The Swiss ski resort hosts the annual meeting of the World Economic Forum.
U.S. Secretary of State Antony Blinken and French President Emmanuel Macron are among those expected, alongside thousands of business leaders.
But the meeting has rarely faced a more tense or complex backdrop, with talks due on how to end wars in Ukraine and Gaza.
One focus is whether Ukrainian President Volodymyr Zelenskiy will meet Chinese Premier Li Qiang during the event.
On Sunday (January 14), Ukraine presidential chief of staff Andriy Yermak remained hopeful:
"I didn't see the final schedule of the meetings of the presidents. We know that the prime minister of China will be as well here. Let's see."
Zelenskiy will speak in Davos later in the week.
As for Gaza, the White House says Blinken will bring together key players.
That includes Israel's President and the leaders of Qatar and the United Arab Emirates - countries that have emerged as powerbrokers in the region.
It all overshadows the usual economic themes at Davos, though they too look unusually complex.
On the agenda will be the future for interest rates, and the world's mounting pile of debt.
A keenly awaited debut will be made by Argentina's new president, Javier Milei, voted in on a promise of sweeping economic reforms.
But one figure looming large at Davos won't actually be there.
Donald Trump was the star attraction in some previous years, but is staying away this time to focus on his re-election bid.
He didn't even get a mention in the WEF's annual Global Risks Report, published each year ahead of Davos.
But the possibility that he might win, and the consequences that might have, are very much on the unofficial agenda.
