Davos Man – How the Billionaires Have Devoured the World

The author of this searching book is global economics correspondent for the New York Times. Davos Man is a member of the global billionaire class that controls the majority of the world’s wealth – ‘a dangerous predator who attacks without restraint…. while he deftly assumes the guise of empathy and generosity.’ These people gather annually in January at the World Economic Forum meeting in Davos to ‘improve the state of the world.’ Neoliberal deregulation has exacerbated levels of inequality. In the US, the share of income accruing to those in the top 1% has nearly doubled from 10% to 19%, while those in the bottom half have seen their share decline from 20% to 13.5%. Over the last four decades, the wealthiest one percent has gained a collective $21 trillion in wealth, while households in the bottom half have suffered a diminution of $900 billion. It is easy make the connection between this widening inequality and the rise of grievance-driven populist movements against the arrogance of the liberal elite. These people argue that they should not pay higher taxes but spend their money instead on philanthropy, which is in fact a direct way of converting money into power and influence – item Bill Gates and the WHO. During the pandemic with the closure of many small businesses, even more wealth trickled up to the one percent.

Among the principal characters discussed – apart from WEF Founder Klaus Schwab – are Jeff Bezos, Stephen Schwarzman of Blackstone, Larry Fink of Blackrock, Jamie Dimon of JPMorgan Chase and tech entrepreneur Marc Benioff. The book explains how Davos Man managed to turn every crisis into an opportunity for further enrichment, including public health emergencies and financial meltdowns. Significantly, this group and their corporate vehicles have captured the levers of democratic governance, part through bankrolling accommodating politicians, but also through influence on legislation and policies of federal agencies. They promote privatisation, placing public goods in the hands of profit-making companies, of which the latest unaccountable format is so-called public private partnerships based on stakeholder capitalism – some involving the UN 2030 SDGs. This elite group fancies itself as trustees of the planet, while at the same time further consolidating their wealth. It is a sobering and informative read.