Davos Debrief: Making sense of a fractured global order

Each January, Davos becomes a proxy for the global mood. In 2026, that mood was defined by candour. Leaders spoke openly about constraint, disagreement and the erosion of predictability.

In the Davos Debrief series, Investec’s Group Chief Executive, Global Head of Digital & Technology and Chief Investment Strategist focus on what decision-makers should still be paying attention to, long after the Alpine snow has melted.

Navigating the new disorder

Davos revealed a world where power trumps principle. “The old rules-based order is over. We are in a contested space where economic and military might increasingly dictate what happens next,” says Fani Titi, Investec Group Chief Executive.

In this environment, he says that success depends less on predictability than on adaptable leadership, pragmatic partnerships and the ability to act decisively amid uncertainty.

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The AI reckoning

Artificial intelligence dominated the Davos agenda, but the conversation has shifted from potential to deployment.

“In the last 12 months alone, $1.5 trillion has been invested in new technology. If this is applied in the right way, it is going to be the driver for growth over the next decade,” says Lyndon Subroyen, Investec’s Global Head of Digital & Technology.

For business leaders, the message is clear: AI is no longer a side project. The advantage will lie with those able to turn investment into measurable impact.

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The question markets can’t ignore

Chris Holdsworth, Chief Investment Strategist at Investec Wealth & Investment International, homed in on what markets are scrutinising most closely at the World Economic Forum this year – and it’s not growth forecasts or tech hype. Rather, he says, the primary concern for investors is the role of the US dollar as a safe-haven asset.

With a global shortage of haven assets, Holdsworth explains, the market is watching for clear signals on whether the dollar can sustain its traditional sanctuary status or if alternatives will emerge.

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Taken together, these conversations frame Davos less as a source of answers and more as a test of resilience – of ideas, institutions and leadership. In a world marked by fragmentation rather than stability, advantage will belong to those able to operate without certainty, absorb shocks and make decisions in the absence of clear rules. The noise will fade, but the pressures exposed at Davos will not. DM