Klaus Schwab is a German economist, and the world knows him as the founder of the World Economic Forum. Also known as WEF, the forum brings together billionaires from around the world every year. Schwab founded the company in 1971 and has been serving as its chairman since then.
There are many reports regarding the high net worth of the WEF founder. We have tried to unveil the correct details. Read this article till the end to find out everything about Klaus Schwab, including his net worth.
Klaus Schwab’s Early Life
Schwab is a native of Ravensburg, Upper Swabia. He was born on the 30th of March, 1938, and raised by parents Eugen Wilhelm and Erika Epprecht. The family soon moved to Germany from Switzerland. His father was the director of Escher Wyss & Cie, a Swiss industrial company.
Schwab received his bachelor’s degree in mechanical engineering from the Swiss Federal Institute of Technology. His education didn’t stop there, and he earned a master’s degree in public administration from Harvard University. An academician at heart, he then pursued Ph.D. from the University of Fribourg.
Currently, Schwab resides in Germany but often keeps traveling to Davos, Switzerland, for work. He has a home in Cologny, Switzerland too.
How Klaus Schwab Established WEF?
Klaus Schwab began his career as a board member of large companies and worked with The Daily Mail Group, Vontobel Holding, Bilderberg Group, and The Swatch Group to gain knowledge and experience. After years of working under these companies, he released a book titled ‘Modern Enterprise Management in Mechanical Engineering’.
During the same year, Schwab began the European Management Forum. Today, it is renowned as the World Economic Forum. This organization is known for conducting annual meetings in Davos, Switzerland, where leaders worldwide come together and discuss the state of the global economy.
Currently, around 1,000 companies with more than $5 billion in revenue fund the forum’s mission. But because the forum is exclusive to the ultra-rich, it has received immense criticism from the people over the years.
Does Schwab Run Other Businesses Too?
A year after creating the European Management Forum, the German engineer became an honorary professor. He taught business policy at the University of Geneva and held the position for 31 years.
With the select group of economists, Schwab has been publishing the Global Competitiveness Report since 1979. The annual reports carry out the task of reviewing prospects for accelerating economic growth and productivity in different nations.
Schwab also published his other book, Recreating Asia, soon after. In 2016, he authored The Fourth Industrial Revolution. When the world was struggling with the Covid-19 Virus, Schwab released another book – The Great Reset, an economic recovery plan in response to the tragedy.
What is Klaus Schwab’s Net Worth?
After establishing the World Economic Forum and writing five books, Klaus Schwab established an empire of his wealth. As per resources, the total net worth of the writer/businessman ranges $7-$25 million.
Besides his two ventures, he earns extra income from other gigs as the head of the World Economic Forum. Reportedly, he is often surrounded by very influential and affluent people and receives a little over $1 million a year from running the forum.
Who is Klaus Schwab Married to?
Klaus Schwab is married to Hilde Schwab. The couple has been together since 1971. They developed a romantic relationship while Hilde was working as Schwab’s assistant. They are blessed with two children – Nicole and Oliver Schwab.
Lesser-Known Facts about Klaus Schwab
- Besides establishing the World Economic Forums, Schwab is also the founding member of other institutions. In 1998, he along with his wife founded the Schwab Foundation for Social Entrepreneurship. In 2004, Schwab founded the Forum Of Young Global Leaders. In 2011, he set up the Global Shapers Community.
- Schwab is often considered a unifying force of common commercial interests worldwide to push humanity forward.
- Besides adulation, there are complaints about the businessman. According to some conspiracy theorists, Schwab is trying to ruin the world. Schwab’s name has blown up on social media over the past few years amid his plans to potentially take over the world as some would discuss.
- As of 2023, he is 84 and still working harder than ever. Despite his old age, Schwab is in no mood for retirement.