Klaus Schwab is an economist who is most famous for establishing the World Economic Forum (WEF), which brings together billionaires every year from around the world. He has been the organization’s chairman since it was founded. He is also an engineer and author. As of 2022, Klaus Schwab has a net worth of $1 million.
Originally from Ravensburg, Upper Swabia, Klaus Martin Schwab was born in Nazi Germany. Born on March 30, 1938, his parents are Eugen Wilhelm and Erika Epprecht. Klaus’ mother is from Switzerland, where his two brothers were born.
Though he has no connections to the Charles Schwab Corporation, his family still has a business legacy. His father was the director of an industrial company called Escher Wyss & Cie.
At the Swiss Federal Institute of Technology, Klaus got a bachelor’s degree in mechanical engineering. He later earned a master’s degree in public administration from Harvard University and a PhD from the University of Fribourg.
Establishing the WEF
Klaus Schwab started his career as a board member of various large companies, including The Daily Mail Group, Bilderberg Group, Vontobel Holding, and The Swatch Group. In 1971, he released a book titled “Modern Enterprise Management in Mechanical Engineering.”
The same year, he started the European Management Forum, which is known today as the World Economic Forum. The organization is known for its annual meetings in Davos, Switzerland, where world leaders come together and discuss the state of the global economy.
Today, the WEF has over 1,000 global enterprises that fund its mission. However, because the forum is exclusive to the ultrarich, it has received numerous criticisms over the years.
A year after creating the European Management Forum, the German engineer became an honorary professor, teaching business policy at the University of Geneva and has held this position for about 31 years.
With a select group of economists, he has been publishing the Global Competitiveness Report since 1979. It’s a yearly analysis of the prospects for enhancing economic growth and productivity in various nations.
In 2002, he published the book “Recreating Asia” In 2016, he wrote “The Fourth Industrial Revolution.” At the peak of the coronavirus pandemic, he released “The Great Reset,” a book telling how the international tragedy altered the global market.
Net Worth and Earnings
Schwab has written about five books that were translated into English. This count doesn’t include his annual Global Competitiveness Report. He also earns extra income from his other gigs as the head of the WEF.
He has made various investments in his career and believes that environmental, social, and governance (ESG) investing is a positive innovation. Schwab is often surrounded by very affluent people, but it’s a wonder why Klaus Schwab keeps a humble fortune of $1 million.
Klaus is married to Hilde Schwab and they have been together since 1971. Their two children, Oliver and Nicole, are now adults pursuing their own career paths. Klaus and Hilde are currently residing in Cologny, Switzerland.