Who is Klaus Schwab?
Klaus Schwab is a German engineer and economist. He is one of the most affluent people in the world, with an estimated net worth of between $7 million and $25 million. He founded the World Economic Forum in 1997. The not-for-profit organization is popular for its annual meetings in Davos-Klosters, Switzerland. Klaus Schwab is the organization’s executive chairman. The annual meeting attracts the world’s leading business people. It also brings together governments and leaders in civil societies.
Schwab holds a doctorate in engineering and economics. He co-founded the Schwab Foundation for Social Entrepreneurship in 1998. The foundation supports over 300 social entrepreneurs across the globe.
| Full Name | Klaus Martin Schwab |
| Net Worth | USD 7 million |
| Birth Date | March 30, 1938 |
| Age | 85 years |
| Birthplace | Ravensburg, Germany |
| Parents | Eugen Wilhelm Schwab and Erika Epprecht |
| Nationality | German |
| Ethnicity | Swiss |
| Marital Status | Married to Hilde Schwab since 1971 |
| Children | Nicole Schwab and Olivier Schwab |
| Source of Wealth | Salary from Professional Engagements, Income from Personal Investments, Book Royalties, and Other Ventures |
| Education | Spohn-Gymnasium Ravensburg, Swiss Federal Institute of Technology, the University of Fribourg, and John F. Kennedy School of Government at Harvard University |
Early Life & Education
Klaus Martin Schwab was born on March 30, 1938. He is a native of Ravensburg, Upper Swabia. His parents were Eugene Wilhelm Schwab and Erika Epprecht. His father worked for Escher Wyss & Cie, an industrial company.
Schwab studied his 1st and 2nd grades in Wädenswil, Switzerland. After the Second World War, Schwab and his family returned to Germany. He joined the Humanistisches Gymnasium in Ravensburg.
Schwab enrolled at ETH Zurich, the Swiss Federal Institute of Technology. He graduated in 1961 with a mechanical engineering degree. Schwab’s quest for education did not end there. He enrolled at Harvard University’s John F. Kennedy School of Government and earned an MPA in Public Administration in 1967. Schwab received his doctorate in economics from Fribourg University in the same year.
Klaus Schwab has many privileged doctorates from different institutions. These include the London School of Economics and the Korea Advanced Institute of Science and Technology.
The Career of Klaus Schwab
Klaus Schwab began his career as a board member of large companies. He worked for corporations such as the Bilderberg Group and The Daily Mail Group. He developed a method to examine different global economies and their competitiveness. He publishes an annual Global Competitiveness Report for the course.
Author
The engineer cum economist has authored and co-authored several books and reports. He releases the Global Competitiveness Assessment. This is an annual report developed by a team of economists from around the world. The publication analyses and assesses the possibilities for economic growth. It focuses on enhanced productivity in nations worldwide.
The study uses the Schwab-developed method of examining global economies and their competitiveness.
Some of his publications include The Fourth Industrial Revolution, published in 2016. He has also published Shaping the Fourth Industrial Revolution, COVID-19: The Great Reset. He published the Stakeholder Capitalism in 2021. These publications have played a great role in growing Klaus Schwab’s net worth.
Academic Career
Klaus Schwab’s career began at the University of Geneva in 1971. He started as a professor of business policy at the age of 31 years. He was the youngest professor in Switzerland. He taught at the University until 2003, later becoming an Honorary professor there. Schwab is also an honorary doctor at the Kaunas University of Technology.
World Economic Forum
Klaus Martin Schwab is one of the most affluent people in the world, and one of his income streams is the World Economic Forum.
Schwab published a book titled Modern Enterprise Management in Mechanical Engineering in 1971. In the same year, Klaus Martin Schwab launched the European Management Forum. The organization is today known as World Economic Forum.
WEF holds annual meetings in Davos, Switzerland. World leaders meet there to discuss the state of the global economy. The economics professor receives funding from over 1000 companies for the organization.
Other donors of the WEF include The Bill & Melinda Gates Foundation and the Wellcome Trust. Governments that have funded the WEF include the Swiss, Japan, Germany, and Norway. Tickets to attend one of the annual meetings cost $19,000.
One more thing, WEF is tax-exempt in Switzerland.
Take a Look at Klaus Schwab: What you need to know | CNBC International:
Klaus Schwab Controversies
While many perceive Klaus Schwab as an economic hero, he has often left people calling him a villain. During the pandemic, WEF foresaw a dystopian future where people own nothing by 2030. The prediction goes on to say that people would be happy owning nothing.
He has often said that excessive salaries were no longer socially acceptable. In light of this, he earns an annual salary of over $1 million. The Swiss Broadcasting Corporation highlighted this salary level regarding contributions to the WEF.
Schwab accused the Davos municipality of failing to support the WEF annual meetings. He accused the municipality of profiteering, complacency, and lack of commitment. He said he did not see the future of the WEF meetings in Davos, leaving it at between 40 and 70 percent.
Facts about Klaus Schwab You May Not Know
- Klaus Schwab has no blood relationships with the American Billionaire Charles R Schwab. He is also not a close relative of the American mining magnate Charles M. Schwab.
- Apart from WEF, Klaus Schwab has other foundations under his belt. Klaus and Hilde Schwab founded the Schwab Foundation for Social Entrepreneurship in 1998. His foundations include the Forum of Young Global Leaders.
- Some conspiracy theorists believe Schwab is a villain disguised as a hero. He is trying to take over world leadership.
- Schwab is 84 years old and has not expressed any plans to retire.
FAQs
Does Klaus Schwab Have Other Companies?
Klaus Schwab does not have companies under his name. The German economist has launched several foundations throughout his life. A vast majority of his net worth comes from these foundations.
How is Klaus M. Schwab Related To Charles R. Schwab?
Klaus Schwab, the WEF founder, is a German unrelated to Charles R. Schwab, the American billionaire and Charles Schwab Corporation founder.
What is Charles Schwab’s Net Worth?
Charles Schwab is an American financial executive and investor. He is the founder of Charles Schwab Corporation. He is also the establishing founder of the Charles and Helen Schwab Foundation. Charles Schwab has a massive net worth of $10 billion.
Who Has the Most Charles Schwab Stock?
Toronto Dominion Bank is the highest stakeholder of Charles Schwab Corporation. It holds a 12% stake in the corporation.
Conclusion
Klaus Martin Schwab is a popular German engineer and economist out to change the world. He has established many foundations. His ultimate dream is to shape the global economy through productivity and sustainability.
These organizations have built Schwab a net worth of between $7 million and $25 million. His net worth is an estimation because Schwab is not very transparent about his finances. He has received fierce criticism due to these facts.
