A tiny elite comprising the richest 85 individuals hold wealth equivalent to that owned by the bottom half of the world's population, according to a report by worldwide development organisation Oxfam.

Failure to boost cyber security could cost the world economy a staggering $3 trillion as new regulations and approaches to deal with destructive attacks would stifle innovation, according to a report.

From India, industrialist Kumar Mangalam Birla will not be attending the meet, despite his initial confirmation. Besides, his compatriots Chanda kochhar and Anand Mahindra had already decided to skip this year's WEF annual extravaganza despite being regulars here for the many past years.