An economist by training, Klaus Schwab is most known for founding the WEF, an annual gathering of billionaires from around the globe. Since the company’s inception, he has served as chairman. He is an engineer as well as a writer. Klaus Schwab’s net worth was $1 million as of 2022.
|Full Name||Klaus Martin Schwab|
|Born||March 30th, 1938|
|place of birth||Germany|
|Children||Oliver and Nicole|
|Net Worth||$1 Million|
Klaus Martin Schwab was born in Nazi Germany and is from Ravensburg, Upper Swabia. Eugen Wilhelm and Erika Epprecht were his parents when he was born on March 30th, 1938. His two siblings were born in Switzerland, where Klaus’ mother is from.
Despite the fact that he is unrelated to the Charles Schwab Corporation, his family has a long history in business. Escher Wyss & Cie was an industrial corporation whose father served as the director.
Klaus completed his undergraduate studies in mechanical engineering at the Swiss Federal Institute of Technology. Later, he received a PhD from the University of Fribourg and a master’s in public administration from Harvard University.
The creation of the WEF
In the beginning of his career, Klaus Schwab served on the boards of numerous significant businesses, including The Daily Mail Group, Bilderberg Group, Vontobel Holding, and The Swatch Group. He published “Modern Enterprise Management in Mechanical Engineering” in 1971.
He founded the European Management Forum, which is now known as the World Economic Forum, in the same year. World leaders gather at the organization’s yearly gatherings in Davos, Switzerland, where they debate the state of the global economy.
Today, the WEF receives funding from more than 1,000 international companies. The forum has, however, drawn a great deal of criticism throughout the years due to the fact that it is only open to the extremely wealthy.
The German engineer started teaching business policy at the University of Geneva a year after founding the European Management Forum. He has been in this position for roughly 31 years.
Since 1979, he has collaborated with a small group of economists to issue the Global Competitiveness Report. It’s an annual assessment of the chances for raising productivity and economic growth in various countries.
He released the book “Recreating Asia” in 2002. He published “The Fourth Industrial Revolution” in 2016. He published “The Great Reset,” a book detailing how the worldwide disaster changed the market, amid the height of the coronavirus outbreak.
Earnings and Net Worth
About five of Schwab’s books have been published in English. He doesn’t count his yearly Global Competitiveness Report in this total. His additional income comes from his work as the head of the WEF and other positions.
He has invested in a variety of things during his career and sees environmental, social, and governance (ESG) investing as a progressive development. Although Klaus Schwab is frequently surrounded by extremely wealthy individuals, it is surprising that he maintains a meager $1 million fortune.
Since 1971, Klaus and Hilde Schwab have been a married couple. Oliver and Nicole, their two children, are now adults pursuing separate career paths. Currently, Klaus and Hilde are residents of Cologny, Switzerland.