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5d ago

World Economic Forum Probes Klaus Schwab Over Misuse of Funds Allegations

Schwab resigns as chairman effective immediately as whistleblower claims spark investigation into governance and ethics at the WEF.

World Economic Forum (WEF) Founder and Chairman Klaus Schwab gives his welcoming remarks at the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2025. REUTERS/Yves Herman/File Photo
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Klaus Schwab was the driving force behind the World Economic Forum becoming an annual gathering of the world's rich and powerful
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Overview

  • The WEF board has launched an external investigation into allegations that Klaus Schwab and his wife misused forum funds for personal expenses, including luxury travel and massages.
  • Schwab resigned as chairman and board member on April 21, 2025, accelerating a planned leadership transition originally set for January 2026.
  • The whistleblower letter, reportedly authored by current and former WEF employees, accuses Schwab of systemic governance failures and abuses of power over many years.
  • Schwab and his wife have denied all allegations and announced plans to pursue legal action against the letter’s author and others spreading what they call 'mistruths.'
  • This investigation follows a separate 2024 workplace culture probe that raised governance concerns but did not substantiate claims of discrimination or harassment.