Davos 2023: Breaking down the cost of attendance
Yahoo Finance's Dave Briggs breaks down the cost of attending the World Economic Forum in Davos, Switzerland, from travel and lodging costs to $43 hot dogs.
Video Transcript
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DAVID BRIGGS: All right, welcome back to "What Just Happened?" I'm Dave Briggs. I want you to close your eyes and picture Davos. Now what comes to mind? For most it's billionaires, CEOs, and world leaders hobnobbing in the Alps, but not for me. It's the $43 hot dog or Caesar salad, just short of 60 bucks.
If the elevation doesn't take your breath away, the cost of attending WEF will. As Amex says, membership has its privileges. And before you can buy a ticket for 19 grand, you must be a member of the Economic Forum which costs a mere 52,000. And remember, that's only if you're invited.
So now you're out 71k before you even slip into your $1,000 Canada Goose jacket. If you're going to fly 4,000 miles, you've got to go the extra mile to attend private sessions with your peers. And that privilege requires Industry Associate status, another 137,000 for the week.
So unless you're "Ridin' Solo," like Jason Derulo, you'll want a wingman or woman, which WEF calls Industry Partner. With the add on, we're now over a quarter of a million dollars.
What about a crew of say, five? Strategic Partner status sets you back more than a half million, and we still haven't had a cold drink. Just getting into a party-- two hundo a head.
A hotel-- and we're not talking about a real palace here-- 500 a night, bare minimum. And most VIPs would not dare stay at a Hyman-like hotel. WEF VIPs prefer a private chalet. And for that, 140 grand for the week.
Of course, there ain't no subway in Davos. And don't dare ask CEOs to walk. A chauffeur driven Mercedes for the week, actually a bargain at 10 grand.
The mode of transport, though, that truly defines Davos however, is the private jet. Oh, it's a nice one. More than 1,000 of those flew into the environmentally focused conference this week. And if you don't own your own jet, NetJets set you back $70,000 round trip.
But despite these eye popping numbers, what you're hearing from execs from all industries is, well, they're packing in six months to a year worth of face-to-face meetings in one trip and will happily fork over the cash this time next year, Rachelle.
RACHELLE AKUFFO: I mean, it's just mind boggling. Never in a million years-- or a million dollars-- am I paying that much money, for sure. Now, Dave, we know that Microsoft is coming under fire for hosting a Sting concert in Davos. What's the latest there?
DAVID BRIGGS: Yeah, Satya Nadella really came under a lot of heat for that private Sting performance in front of just 50 people with the Columbia professor and author Rita McGrath saying, I'm a big fan of Satya Nadella but this is seriously bad executive symbolism.
And while on the surface I agree-- I'm a bit of an expert in being laid off, Rochelle. And I think for those 10,000 employees who got six months of severance, they've got to separate. Satya Nadella has a duty to make those employees feel wanted, feel rewarded, continue to build morale, and make people believe that this company is going to be fine moving forward.
In fact, there's probably another round of layoffs coming for Microsoft. So sometimes you just have to keep morale in its place, spend that money, and take a bit of a PR hit. "Fields of Gold" truly was what they were walking through in Davos, as Sting performed, Rachelle.
RACHELLE AKUFFO: Nice play there. And I do love Sting, but yes, the optic's definitely not good. A big thank you there to our very own Dave Briggs.
DAVID BRIGGS: Thanks.
