The Rolling Stones frontman, whose hits include "Sympathy for the Devil", was due to strut his stuff at a so-called tea party being held to promote Britain at the gathering of the world's economic elite in the Swiss resort.
But Jagger -- known as "Sir Mick" in Britain after receiving a knighthood from Prince Charles in 2003 -- said he had now left Davos because he did not want to be affiliated with any political party.
"During my career I have always eschewed party politics and came to Davos as a guest, as I thought it would be stimulating. I have always been interested in economics and world events," the 68-year-old said in a statement.
"I now find myself being used as a political football and there has been a lot of comment about my political allegiances which are inaccurate.
"I think it's best I decline the invitation to the key event and curtail my visit."