Social Responsibility Weighs Heavy on Economic Chieftains at Davos

DAVOS, Switzerland â€" With all that vexing talk about inequality, do the world’s plutocrats need a cuddle?

At this year’s World Economic Forum, there have been numerous soul-searching sessions about how to achieve a worthy life and true happiness. There was a dinner dedicated to “mindfulness,” another to “the importance of being happy,” and a daily meditation run by a Buddhist monk.

For those wanting to experience real hardship (for an hour or so) there were multiple sessions each day that attempted to simulate what it is like to be a refugee in a camp. During these sessions actors dressed up as soldiers stormed in, pretending to beat up another actor dressed up as a refugee and firing fake gunshots. Sheryl Sandberg of Facebook and Peter Brabeck-Letmathe of Nestle were among the executives who participated.

“It used to be just bankers that were bashed,” the chief executive of a large European consumer goods company said with a sigh after coming out of his morning trance. He spoke on condition of anonymity, perhaps not wanting to seem as if he was complaining. “Now it’s all of us.”

From the start of this Alpine schmooze-fest, the assembled chieftains of industry have heard from economists, charities and even a messenger from Pope Francis about their responsibility to share their riches.

“The growth of inequality demands something more than economic growth, even though it presupposes it,” Pope Francis said in a message read by one of his cardinals at the conference. “It also calls for decisions, mechanisms and processes directed to a better distribution of wealth, the creation of sources of employment and an integral promotion of the poor which goes beyond a simple welfare mentality.”

The Pope added, “I ask you to ensure that humanity is served by wealth and not ruled by it.”

Many, of course, agreed. Richard Branson of Virgin said those lucky enough to have “made wealth” should support philanthropic causes. “Once you have paid for breakfast, lunch and dinner, once you have paid for your children’s education, once you have a roof over your head, you don’t need that much more,” he said, urging fellow billionaires to give generously.

Tax increases on the wealthy were less popular. Even the tax increase of roughly 0.5 percent on those making half a million dollars or more proposed by New York Mayor Bill de Blasio prompted many to warn that this would “send the wrong signal” and shift incentives too far. “It might be enough to persuade people to move out of the city,” said a New York-based fund manager.

Indeed, some at Davos bristled at any notion of directly taking money from their wallets. For Anthony Scaramucci, the head of the investment firm SkyBridge Capital, attendees must work on creating more opportunities for others to climb the economic ladder. But anything more drastic, he said, was out of the question.

Mr. Scaramucci, who is a prominent Republican donor in the United States, said that he had noticed some hints of economic populism here. He placed some of the blame for that on President Obama and others who, he said, argue that the “cool thing” is to redistribute wealth.

Referring to Paul Singer, the head of the $23 billion hedge fund Elliott Management and a Forum attendee, Mr. Scaramucci said, “To take it from Paul and give it to someone else, I think that’s unfair.”

Michael J. de la Merced contributed reporting.