#WEF19: Presidents in people out – that’s Davos

PUBLISHED: Mon, 21 Jan 2019 19:04:30 GMT

By Chris Bishop

It’s the World Economic Forum in Davos again, which means money and presidents in and its people out.

For nearly 30 years the tiny ski-resort of Davos, in the mountains of Switzerland – population just over 10,000 – has played host to the annual business bash that is WEF.

Scores of people in Davos shut their shops, rent out their apartments and head for sunnier climes. The apartment trade is at a premium this year as many more delegates, than Davos has residents, try to cram into scarce accommodation. Homeowners have charged up to $45,000-a-week for accommodation.

“I got a room for $10,000 for one week and that is very cheap,” says Luigi Matrone, a Geneva-based tech entrepreneur who will be at WEF looking for investors. They too pay the price for being at Davos- more than $30,000 just to be able to attend and network.

Yet many residents complain this wealth does not trickle down to the people.

“It is only the rich of this town who make the money, most of us never see it,” says a Davos resident on the streets.

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