The last time top politicians, CEOs, and millionaires gathered in a village in the Swiss mountains to discuss society's biggest problems and come up with solutions, the coronavirus outbreak in China was little more than a remote threat. The economy was booming and a major armed conflict in Europe was not on anyone's list of major risks.

More than two years later, the world has been rocked by the covid-19 pandemic and the Russian invasion of Ukraine. But for the rich and powerful arriving in Davos, Switzerland, for the World Economic Forum, very little has changed.

"Davos is a synthesis of one of the biggest challenges in society today, which is self-congratulatory elites," Jeffrey Sonnenfeld, a Yale management professor tells CNN Portugal, who regularly speaks with many well-known executives.

The conference-which combines high-profile panels with eye-catching parties-aims to bring together important people to tackle pressing issues such as inequality, climate change, the future of technology, and geopolitical conflicts. But the logic behind inviting some of the richest people on earth to solve these problems from resort seems even more shaky these days.

Billionaires added $5 billion [€4.7 million] to their fortunes during the pandemic, according to an Oxfam report published in January. The world's 10 richest men saw their total wealth more than double between March 2020 and November 2021. Meanwhile, tens of millions of people around the world were pushed into extreme poverty as the global economy shut down and many struggling families came to rely on emergency support from governments.

"The last two years have dramatized and made clear what has been true for some time, that a plutocratic elite class is not only leaving the rest of the world behind, but is thriving precisely while breathing down everyone else's neck," says Anand Giridharadas, author of the book "Winners Take All: The Elite Charade of Changing the World.

The "sell-off" in the financial markets this year has hit the ultra-rich. But that is no consolation to people in both developed and developing economies who are facing the worst cost-of-living increase crises in decades. Rising food and fuel prices are already causing hunger and hardship, fueling instability, sparking protests, and encouraging political insurgents.

The 2022 forum was originally scheduled for January, but was postponed after the outbreak of the Omicron variant. And while organizers have remedied a delayed spring edition that they hope will remain relevant, many heavyweights have scheduling conflicts or are opting out.

JPMorgan Chase CEO Jamie Dimon, who leads the largest US bank, will not attend the event, which coincides with the company's annual investor day presentation. US President Joe Biden - who gave a major speech at Davos in 2017 - will wrap up a trip to South Korea and Japan. China's presence is very small, with its major cities still dominated by Covid-19 and its tech titans down.

The main event will probably be the speech on Monday by Ukrainian President Volodymyr Zelensky, who is expected to participate by video conference. German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen are also expected to give speeches later in the week, which will be examined as EU countries struggle to agree to a formal oil embargo against Russia.

In the past, Russian politicians and oligarchs were fixed figures at Davos. Founder Klaus Schwab has long emphasized that dialogue and deeper economic ties can promote peace between political adversaries. Russian President Vladimir Putin gave a speech at a virtual edition of the World Economic Forum last year and was invited to address attendees in 2015 after Russia annexed Crimea.

"At this moment in history when the world has a short and unique window of opportunity to move from an era of confrontation to an era of cooperation, the ability to hear your voice - the voice of the president of the Russian Federation - is essential. ", Schwab said in introducing Putin in 2021.

In 2020, the CEOs of Lukoil, Sberbank, and Yandex were on the list of participants, along with the country's energy minister.

This year, Putin will not be present. Neither will any Russian officials, tycoons or executives. Instead, the program features discussions on issues such as "Cold War 2.0" and "Return to War."