Referred to simply as "Davos", the event is a haven of privilege and wealth. In recent years, it has begun to attract celebrities like Bono and Matt Damon.

Sarah Sanders said Trump is excited to attend the forum in the Swiss Alps. The forum will be his fifth foreign trip as president.

"The President welcomes opportunities to advance his America First agenda with world leaders," Sanders said. "At this year's World Economic Forum, the President looks forward to promoting his policies to strengthen American businesses, American industries and American workers."

Last year, Trump avoided the conference - it unfolded during the same week as his inauguration - while its attendees were forced to confront the political realities of Trump's upset victory over Democrat Hillary Clinton: Namely that widening wealth inequality was helping stoke the rise of populist movements in the US, Asia and Europe.