DAVOS, Switzerland – The 56th annual World Economic Forum (WEF) opens today 19 January) in the Swiss Alpine resort of Davos under the theme “A Spirit of Dialogue,” bringing together global leaders amid growing concerns over surging billionaire wealth and calls for greater economic equality.
Founded in 1971 as a not-for-profit organisation, the World Economic Forum serves as an international platform for public-private cooperation. The WEF aims to improve the state of the world by engaging political, business, academic, and civil society leaders to shape global, regional, and industry agendas. This year’s five-day gathering focuses on cooperation in a contested world, responsible innovation, unlocking new growth sources, and building prosperity within planetary boundaries.
South Africa is making its presence felt at Davos 2026, with Finance Minister Enoch Godongwana leading a high-profile delegation aimed at showcasing the country’s economic progress and reform momentum. Notably absent is President Cyril Ramaphosa, who skipped the forum amid global tensions.
The South African delegation includes ministers from International Relations and Cooperation, Electricity and Energy, Tourism, and Small Business Development, positioning the country as an attractive destination for global investors.
The delegation’s mission is clear: to highlight South Africa’s turnaround story. Key achievements being showcased include:
- Electricity stability – The end of rolling blackouts that plagued the country
- Financial credibility restored – Removal from the Financial Action Task Force’s grey-list
- Credit rating upgrade – Recent improvement by S&P Global
- Structural reforms – Progress in energy, logistics, water, digital communications, and small business sectors
Godongwana stated that South Africa is focusing on implementing growth-enhancing reforms rather than solely pursuing an investment-grade credit rating, which officials expect could take two years or more to achieve.
However, the forum’s opening has been overshadowed by significant protests targeting growing wealth inequality. Approximately 300 demonstrators arrived in Davos on Sunday, many wearing masks of tech billionaire Elon Musk or US Vice President JD Vance while holding fistfuls of euros.
According to charity Oxfam, billionaires’ collective wealth soared to a record $18.3 trillion in 2025, representing a 16.2% jump during the first year of Donald Trump’s second presidency. The world now has more than 3,000 billionaires for the first time, with the top 12 controlling more wealth than the poorest half of humanity – over four billion people.
Nathalie Ruoss of the Swiss Young Socialists told reporters that the most powerful people in the world make decisions at Davos that impact everyone “with no democratic legitimacy.” She called it “unacceptable” that the WEF welcomed “fascists like Donald Trump.”
Oxfam’s executive director Amitabh Behar warned that “the widening gap between the rich and the rest is creating a political deficit that is highly dangerous and unsustainable.”
The charity pointed to concerning trends of billionaires using their wealth to purchase media influence, citing Musk’s takeover of X (formerly Twitter) and Jeff Bezos’s ownership of The Washington Post.
US President Donald Trump arrives with one of the largest American delegations ever for Davos, expected to dominate discussions despite the forum’s official theme of dialogue and cooperation. His policies, including deregulation and opposition to corporate tax agreements, have been credited with boosting ultra-rich fortunes globally.
As global leaders gather for what promises to be a contentious week of discussions, South Africa’s delegation hopes to cut through the noise with a compelling narrative of economic reform and renewed investment potential.
