"Elon and I hugged it out," Dimon told CNBC in a TV interview at the World Economic Forum's annual event in Davos, Switzerland, Wednesday. "The guy is our Einstein," the JPMorgan chief said. "I'd like to be helpful to him and his companies as much as we can.

Move over billionaires. The first trillionaires are on their way.

China's Vice-Premier Ding Xuexiang at the 55th annual World Economic Forum meeting in Davos, Switzerland, January 21, 2025. REUTERS/Yves Herman China does not pursue a trade surplus and is willing to import more competitive and high-quality products and services to balance trade, Ding Xuexiang, the country's vice premier, said on Tuesday.

A speech by the U.N. chief, economic growth potential in places like China and Russia, the challenges of artificial intelligence and leaders from Spain to Malaysia are set to headline the agenda at the World Economic Forum’s annual event in Davos.

At current trends the charity Oxfam predicts up to five trillionaires are expected to emerge within the next decade.

The charity reported that the wealth of the world's billionaires grew from $13 trillion to $15 trillion in 2024, a rate that is three times faster than in 2023.

German Chancellor Olaf Scholz on Tuesday vowed to "defend free trade as the basis of our prosperity", a day after US President Donald Trump threatened to impose tariffs and taxes on trade partners.

Ukrainian President Volodymyr Zelenskyy speaks with CNBC's Andrew Ross Sorkin at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. The World Economic Forum officially began on Monday, but it's Tuesday when the event really kicks off.

CEO Jamie Dimon thinks Elon Musk is a modern-day Albert Einstein. “The guy is our Einstein,” Dimon said of Musk, the Tesla (TSLA) and SpaceX CEO who has become a top ally to President Donald Trump. “I’d like to be helpful to him and his companies as much as we can.

Musk, the world's richest man and a close ally of President Trump, was speaking at the Capital One Arena in Washington DC when he made the gesture. "My heart goes out to you. It is thanks to you that the future of civilisation is assured," the 53-year-old said, after giving the second one-armed salute.

"Elon and I hugged it out," Dimon told CNBC in a TV interview at the World Economic Forum's annual event in Davos, Switzerland. "He came to one of our conferences, [and] he and I had a nice, long chat. We settled some of our differences."

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