The 56^th Annual Meeting of the World Economic Forum (WEF) took place in Davos, Switzerland from January 19 to 23, 2026. Under the theme “A Spirit of Dialogue,” global leaders gathered in the Swiss ski resort to discuss issues in business and world affairs for the year ahead.

J.P. Morgan sent a small delegation to Davos to meet clients and take part in events. Here are the key things the team learned on the ground. 

The importance of taking a long-term view

The potential impact of geopolitics was apparent during the meeting. The question of Greenland’s ownership overshadowed proceedings, and a sense of relief followed President Trump’s speech on Wednesday afternoon, in which he softened his stance on the issue. Anxieties receded further when President Trump unveiled the “Board of Peace” initiative the following day, with most commentators agreeing that developments were trending in a positive direction.

Clearly, things happen fast on the geopolitical stage, but — as the situation is constantly evolving — it pays to maintain a long-term view.

Inflation remains a pressing concern

While geopolitics dominated the mood at Davos this year, economic issues also featured heavily on the agenda. There were worries about the frothiness of equity markets and signs of a turn in the credit cycle — but it was the stickiness of inflation that continued to be top of mind business leaders and politicians. “There is a lingering fear that inflation is coming back,” Filippo Gori, co-head of Global Banking at J.P. Morgan, said in an interview with Bloomberg.

Often framed through the cost-of-living crisis, affordability remains a key concern for several Western economies. Core inflation hovers around 2.6% in the U.S. and has risen slightly to 3.4% in the U.K. As attendees noted, this poses a question mark around the outlook for rate cuts in 2026.

Opportunities abound in Europe

As Hillery discussed with CNBC, there could be significant upside for Europe in 2026 as investors rebalance away from the U.S., especially in light of attractive valuations, low interest rates and a stable currency. In particular, there is renewed confidence in London as a financial center post-Brexit, with the city experiencing a recent uptick in IPO activity.

“There is a lot of hope for Europe. However, businesses are crying out for more cohesion among European leaders, and more policy driven toward business, growth, stability, innovation and investment,” Hillery noted. “The ingredients are there, but leaders need to follow through.” 

AI is still all the rage, but caution is key

There has been a significant amount of investment in hyperscalers and data center technology over the past year alone, but the creeping worry among Davos attendees was that this could eventually lead to an AI bubble. Speaking to CNBC, Gori noted: “On one side, investors look at the opportunity set that AI is bringing in terms of increasing productivity, reshaping companies and accessing markets that might not have been there before. Then there is the flip side of the same coin — valuations that may be too high, questions around productivity increases leading to job losses, and how that might impact society.”

Clearly, while investors remain bullish about AI’s long-term future, they are beginning to take a more prudent approach in the short- and medium-term.

Development finance is evolving  

During the event, J.P. Morgan hosted a discussion on the importance of mobilizing private capital for development. Industry leaders including Faheen Allibhoy, global head of Development Finance & Advisory at J.P. Morgan, discussed how private capital and better public-private partnerships are essential for bridging the gap between emerging markets’ needs and investor appetite, in order to achieve impact at scale.

“For me, the key theme is how the development finance sector is rethinking the typical way investments happen, and this has been evident for over a year now given a shift in priority from major donor governments. We see the need for continued engagement with private capital and philanthropic providers, to work alongside traditional government-funded financing,” she reflected.  

The WEF remains a vital platform for international dialogue

Overall, Davos 2026 was remarkably well-attended, with more political and business leaders spotted on the ground than in recent years. There were close to 65 heads of state and government in attendance, along with nearly 830 of the world’s top CEOs and chairs. “The presence of global technology companies was very telling, as was the presence of delegations from across the Middle East,” Allibhoy said.  

Clearly, while there is still much work to be done in order to drive meaningful change, this year’s forum shows that the convening power of Davos remains as strong as ever.