At 7:30 a.m. on May 4, the area outside the Beverly Hilton Hotel near Rodeo Drive in Beverly Hills was already crowded. With just 30 minutes left before the opening of the Milken Global Conference, attendees in business suits streamed toward the hotel, as a subtle sense of anticipation filled the entrance.
Often referred to as the “American version of Davos,” the conference brings together global leaders to discuss major issues in the world economy, politics, artificial intelligence, energy, health care and other key sectors. From early morning, participants from around the world hurried into the hotel.
At exactly 8 a.m., the doors opened to the International Ballroom, the largest venue at this year’s conference. The room, which holds about 1,000 people, quickly filled to capacity.
As the opening session on “Global Capital Markets” began, the audience fell silent. Panelists offered not only market outlooks but also direct assessments of the global economy.
Jenny Johnson, president and CEO of Franklin Templeton, said Asia has played a significant role in Silicon Valley’s growth.
“Asia contributed greatly to the growth of Silicon Valley,” Johnson said, adding that opportunities remain in countries such as South Korea, Singapore and Vietnam.
The conference also served as a platform for policy messages. During a later session on economic mobility, Sen. Ted Cruz introduced the “Trump Account,” presenting it as a way to address economic inequality through asset building.
The program, set to begin in July, would automatically deposit $1,000 in seed money into a tax-advantaged investment account for American children born from last year through 2028.
“This is not welfare where the government simply hands out money,” Cruz said. “It is about giving every child the opportunity to participate in the game of the stock market from birth.”
He said that if children begin investing from age zero and share in the benefits of economic growth, they could enter adulthood as capital owners with assets potentially worth hundreds of thousands of dollars. The remarks drew an unusual round of applause for Cruz, who is more often associated with heated political debate.
Michael DeSombre, assistant secretary for East Asian and Pacific affairs at the State Department, emphasized the importance of commercial diplomacy during a session on Asia-Pacific markets.
“Commercial diplomacy between government and business is important,” DeSombre said, stressing the need for public-private cooperation.
He also pointed to South Korea as an example of remaining market barriers.
“When you go to Korea, Google Maps is still not fully commercialized,” he said. “Closing these kinds of gaps is important.”
The Milken Global Conference is known for its high cost of entry. This year, early registration fees started at a minimum of $35,000 and later exceeded $75,000. Still, thousands of participants attend because the conference is more than a place to gather information. It is a massive networking hub.
It is common for attendees to strike up conversations with the person sitting next to them as soon as they take their seats. Across the venue, a kind of “business card war” was underway, with participants exchanging traditional paper cards as well as digital cards by tapping smartphones.
Gary Peterson, a participant from New York, said the event offered rare value.
“There are not many opportunities where you can gain insights across the economy, politics, health, disasters and culture all at once, while also networking,” Peterson said. “It is expensive, but I see it as an investment.”
An executive at a Wall Street-based AI investment platform echoed that view.
“Investment performance comes from understanding different markets and from people,” the executive said. “I came here because I can get both at the same time.”
The Milken Institute, which hosts the conference, supports networking through a dedicated mobile app. Participants can use the app to view one another’s interests and basic information, exchange contact details and request meetings.
This year marks the 29th Milken Global Conference, and organizers say it is the largest in the event’s history. Unlike previous years, when the conference was held only at the Beverly Hilton, this year’s event expanded to include the nearby Waldorf Astoria Beverly Hills, making it the first time the conference has operated across two hotels.
Participants said both the scale and the energy of this year’s gathering felt noticeably different from previous years.
