World Economic Forum

The World Economic Forum (WEF) operates as an international non-governmental organization and think tank based in Cologny, a suburb of Geneva, Switzerland. Founded on January 24, 1971, by Klaus Schwab, the entity began as the European Management Forum to help local companies adopt American management techniques. Its scope expanded significantly over the decades, evolving into a platform that convenes heads of state, corporate executives, and academics for its flagship Annual Meeting in Davos. The organization functions under Swiss law as a foundation while maintaining a stakeholder model that asserts businesses must serve employees, customers, and communities alongside shareholders.

Leadership dynamics have shifted recently with Larry Fink assuming the role of Chairman in 2024 after Klaus Schwab retired from his post in 2025. The Forum maintains a global footprint with offices in New York, San Francisco, Beijing, Tokyo, and Seoul. It generates revenue primarily through membership fees and corporate contributions, employing over 800 staff members to produce research reports and facilitate public-private dialogue. Critics frequently point to the lack of transparency regarding its agenda-setting power and the environmental impact of its large-scale gatherings. [modifier]

The WEF aims to improve the state of the world by engaging leaders from business, politics, academia, and civil society to shape global, regional, and industry agendas. This mission relies on a stakeholder model where economic activities consider the interests of all parties involved, from shareholders to local communities. The organization builds trust through dialogue and supports decision-making via extensive research and insights. Key initiatives include the Reskilling Revolution, which targets preparing one billion people for the future of work, and the EDISON Alliance focused on expanding digital inclusion for a billion people. [modifier]

Klaus Schwab convened the first meeting of the European Management Forum in Davos, Switzerland, on January 24, 1971. Sponsored by the European Commission and industrial associations, the gathering attracted approximately 450 participants from 31 countries with the goal of helping European firms adopt American management techniques. By 1987, the organization renamed itself the World Economic Forum to reflect a broader vision that included resolving international conflicts and engaging political leaders. The annual Davos meeting became a fixture on the global calendar during this period.

The 2000s marked a phase of geographic expansion with the establishment of regional summits across Asia, Latin America, Africa, and the Middle East. In 2008, the Forum launched the Global Agenda Council network to integrate expert knowledge into its work. Recent years have seen significant leadership transitions, including the retirement of founder Klaus Schwab in 2025 and the resignation of President Børge Brende in February 2026 following controversies regarding his past relationship with Jeffrey Epstein. Despite facing criticism over its elite nature and influence, the organization remains a central venue for public-private dialogue. [modifier]