Davos 2026 promises to be a pivotal moment for the global elite as they grapple with the unravelling of the rules-based international system. The gathering of world leaders, business titans and policymakers will take place against a backdrop of geopolitical turmoil, with the largest-ever US delegation led by the controversial President Donald Trump.
In the year since his second inauguration, Trump has continued to upend the post-war order, threatening trade wars, undermining NATO and provoking conflicts around the world. His presence at Davos, along with senior administration officials, is seen as a direct challenge to the “spirit of dialogue” that the World Economic Forum (WEF) aims to foster.
Yet Trump is not the only disruptive force shaking the foundations of global cooperation. The Russian invasion of Ukraine, the rise of autocratic regimes, and the intensifying competition for economic dominance between superpowers have all contributed to a growing sense of crisis.
Reflecting this, the WEF’s own survey of over 1,300 experts has identified “geoeconomic confrontation” as the most pressing risk for the next two years, with outright war between nations a close second. UN Secretary-General António Guterres has warned that the “erosion of international law” is bringing the post-war order to the brink.
In the face of these challenges, there are signs of a fightback. Central bankers have taken the unusual step of publicly defending the independence of the Federal Reserve, while European leaders like French President Emmanuel Macron and NATO chief Mark Rutte are expected to champion the virtues of free trade and transatlantic unity.
However, the long-term trajectory appears bleak. Global military spending is soaring, as nations race to bolster their defences against perceived threats from Russia, China and the US. And while American power remains formidable, the shifting balance of the global economy is slowly eroding Washington’s dominance.
For the WEF, this year’s gathering represents a crucial test of its relevance and purpose. The absence of its founder, Klaus Schwab, who has stepped down after allegations of misconduct, adds to the sense of a forum struggling to adapt to a rapidly changing world order.
As the global elite gather in the Swiss Alps, the question looms: can the “spirit of dialogue” prevail, or will Davos 2026 be remembered as the last-chance saloon for the old world order?
