The rich people at Davos aren’t too worried about Trump

Davos (Credit: World Economic Forum / Ciaran McCrickard)

The annual World Economic Forum in Davos, Switzerland is in full force, this week, and one particular thing seems to be on the minds of the hordes of global political and business elites who have gathered there. Here’s a clue: it begins with “T” and rhymes with “rump”.

Perhaps being immersed in a neutral territory has gone to their heads, or maybe they’re simply being optimistic, but according to New York Magazine, a section of the wealthy set is learning to stop worrying and love Trump’s particular brand of right-wing populism.

Former U.S. Treasury Secretary Larry Summers told Bloomberg that he was troubled by the mood. “People who, two, three months ago, were saying he was a man they’d never do business with, are today hailing him as a great economic statesman,” he said. ‘‘I see a very disturbing tendency to enable whatever the instinct of this new administration is. That’s something that over time the business community may very much come to regret.”

In other miserable economic news, earlier this week a new report from Oxfam — published in anticipation of the World Economic Forum — announced that the eight richest men in the world have the same amount of wealth as the bottom 50 percent of the world’s population. [NY Magazine]