10 facts you should know about the World Economic Forum

For almost half a century, top leaders, global academics, and corporate titans of the world have been heading to Davos— a small Swiss mountain town— to attend the World Economic Forum (WEF).

The annual event, which began this morning, brings together almost 3,000 participants in the Alpine town to discuss climate change, the digital revolution, and global cooperation. This year, however, US President Donald Trump and other world leaders, including French President Emmanuel Macron and UK Prime Minister Theresa May have cancelled their trips to tend to domestic issues.

Argaam has compiled a few facts about the event below, as reported by the BBC and other global media outlets.

1) It isn't really called Davos

Davos is the name of the Swiss mountain resort where the summit is held, while the January event is the annual meeting of WEF.

2) It's not just a conference

WEF is an independent, non-profit international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape a new global architecture.

Participants usually give various speeches and statements about climate, economy or management stress.

3) Meetings can lead to action

In 1971, forum founder Klaus Schwab started the annual get-together to address global management practices. Today, WEF discusses broader issues.

The summit allows participants to meet away from the public glare, where they could take important decisions.

In 1989, North and South Korea held their first ministerial level meetings in Davos. Last year, the Greek and Macedonian prime ministers held one-to-one meetings for the first time in seven years, paving the way to settlement of a 27-year dispute over Macedonia's name.

4) Only businesses pay to attend

Only participating companies pay to attend WEF, while all other attendees are invited for free.

The charge for companies is CHF 27,000 ($27,064) per person. Attendees must also get the WEF membership. Membership fees range between CHF 60,000 ($60,143) and CHF 600,000 ($601,437) annually.

5) The conference is “color classified”

WEF relies on a complicated caste system of colored badges. For instance, high-profile guests get a white badge with a hologram on it, giving them access to everywhere - including the hyper-exclusive special backroom meetings.

Meanwhile, different colored badges are used for participants' spouses and journalists, all offering various levels of access. The lowest level is a "hotel" badge.

6) Men are the majority of attendees

Since Davos has started hosting its annual meetings, men have vastly outnumbered women despite a quota system for large firms.

This year, females will account for 22 percent of attendees in WEF. The percentage of women has doubled since 2001.

7) It is not a young crowd

The average age of attendees at Davos is 54 for men and 49 for women.

8) It has its own language

The event features complicated corporate language. Even the theme of each year's conference is often incomprehensible.

This year's is Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution.

9) Tight security

Davos usually becomes in lockdown every year ahead of WEF, given the high profile of many of the attendees.

This year's attendees include Japanese and New Zealand PMs Shinzo Abe and Jacinda Ardern, as well as Prince William and German Chancellor Angela Merkel.

10) Everyone loves a free bobble hat

Though attendees may be wealthy heads of state and chief executives earning hundreds of thousands or even millions, they wear the bright blue knitted hats offered every year by Zurich Insurance for free.