but also places like Detroit and Dublin, or cities like Jakarta or Buenos Aires. We need the mountain to visit everyone to be a part of everyone's life. So in fact, that's why I agreed to take on this role after Klaus Schwab, who's more than a half century of work, together with an extraordinary, dedicated group of men and women at the World Economic Forum, made this gathering possible. There was an opportunity to make this forum more transparent, and I thought this was the surest way to rebuild trust. When people can see in the room about the debates, about the participation and about the conversations, and maybe a lot more understanding, that approach may fail in other gatherings. And this one is going to work because for all the caricatures of this forum, the people who come here, the people I know aren't here to congratulate themselves, aren't here to pat themselves on the back. They're not here to protect their own comforts. The people I know are here for something bigger than themselves, bigger than their organizations that they represent. I believe in economic progress should be shared. All of us at the forum believe that economic success should be shared. And we believe institutions like the World Economic Forum still matters in making things happen. So let's remember this during the week about real conversations. Let us all commit to listen, to learn to understand. And if we can all do that, we will all be better for that. Thank you. And now my co-chair.
Thank you, Larry, for that very powerful message at the opening of our annual meeting. Now, it is my pleasure to introduce our other co-chair, Andrea Hoffman. And I would also like to use this opportunity to thank both of the co-chairs for their leadership during the last three quarters of a year, Andrea Hoffman. Andrea, many of you, he's our co-chair, but also the vice chair of Roche. So Andrea, floor is yours.
Your Majesties, Excellencies, distinguished foreign partners, ladies and gentlemen. It is now also my turn to welcome you here in this meeting, placed under the spirit of dialogue, at a time when science confirms that humanity has already transgressed seven of the nine planetary boundaries, as highlighted in a planetary health check in September 25th from the Potsdam Institute. The challenge before us is no longer one of just awareness, but of action, making the need for collective responsibility, decisive leadership and meaningful dialogue more urgent than ever. As Larry just underlined, for over half a century, leaders from across the globe have regularly gathered here in Davos in Switzerland to confront the defining challenges of our time. This was done as a community bound by shared responsibility for our collective future. This tradition, born from conviction that the great questions facing humanity demand dialogue against differences has never been more vital than it is today. At a moment when the world confronts I'm sorry at the moment when the world confronts profound questions about growth, about innovation, about technological transformation, and about our planet's future at the moment, where we need spaces where diverse, diverse voices can be heard, where we need just and safe places where diverse, diverse voices can be heard at the moment, where complexity must be examined from multiple perspectives so that we gain the insights we desperately need. This is why the World Economic Forum exists since 56 years. It is the International Organization for Public Private Cooperation, a space where government, businesses and civil society come together and generate the insights that emerge when different worldviews actively. Actively, so actively illuminate one another. And this is and this matters because in a world that feels increasingly divided, progress depends on our ability to listen and engage across differences. Could I ask my wife to give him the third page, which I left there? As you can see, you can be prepared, but also a bit clumsy in delivery. Sorry about that. This is why our gathering. This is why our gathering takes place here in Switzerland, a nation whose tradition and commitment to dialogue reflects the very spirit we seek to embody. Davos has over so many years almost become, as I said before, a synonym for the World Economic Forum. It is therefore a particular pleasure for me to welcome Monsieur Parmelin, president of the Swiss Confederation, as the opening speaker here in Davos. Bonjour, monsieur. Le président de la Confederation. Je vous merci beaucoup. Merci d'avoir accepté de partager de réflexions avec nous.
Thank you for accepting our invitation.
Has been a member of the Swiss Federal Council for over 20 years. He initially led the Federal Department of Defence, Civil Protection and Sport, and since 2019 has headed the federal Department of Economic Affairs, Education and Research. Mr. president, when you were inaugurated as president by the Swiss Parliament last December, you chose to speak about dialogue at a time of uncertainty and tension. You reminded Parliament that Switzerland is Switzerland's diversity is not something that sustains itself automatically. It only becomes a strength if we truly listen to one another. If we resist the temptation to dismiss different views simply because they come from another political camp. You emphasized, emphasized that societies do not move forward through value judgment on others, but through respect for those who think differently. Diverging opinions, you argued, are not an obstacle, but the driver of progress and a source of genuine innovation. This understanding of dialogue rooted in listening, proximity, respect, and a shared sense of responsibility and humanity is one that deeply resonates here in Davos. It also reflects the value of the World Economic Forum. Talk and listen to each other, embrace other options and act in a collective trust. The spirit of dialogue. Before inviting the president to speak to us. Allow me also to express our deepest gratitude to the Swiss government, to the Swiss Parliament, to the Canton of Graubünden, to the Swiss Army and to the police. A special thank you goes to the community of Davos and Klosters for their decades of exceptional hospitality and partnership, and above all, our thanks go to the people of these communities whose openness and commitment truly embodies the spirit of Davos and the spirit of Switzerland. Your Majesties, Excellencies, distinguished foreign partners, ladies and gentlemen, it is a particular pleasure to invite now the president of the Confederation Swiss Permanent, to address us. Thank you very much. The floor is yours.
Mr. Hoffman.
I shall speak French. Mr. Hoffman, Mr. Fink, Mr. Bender, Excellencies, ladies and gentlemen. My quality as president of the Swiss Confederation, I'm particularly happy to welcome so many heads of state to this annual meeting of the World Economic Forum. This is particularly meaningful in a year which started with a tragedy for our nation. And Switzerland would like to thank all of the nations concerned for the support and solidarity they expressed during the disaster in Crans-montana. It is extremely impressive to see how energies can be mobilized by such a disaster, how it can strengthen. International cohesiveness and unity. This must go beyond, of course, the particular or dramatic events. It must pervade the relationships between our countries, because it is only together that we can find solid and lasting solutions to the major challenges of our time. 2025 offered up a number of challenges geopolitical, economic, and digital upheavals on a global scale. They can be seen everywhere. They permeate our daily lives and even extend to the World Economic Forum, for which the past year was not a walk in the park. This edition, with its many distinguished guests, attest to the importance of resilience and dialogue in the bedrock of our institutions and their ability to cope. 2026 has barely started, yet there are indications of upheavals to come and potential flashpoints Ukraine, Gaza, Sudan and now Venezuela and Iran, to name but a few. In terms of economic policy, protectionism is on the rise all over the world. In addition, there are many unresolved issues about the role and control of artificial intelligence that remain unanswered. This should come as no surprise. For humans, standing still is not an option. Or, to quote philosopher Henri Bergson, to exist is to change. This year will be marked by technological advances as well as economic and security concerns. The rapid rise of AI is set to deeply transform the fabric of our societies. The changes it brings will be visible at every turn and in every area of human life, the economy and government. In our day to day lives, they're changing the way we work, communicate, and make decisions. As such, they present both risks and opportunities. Digital transformation will bring the dangers of cybercrime, disinformation, but also exciting prospects, particularly in the field of healthcare. Technology is never inherently good or bad. It is what we make it. And to make it a positive ally, its users must have a deep sense of responsibility. Change is not just a matter of speed. As Economic Affairs Minister trained in the school of life, I am well placed to explain that lasting success depends on early and forward planning. This is a rule that applies to many other sectors where investments do not generate immediate returns. I'm thinking of research which also falls under my remit as minister. Long term thinking is necessary in any situation. It is particularly necessary in times of upheaval. It can help us to drive progress while remaining true to our fundamental values without forgetting their meaning or their role. Excellencies, ladies and gentlemen, Switzerland draws its strength from the consistency that helps to ensure political stability. Consistency is not a source of stagnation. On the contrary, it is the foundation of progress. Our country is fortunate enough to have an excellent education and research system, with a capacity for innovation that recognized far beyond its borders with its open, export oriented economy, Switzerland is an integral part of the global economy. The Federal Council is deeply committed to ensuring that our country can continue to participate successfully in the vitality of that economy. One of our current priorities is to stabilize and expand relationships with our most loyal and significant partners. Switzerland also wishes to continue to diversify its international relations, particularly in the areas of trade and science. Even in the current climate, which is prone to protectionism, we believe in the success of free trade and wish to continue expanding our networks of agreement. To achieve this, we must be able to conduct negotiations on an equal footing, yielding good results for the benefit of all parties. Agreements of this kind which are mutually beneficial do not happen by chance. We have the ability to build them patiently, one step at a time, personal contacts and a willingness to engage in dialogue are essential, and we have both. The World Economic Forum has always contributed to this dialogue, and I would like to thank it for offering us in Switzerland once again this year, an extraordinary international platform for exchange. Switzerland is in tune with this. As a neutral nation, it is able and willing to assume its responsibilities in favor of a rules based international order, international law, human rights and free trade. These values have always defined us. This year, Switzerland is taking on a particularly demanding task in chairing the OSCE organization for Security and Cooperation in Europe. However, our country's diplomatic strength also lies in its recognized practice of good offices, for which international Geneva provides a stage commensurate with the challenge at hand. Switzerland is always available to play a part. Excellencies, ladies and gentlemen, our different positions offer us unparalleled prospects on the evolution of our worlds and the dangers that threaten it. They also provide us with the necessary overview and connections to address these changes with the appropriate means and in a concerted manner. Society, science, economics and politics must interact in a spirit of partnership. Otherwise, problems can only be addressed in a partial and imperfect manner. Let me add that it also takes courage to take on a task of this magnitude, with the ambition of seeing it through to completion, the courage to innovate, to remain true to one's values, to ask for assistance or advice when necessary. The courage to make a long term commitment, as winegrowers do when faced with a slow and relentless pace of nature, we shall see what AI has to offer. We will certainly still be amazed, perhaps dazzled, but what it will never be able to do is to bring hearts together or attract helping hands. As we saw at the start of this year in the canton of Valais, solidarity and humanity are not part of digital vocabulary. I see this as a good omen for the future. Many thanks for your attention.