Years ago, I thought it was effectively a platform for global projects and global solutions. By now, I'm quite disillusioned. A lot of blah blah, a lot of self-importance, without anything really being developed that serves humanity. Perhaps some good things happen behind the scenes, but I see no real benefit. Of course, it may also be that expectations are far too high, as the world is enormously complex. But then the question arises whether such an expensive event for such "expensive" people is really necessary. I fear it's about the self-interests of people on this planet who already have considerably more money in their pockets each month than average earners. This population of people probably doesn't know what it means to go through life on an average income. Much less what it means to be poor. Hence my impression that the WEF should now be regarded as serving the interests of the elites.

It is obviously a mix of both, but I wanted to place emphasis on the first option because of this excellent example: Javier Milei's speech at the WEF 2024 (link provided).
I quote: "Unfortunately, in recent decades, motivated by well-intentioned individuals wanting to help others or to belong to a privileged caste, the main leaders of the Western world have abandoned the model of freedom for different versions of what we call collectivism. We are here to tell you that collectivist experiments are never the solution to the problems that afflict the citizens of the world — rather, they are the root cause."