Criticized by some as social club for the jet set that merely adds carbon footprint, the forum boasts it can bring together decision-makers at a time of growing geopolitical mistrust. Its founder Klaus Schwab said, "we are all stuck in a crisis mindset."

"That leads to short term decision making that may have long term and intended damage and consequences. Davos, should help to shift that mindset."

The last in-person Davos winter gathering was in 2020, just days before the COVID-19 outbreak was declared a global health emergency.

While the Russian delegation will be conspicuously absent, the forum's president Borge Brende expects 52 heads of state and government to show up next to 35 foreign ministers.

"We expect a high level Chinese delegation and participation. We have the new presidents from Korea, the Philippines and also high level delegations from other Asian countries."

Organizers said Ukraine would send another senior delegation and that there would be discussions about the ongoing war.