Lifestyles of the Really Rich and Famous

LONDON, Jan. 26, 2007 — -- Can 2,500 of the world's decision makers get their creative juices flowing without Angelina Jolie and Brad Pitt at their sides?

They will have to try. Because unlike last year, when Hollywood A-listers joined world academics, activists and leaders of industry and finance in Davos, Switzerland, at the World Economic Forum, this year's gathering -- which opened yesterday -- lacks Tinsletown glitz. Though attendees like Bill Gates, British Prime Minister Tony Blair, German Chancellor Angela Merkel and Google CEO Eric Schmidt aren't exactly no-names.

And that, say some organizers, is a good thing.

After all, since you're trying to tackle global economic, health and environmental issues, maybe you don't need distractions like actress Sharon Stone, who, at 2005's session, stood up and declared she was donating $10,000 to buy mosquito nets for impoverished Africans.

"Would anyone else like to be on a team with me and stand up and offer some money?" she asked. Within five minutes, the largely male audience had pledged a million dollars. Reportedly, only a quarter of those pledges have been delivered.

This year's conference "has become less dominated by big stars," Christian Mumenthaler, chief risk officer of Swiss Reinsurance and a Davos attendee, told ABC News, "which has created more calmness and a time for discussion."

But what sorts of discussions take place at Davos?

"Big conferences like this are almost always more about networking than finding immediate answers," said Ethan Harris, U.S. chief economist for Lehman Brothers. "Networking is important."

And sometimes, that schmoozing leads to solving -- or at least delaying -- a world crisis here or there. In 1988, Greece and Turkey pulled back from the brink of war by signing the Davos Declaration. In 1994, Israeli Foreign Minister Shimon Peres and PLO chairman Yasser Arafat reached a draft agreement at Davos.