World's richest flock to Davos as '1%' bemoan inequality
Occupiers in igloos prove distraction to World Economic Forum’s annual meeting in Davos
Some 70 billionaires are joining more than 2,500 business and political leaders at the World Economic Forum’s annual meeting in Davos, Switzerland, this week, in a bid to give their views on how to boost the world's economy and political status. Many of the rich attendees have said that economic disparity needs to be addressed. German Chancellor Angela Merkel delivered a speech during the opening ceremony of WEF. (All images courtesy of Getty Images, captions part written by Bloomberg). Thomas Enders, Chief Executive Officer of Airbus, talks during 'The Global Business Context' meeting. Leaders are being asked to urgently find ways to reform a capitalist system that has been described as 'outdated and crumbling. Participants at the World Economic Forum say many who are attending the Davos meet are the people being blamed for economic inequalities. Last year, wealth disparities helped fuel protests from Cairo to New York, and the Occupy Wall Street movement made the richest one percent of the world, their targets. French director Luc Besson receives the Cristall award during WEF. Chastened leaders of the global business elite admitted that the Western free-market model has come up short and faces being shoved aside by emerging power state capitalism. South African archbishop Desmond Tutu addresses participants at WEF. Leaders said it was important to accept changes to the world's global social-economic order and properly address the issues of wealth disparity. Several hundred Occupy protesters set up camp in Davos to demonstrate during the meeting. Protesters are seen next to yurts and igloos where they built at their encampment. Swiss riot police men arrest an Occupy protester checking personal datas in front of the main gate to Davos congress center. But the Occupy Group has vowed that this year, they will not be excluded. Protesters make noise clanking pots in front of the main gate. Some business leaders agree with the protesters that the financial community has behaved abominably, and say many demonstrators are serious people, who should be taken seriously. The chairman of Digicel Group Mr O'Brien said corporations should engage in giving a chunk of their profits to social issues. Others were less interested in income inequality or the Occupy Movement, and said it was all for the cameras.