As the world’s leading business people, bankers and politicians entered the concrete Congress Centre of the World Economic Forum in Davos, they were assailed by a cacophony of clanging tin pots. Some local Swiss were protesting, with signs saying: “Wir sind die 99%!”

Police prevented the sound from disrupting the debate but the message got through nevertheless. Even before the delegates arrived, a report from the World Economic Forum showed that the risk Davos delegates believe is most likely to cause turmoil this year is “income disparity”.

That is a striking turnround. Until this year the issue of inequality never appeared on the risk list at all, let alone topped it. In the past, Davos delegates have worried about the risks posed by “asset price collapse”, “oil price shock”, “natural resource shortages” or “banks”.