Billionaires and heads of state have descended on a ski town in Switzerland. Here's what's happening in Davos, explained in 60 seconds.

The forum is often referred to simply as "Davos" for the small ski town it's held in each year: Davos-Klosters, Switzerland, the highest town in Europe at 1,560 meters (5,118 feet) above sea level.

While the town functions as a normal ski village the rest of the year, during the World Economic Forum, hotel rates can rise to five times their normal rate, according to the New York Times.

Davos is famous for its high-profile attendees, who, aside from speaking at lectures and panels, use the event for networking and deal-making.

Powerful attendees often make news during public comments in speeches and panels at the conference.

Attendees span from world leaders like President Donald Trump and prime ministers of various countries to activists like Greta Thunberg. You'll also see CEOs from the biggest companies in the world, like Sundar Pichai from Google, Satya Nadella from Microsoft, and Tim Cook from Apple.

Embattled Hong Kong Chief Executive Carrie Lam is slated to speak on the second day of the conference, according to the forum's agenda. German Chancellor Angela Merkel is set to speak on the third day of the forum.

Davos' main programming includes a variety of panels and lectures. This year's theme is focused on sustainability.

The first day of the conference includes a panel with Swedish climate activist Greta Thunberg.

Lectures and panels featuring CEOs and other business leaders often provide insight into companies and industries; for example, an executive at accounting firm Ernst & Young said at Davos that his firm wants to hire more tech-focused roles in the future.

If you want to follow along with all the happenings in Davos, the World Economic Forum has a full schedule, list of talks and agendas, and even a live blog you can keep an eye on.

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