The foundation's stated mission is "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".[1]
The WEF is mostly known for its annual meeting at the end of January inDavos, a mountain resort in the canton ofGraubünden, in the easternAlps region ofSwitzerland. The meeting brings together some 3,000 paying members and selected participants – among whom are investors, business leaders, political leaders,economists, celebrities and journalists – for up to five days to discussglobal issues across 500 sessions.[3][4]
Aside from Davos, the organization convenes regional conferences, it produces a series of reports, engages its members in sector-specific initiatives[5] and provides a platform for leaders from selected stakeholder groups to collaborate on projects and initiatives.[6]
The World Economic Forum and its annual meeting in Davos have received criticism over the years, including allegations of the organization's corporate capture of global and democratic institutions, institutional whitewashing initiatives, the public cost of security, the organization's tax-exempt status, unclear decision processes and membership criteria, a lack of financial transparency, and theenvironmental footprint of its annual meetings.[7][8]
Klaus Schwab, founder and former executive chairman, World Economic Forum
Professor Klaus Schwab opens the inaugural European Management Forum in Davos in 1971.F. W. de Klerk andNelson Mandela shake hands at the annual meeting of the World Economic Forum held in Davos in January 1992.Henry Kissinger with former USSR leaders at the WEF Annual Meeting 1992Børge Brende, current president and CEO of the World Economic Forum, at the opening press conference in 2008 inCape Town, South Africa
The WEF was founded in 1971 byKlaus Schwab, a business professor at theUniversity of Geneva.[9] First named theEuropean Management Forum, it changed its name to the World Economic Forum in 1987 and sought to broaden its vision to include providing a platform for resolving international conflicts.[10]
In February 1971, Schwab invited 450 executives fromWestern European firms to the first European Management Symposium held in theDavos Congress Centre under the patronage of theEuropean Commission and European industrial associations, where Schwab sought to introduce European firms to American management practices.[11] He then founded the WEF as a nonprofit organization based inGeneva and drew European business leaders toDavos for the annual meetings each January.[12]
Events in 1973, including the collapse of theBretton Woods fixed-exchange rate mechanism and theYom Kippur War, saw the annual meeting expand its focus from management to economic and social issues, and, for the first time, political leaders were invited to the annual meeting in January 1974.[14]
Through the forum's first decade, it maintained a playful atmosphere, with many members skiing and participating in evening events. Appraising the 1981 event, one attendee noted that "the forum offers a delightful vacation on the expense account."[15]
After 9/11, the WEF was held in the U.S., in New York City, for the first time.[18][19] And in January 2003, U.S. secretary of state Powell went to the forum to drum up sympathy for theglobal war on terrorism and the U.S.'s impending invasion of Iraq.[19][20]
In October 2004, the World Economic Forum gained attention through the resignation of its CEO[21] and executive directorJosé María Figueres over the undeclared receipt of more than US$900,000 in consultancy fees from the French telecommunications firmAlcatel.[22]Transparency International highlighted this incident in theirGlobal Corruption Report two years later in 2006.[23]
In January 2006, the WEF published an article in itsGlobal Agenda magazine titled "Boycott Israel", which was distributed to all 2,340 participants of the annual meeting.[24] Following the publication,Klaus Schwab described the publication as "an unacceptable failure in the editorial process".[25]
In late 2015, the invitation was extended to include a North Korean delegation for the 2016 WEF, "in view of positive signs coming out of the country", the WEF organizers noted. North Korea has not been attending the WEF since 1998. The invitation was accepted.[26] However, WEF revoked the invitation on 13 January 2016, after the6 January 2016 North Korean nuclear test, and the country's attendance was made subject to "existing and possible forthcoming sanctions".[27][28] Despite protests byNorth Korea calling the decision by the WEF managing board a "sudden and irresponsible" move, the WEF committee maintained the exclusion because "under these circumstances there would be no opportunity for international dialogue".[29]
In 2017, the WEF in Davos attracted considerable attention when, for the first time, a head of state from thePeople's Republic of China was present at the alpine resort. With the backdrop ofBrexit, an incomingprotectionist U.S. administration and significant pressures onfree-trade zones andtrade agreements,Paramount leaderXi Jinping defended the global economic scheme, and portrayed China as a responsible nation and a leader for environmental causes. He sharply rebuked the current populist movements that would introduce tariffs and hinder global commerce, warning that such protectionism could foster isolation and reduced economic opportunity.[30]
In 2018, Indian prime ministerNarendra Modi gave the keynote speech, becoming the first head of government from India to deliver the inaugural keynote for the annual plenary at Davos. Modi highlighted global warming (climate change), terrorism and protectionism as the three major global challenges, and expressed confidence that they can be tackled with collective effort.[31]
In 2019, Brazilian presidentJair Bolsonaro gave the keynote address at the plenary session of the conference. On his first international trip to Davos, he emphasized liberal economic policies despite his populist agenda, and attempted to reassure the world thatBrazil is a protector of therainforest while utilizing its resources for food production and export. He stated that "his government will seek to better integrate Brazil into the world by mainstreaming international best practices, such as those adopted and promoted by theOECD".[32] Environmental concerns like extreme weather events, and the failure ofclimate change mitigation andadaptation were among the top-ranking global risks expressed by WEF attendees.[33] On 13 June 2019, the WEF and theUnited Nations signed a "Strategic Partnership Framework" in order to "jointly accelerate the implementation of the2030 Agenda for Sustainable Development."[34]
The 2021 World Economic Forum was due to be held from 17 to 20 August inSingapore.[35][36][37] However, on 17 May, the forum was cancelled; with a new meeting to take place in the first half of 2022 instead with a final location and date to be determined later in 2021.[38]
In late December 2021, the World Economic Forum said in a release that pandemic conditions had made it extremely difficult to stage a global in-person meeting the following month; transmissibility of theSARS-CoV-2 Omicron variant and its impact on travel and mobility had made deferral necessary, with the meeting in Davos eventually rescheduled for 22 to 26 May 2022.[39][40]
Topics in the 2022 annual meeting included theRussian invasion of Ukraine, climate change, energy insecurity andinflation. Ukraine's presidentVolodymyr Zelenskyy gave a special address at the meeting,[41] thanking the global community for its efforts but also calling for more support.[42] The 2022 forum was marked by the absence of a Russian delegation for the first time since 1991, whichThe Wall Street Journal described as signalling the "unraveling of globalization."[43][44] The former Russia House was used to present Russia's war crimes.[45]
The 2023 annual meeting of the World Economic Forum took place inDavos, Switzerland, from 16–20 January under the theme "Cooperation in a fragmented world".[46]
On 21 April 2025 Klaus Schwab, Chairman of the Board of the World Economic Forum, informed the Board: "Following my recent announcement and as I enter my 88th year, I have decided to step down from my position as Chair and as a member of the Board of Trustees, with immediate effect."[47]
In August 2025, the Forum faced renewed scrutiny after whistleblowers alleged financial irregularities and a toxic work environment. Interim chairPeter Brabeck-Letmathe, former CEO ofNestlé, resigned citing his personal observations of such conditions.[48] Although an internal investigation by the Zurich-based law firm Homburger and U.S. firm Covington & Burling found no evidence of "material wrongdoing" by Schwab or his wife Hilde, the Board pledged to strengthen governance structures.[49] At the same time, the Forum appointedLarry Fink, CEO ofBlackRock, andAndré Hoffmann, vice-chair ofRoche Holding, as interim co-chairs of its board.[50]
Headquartered in Cologny, the WEF also has offices in New York, Beijing, Tokyo and Seoul. In January 2015, it was designated an NGO with "other international body" status by the Swiss Federal Government under the Swiss Host-State Act.[51]
On 10 October 2016, the WEF announced the opening of its new Center for the Fourth Industrial Revolution in San Francisco. According to the WEF, the center will "serve as a platform for interaction, insight and impact on the scientific and technological changes that are changing the way we live, work and relate to one another".[52] WEF has 19 such centers spread acrossAfrica,Asia,Europe,North America andSouth America.[53]
The managing board is chaired by the WEF's president and CEO,Børge Brende, and acts as the executive body of the World Economic Forum. Managing board members are Børge Brende, Julien Gattoni, Jeremy Jurgens,Adrian Monck, Sarita Nayyar, Olivier M. Schwab,Saadia Zahidi, and Alois Zwinggi.[55]
The WEF was chaired by founder and chairmanKlaus Schwab until his departure in 2025 and is guided by a board of trustees that is made up of leaders from business, politics, academia and civil society.
The foundation is funded by its 1,000 member companies, typically global enterprises with more than five billion dollars in turnover (varying by industry and region). These enterprises rank among the top companies within their industry and/or country and play a leading role in shaping the future of their industry and/or region. Membership is stratified by the level of engagement with forum activities, with the level of membership fees increasing as participation in meetings, projects, and initiatives rises.[59] In 2011, an annual membership cost $52,000 for an individual member, $263,000 for "Industry Partner" and $527,000 for "Strategic Partner". An admission fee costs $19,000 per person.[60] In 2014, WEF raised annual fees by 20 percent, bringing the cost for "Strategic Partner" from CHF 500,000 ($523,000) to CHF 600,000 ($628,000).[61]
A sports shop has turned into a temporary informal reception location "Caspian Week", WEF 2018.
The flagship event of the World Economic Forum is the invitation-only annual meeting held at the end of January in Davos, Switzerland, bringing together chief executive officers from its 1,000 member companies, as well as selected politicians, representatives fromacademia,NGOs, religious leaders, and the media in analpine environment. The winter discussions ostensibly focus around key issues of global concern (such as theglobalization, capital markets, wealth management, international conflicts, environmental problems and their possible solutions).[5][62] The participants also take part in role playing events, such as the Investment Heat Map.[63] Informal winter meetings may have led to as many ideas and solutions as the official sessions.[64]
At the 2018 annual meeting, more than 3,000 participants from nearly 110 countries participated in over 400 sessions. Participation included more than 340 public figures, including more than 70 heads of state and government and 45 heads of international organizations; 230 media representatives and almost 40 cultural leaders were represented.[65]
Inside the Media Centre, 2007.
As many as 500 journalists from online, print, radio, and television take part, with access to all sessions in the official program, some of which are alsowebcast.[66] Not all the journalists are given access to all areas, however. This is reserved for white badge holders. "Davos runs an almost caste-like system of badges", according to BBC journalist Anthony Reuben. "A white badge means you're one of the delegates – you might be the chief executive of a company or the leader of a country (although that would also get you a little holographic sticker to add to your badge), or a senior journalist. An orange badge means you're just a run-of-the-mill working journalist."[67] Allplenary debates from the annual meeting also are available on YouTube[68] while photographs are available onFlickr.[69][70]
The World Economic Forum 2025 took place inDavos,Switzerland, from 20 to 24 January, under the themeCollaboration for the Intelligent Age.[71][72] The event brought together approximately 3,000 global leaders from over 125 countries, including 350 Heads of state and government, business executives, policymakers, and representatives from international organizations.[73] Discussions focused ongeopolitical stability, economic resilience,climate change,[74]artificial intelligence governance, and inclusive economic growth. Sessions covered topics such as the future ofglobal trade,energy transition, and the impact of artificial intelligence andautomation on the labor market. Several initiatives were introduced, including policy frameworks for AI regulation,climate financing mechanisms, and economic strategies for sustainable development.[75][76]
Israeli PresidentIsaac Herzog at the 2024 World Economic Forum
An analysis byThe Economist from 2014 found that the vast majority of participants are male and more than 50 years old. Careers in business account for most of the participants' backgrounds (1,595 conference attendees), with the remaining seats shared between government (364), NGOs (246) and press (234). Academia, which had been the basis of the first annual conference in 1971, had been marginalised to the smallest participant group (183 attendees).[96]
Next to individual participants, the World Economic Forum maintains a dense network of corporate partners that can apply for different partnership ranks within the forum.[97] For 2019,Bloomberg has identified a total of 436 listed corporates that participated in the annual meeting while measuring a stock underperformance by the Davos participants of around −10% versus the S&P 500 during the same year. Drivers are among others an overrepresentation of financial companies and an underrepresentation of fast-growing health care and information technology businesses at the conference.[98]The Economist had found similar results in an earlier study, showing an underperformance of Davos participants against both the MSCI World Index and the S&P 500 between 2009 and 2014.[96]
In 2007, the foundation established the Annual Meeting of the New Champions (also called Summer Davos), held annually in China, alternating betweenDalian andTianjin, bringing together 1,500 participants from what the foundation calls Global Growth Companies, primarily from rapidly growing emerging countries such as China, Russia,Mexico, andBrazil, but also including quickly growing companies fromdeveloped countries. The meeting also engages with the next generation of global leaders from fast-growing regions and competitive cities, as well as technology pioneers from around the globe.[99] Thepremier of China has delivered a plenary address at each annual meeting.[citation needed]
Prithviraj Chavan, chief minister of Maharashtra, India; Sudha Pilay, member-secretary, Planning Commission, India; andBen Verwaayen, chief executive officer, Alcatel-Lucent, France, were the co-chairs of the India Economic Summit 2011 inMumbai.
Every year regional meetings take place, enabling close contact among corporate business leaders, local government leaders, and NGOs. Meetings are held in Africa, East Asia, Latin America, and the Middle East. The mix of hosting countries varies from year to year, but consistently China and India have hosted throughout the decade since 2000.[100]
The group of Young Global Leaders consists of 800 people chosen by the WEF organizers as being representative of contemporary leadership. After five years of participation they are considered alumni.[101] The program has received controversy when Schwab, the founder, admitted to "penetrat[ing]" governments with Young Global Leaders. He added that as of 2017 "more than half" ofJustin Trudeau'sCabinet had been members of the program.[102]
Since 2000, the WEF has been promoting models developed by those in close collaboration with theSchwab Foundation for Social Entrepreneurship,[103] highlightingsocial entrepreneurship as a key element to advance societies and address social problems.[104][105] Selected social entrepreneurs are invited to participate in the foundation's regional meetings and the annual meetings where they may meet chief executives and senior government officials. At the annual meeting 2003, for example,Jeroo Billimoria met with Roberto Blois, deputy secretary-general of theInternational Telecommunication Union, an encounter that produced a key partnership for her organizationChild Helpline International.[106]
The foundation also acts as athink tank, publishing a wide range of reports. In particular, "Strategic Insight Teams" focus on producing reports of relevance in the fields of competitiveness, global risks, andscenario thinking.[citation needed]
The "Competitiveness Team"[107] produces a range of annual economic reports (first published in brackets): theGlobal Competitiveness Report (1979) measured competitiveness of countries and economies; TheGlobal Information Technology Report (2001) assessed their competitiveness based on their IT readiness; theGlobal Gender Gap Report examined critical areas of inequality between men and women; theGlobal Risks Report (2006) assessed key global risks; theGlobal Travel and Tourism Report (2007) measured travel and tourism competitiveness; the Financial Development Report (2008)[108] aimed to provide a comprehensive means for countries to establish benchmarks for various aspects of their financial systems and establish priorities for improvement; and theGlobal Enabling Trade Report (2008) presented a cross-country analysis of the large number of measures facilitating trade among nations.[109]
The "Risk Response Network"[110] produces a yearly report assessing risks which are deemed to be within the scope of these teams, have cross-industry relevance, are uncertain, have the potential to cause upwards of US$10 billion in economic damage, have the potential to cause major human suffering, and which require a multi-stakeholder approach for mitigation.[111]
In 2020, the forum published a report entitledNature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy.[112][113] In this report the forum estimated that approximately half of global GDP is highly or moderately dependent on nature (the same asIPBES's 2019 assessment report[114]). The report also found that 1 dollar spent on nature restoration yields 9 dollars in economic benefits.[115]
On 19 January 2017 theCoalition for Epidemic Preparedness Innovations (CEPI), a global initiative to fight epidemics, was launched at WEF in Davos. The internationally funded initiative aims at securing vaccine supplies for global emergencies and pandemics, and to research new vaccines for tropical diseases, that are now more menacing. The project is funded by private and governmental donors, with an initial investment of US$460m from the governments of Germany, Japan and Norway, plus the Bill & Melinda Gates Foundation and the Wellcome Trust.[116]
Between 21 and 24 January 2020, at the early stages of theCOVID-19 outbreak,CEPI met with leaders fromModerna to establish plans for aCOVID-19 vaccine at theDavos gathering,[117] with a total global case number of 274 and total loss of life the virus at 16.[118] TheWHO declared a global health emergency 6 days later.[119]
In an effort to combat corruption, the Partnering Against Corruption Initiative (PACI) was launched by CEOs from the engineering and construction, energy andmetals, and mining industries at the annual meeting in Davos during January 2004. PACI is a platform for peer exchange on practical experience and dilemma situations. Approximately 140 companies have joined the initiative.[120]
In the beginning of the 21st century, the forum began to increasingly deal with environmental issues.[121] In the Davos Manifesto 2020 it is said that a company among other:
"acts as a steward of the environmental and material universe for future generations. It consciously protects our biosphere and champions a circular, shared and regenerative economy."
"responsibly manages near-term, medium-term and long-term value creation in pursuit of sustainable shareholder returns that do not sacrifice the future for the present."
"is more than an economic unit generating wealth. It fulfils human and societal aspirations as part of the broader social system. Performance must be measured not only on the return to shareholders, but also on how it achieves its environmental, social and good governance objectives."[122]
In 2016 WEF published an article in which it is said, that in some cases reducing consumption can increase well-being. In the article is mentioned that inCosta Rica the GDP is 4 times smaller than in many countries in Western Europe and North America, but people live longer and better. An American study shows that those whose income is higher than $75,000, do not necessarily have an increase in well-being. To better measure well-being, the New Economics Foundation's launched theHappy Planet Index.[125]
The Forum emphasized its 'Environment and Natural Resource Security Initiative' for the 2017 meeting to achieve inclusive economic growth and sustainable practices for global industries. With increasing limitations onworld trade through national interests and trade barriers, the WEF has moved towards a more sensitive and socially-minded approach for global businesses with a focus on the reduction ofcarbon emissions in China and other large industrial nations.[130]
Also in 2017, WEF launched theFourth Industrial Revolution (4IR) for the Earth Initiative, a collaboration among WEF,Stanford University andPwC, and funded through the Mava Foundation.[131] In 2018, WEF announced that one project within this initiative was to be theEarth BioGenome Project, the aim of which is to sequence the genomes of every organism on Earth.[132]
The World Economic Forum is working to eliminateplastic pollution, stating that by 2050 it will consume 15% of the globalcarbon budget and will pass by its weight fishes in the world's oceans. One of the methods is to achievecircular economy.[133][134]
The theme of the 2020 World Economic Forum annual meeting was 'Stakeholders for a Cohesive and Sustainable World'. Climate change and sustainability were central themes of discussion. Many argued that GDP is failed to represent correctly the wellbeing and thatfossil fuel subsidies should be stopped. Many of the participants said that a better capitalism is needed.Al Gore summarized the ideas in the conference as: "The version of capitalism we have today in our world must be reformed".[135]
In this meeting the World Economic Forum:
Launched theTrillion Tree Campaign an initiative aiming to "grow, restore and conserve 1 trillion trees over the next 10 years around the world – in a bid to restorebiodiversity and help fightclimate change".Donald Trump joined the initiative. The forum stated that: "Nature-based solutions – locking-up carbon in the world's forests, grasslands and wetlands – can provide up to one-third of the emissions reductions required by 2030 to meet the Paris Agreement targets," adding that the rest should come from the heavy industry, finance and transportation sectors. One of the targets is to unify existingreforestation projects[136]
Discussed the issue of climate change and called to expandingrenewable energy,energy efficiency change the patterns ofconsumption and remove carbon from the atmosphere. The forum concluded that the climate crisis will become aclimate apocalypse should the temperature rise by 2 °C above pre-industrial levels. The forum called on governments to fulfil the commitments inParis Agreement.Jennifer Morgan, special representative for international climate policy of the Federal Foreign Office in Germany, said that as to the beginning of the forum, fossil fuels still get three times more money than climate solutions.[137]
At the 2021 annual meetingUNFCCC launched the 'UN Race-to-Zero Emissions Breakthroughs'. The aim of the campaign is to transform 20 sectors of the economy in order to achieve zero greenhouse gas emissions. At least 20% of each sector should take specific measures, and 10 sectors should be transformed before COP 26 in Glasgow. According to the organizers, 20% is a tipping point, after which the whole sector begins to irreversibly change.[138][139]
In April 2020, the forum published an article that postulates that the COVID-19 pandemic is linked to the destruction of nature. The number of emerging diseases is rising and this rise is linked todeforestation andspecies loss. In the article, there are multiple examples of the degradation of ecological systems caused by humans. It is also says that half of the globalGDP is moderately or largely dependent on nature. The article concludes that the recovery from the pandemic should be linked to nature recovery.[112]
The Global Shapers Community (GSC), an initiative of World Economic Forum, selects young leaders below 30 years old to be change agents in the world.[141] Global Shapers develop and lead their city-based hubs to implement social justice projects that advance the mission of World Economic Forum. The GSC has over 10,000 members in 500+ hubs in 154 countries. Some critics see the WEF's increasing focus on activist areas such asenvironmental protection[121] andsocial entrepreneurship[142] as a strategy to disguise the trueplutocratic goals of the organisation.[143][144][145]
In May 2020, the WEF and thePrince of Wales's Sustainable Markets Initiative launched "The Great Reset" project, a five-point plan to enhance sustainable economic growth following the global recession caused by theCOVID-19 pandemic lockdowns.[146] "The Great Reset" was to be the theme of WEF's annual meeting in August 2021.[147]
According to forum founder Schwab, the intention of the project is to reconsider the meaning ofcapitalism and capital. While not abandoning capitalism, he proposes to change and possibly move on from some aspects of it, includingneoliberalism andfree-market fundamentalism. The role of corporations, taxation and more should be reconsidered. International cooperation and trade should be defended and theFourth Industrial Revolution also.[148][149]
The forum defines the system that it wants to create as "Stakeholder Capitalism". The forum supportstrade unions.[150]
After 2014, the physical protest movement against the World Economic Forum largely died down, andSwiss police noted a significant decline in attending protesters, 20 at most during the meeting in 2016. While protesters are still more numerous in large Swiss cities, the protest movement itself has undergone significant change.[153] Around 150Tibetans andUighurs protested inGeneva and 400 Tibetans inBern against the visit of China'sparamount leaderXi Jinping for the 2017 meeting, with subsequent confrontations and arrests.[154]
A number of NGOs have used the World Economic Forum to highlight growing inequalities andwealth gaps, which they consider to have been neglected, or even to be exacerbated, through institutions like the WEF.Winnie Byanyima, the former executive director of the anti-poverty confederationOxfam International co-chaired the 2015 meeting, where she presented a critical report of global wealth distribution based on statistical research by theCredit Suisse Research Institute. In this study, the richest 1% of people in the world own 48% of the world's wealth.[155] At the 2019 meeting, she presented another report in which she stated that the gap between rich and poor has widened. The report "Public Good or Private Wealth" stated that 2,200 billionaires worldwide saw their wealth grow by 12% while the poorest half saw its wealth fall by 11%. Oxfam calls for a global tax overhaul to increase and harmonise global tax rates for corporations and wealthy individuals.[156]
"You'll own nothing and be happy" is a phrase adapted from an essay written byIda Auken in 2016 for the WEF, pondering a future in which urban residents would rely on shared services for many expensive items such as appliances and vehicles. Shortly after its publication, a commentator forEuropean Digital Rights criticized Auken's vision of centralized property ownership as a "benevolent dictatorship".[157] During theCOVID-19 pandemic, the phrase went viral, eliciting strongly negative reactions from mostly conservative but also some left-wing and unaffiliated commentators.[158][159] Responding to viral social media posts based on the phrase, the WEF denied that it had a goal related to limiting ownership of private property.[160]
Rutger Bregman, a Dutch historian invited to a 2018 WEF panel on inequality, went viral when he suggested that the best way for the attendees to attack inequality was to stop avoiding taxes.[161][162] Bregman described his motivation, saying "it feels like I’m at a firefighters’ conference and no one’s allowed to speak about water".
The formation of a detached elite, sometimes labeled with theneologism "Davos Man", refers to a global group whose members view themselves as completely "international". The term refers to people who "have little need for national loyalty, view national boundaries as obstacles, and see national governments as residues from the past whose only useful function is to facilitate the elite's global operations" according to political scientistSamuel P. Huntington, who is credited with inventing the neologism.[163] In his 2004 article "Dead Souls: The Denationalization of the American Elite", Huntington argues that this international perspective is a minority elitist position not shared by the nationalist majority of the people.[164]
TheTransnational Institute describes the World Economic Forum's main purpose as being "to function as a socializing institution for the emerging global elite, globalization's "Mafiocracy" of bankers, industrialists, oligarchs, technocrats and politicians. They promote common ideas, and serve common interests: their own."[165]
In 2019, theManager Magazin journalist Henrik Müller argued that the "Davos Man" had already decayed into different groups and camps. He saw three central drivers for this development:[166]
Ideologically: the liberal western model was no longer considered a universal role model that other countries strive for (with China's digital totalitarianism or the traditional absolutism in the Persian Gulf as counter-proposals, all of which ware represented by government members in Davos).
Socially: societies increasingly disintegrated into different groups, each of which evoked its own identity (e.g. embodied through the Brexit vote or congressional blockades in the USA).
Economically: the measured economic reality largely contradicted the established ideas of how the economy should actually work (despite economic upswings, wages and prices e.g. barely rose).
The Graubünden Civil Defense Police during the 2013 Annual Meeting in Davos
Critics argue that the WEF, despite having reserves of several hundred million Swiss francs and paying its executives salaries of around 1 million Swiss francs per year, would not pay any federal tax and moreover allocate a part of its costs to the public.[167] Following massive criticism from politicians and Swiss civil society, the Swiss federal government decided in February 2021 to reduce its annual contributions to the WEF.[168]
As of 2018, the police and military expenditures carried by the federal government stood at 39 million Swiss francs.[169] TheAargauer Zeitung argued in January 2020 that the additional cost borne by the Kanton Graubünden stands at CHF 9 million per year.[170]
The Swiss Green Party summarised their criticism within the Swiss National Council that the holding of the World Economic Forum has cost Swiss taxpayers hundreds of millions of Swiss francs over the past decades. In their view, it was however questionable to what extent the Swiss population or global community benefit from these expenditures.[171]
Women have been broadly underrepresented at the WEF, according to some critics. The female participation rate at the WEF increased from 9% to 15% between 2001 and 2005. In 2016, 18% of the WEF attendees were female; this number increased to 21% in 2017, and 24% in 2020.[172][173]
Several women have since shared their personal impressions of the Davos meetings in media articles, highlighting that issues were more profound than "a quota at Davos for female leaders or a session on diversity and inclusion".[174][175][176] The World Economic Forum has in this context filed legal complaints against at least three investigative articles by reporters Katie Gibbons and Billy Kenber that were published by the British newspaperThe Times in March 2020, with the articles still online as of January 2024.[177][178][179][180]
According to theEuropean Parliament's think tank, critics see the WEF as an instrument for political and business leaders to "take decisions without having to account to their electorate or shareholders".[182]
Since 2009, the WEF has been working on a project called the Global Redesign Initiative (GRI), which proposes a transition away from intergovernmental decision-making towards a system ofmulti-stakeholder governance. According to theTransnational Institute (TNI), the Forum is hence planning to replace a recognised democratic model with a model where a self-selected group of "stakeholders" make decisions on behalf of the people.[183]
Some critics have seen the WEF's attention to goals likeenvironmental protection andsocial entrepreneurship as mere window dressing to disguise its trueplutocratic nature and goals.[184] In aGuardian opinion piece, Cas Mudde said that such plutocrats should not be the group to have control over the political agendas and decide which issues to focus on and how to support them.[185] A writer in the German magazineCicero saw the situation as academic, cultural, media and economic elites grasping for social power while disregarding political decision processes. A materially well-endowed milieu would in this context try to "cement its dominance of opinion and sedate ordinary people with maternalistic-paternalistic social benefits, so that they are not disturbed by the common people when they steer".[184] The FrenchLes Echos furthermore concludes that Davos "represents the exact values people rejected at the ballot box".[186]
In 2017, the formerFrankfurter Allgemeine Zeitung journalist Jürgen Dunsch criticized that financial reports of the WEF were not very transparent since neither income nor expenditures were broken down. In addition, he outlined that the foundation capital was not quantified while the apparently not insignificant profits would be reinvested.[187]
Recent annual reports published by the WEF include a more detailed breakdown of its financials and indicate revenues of CHF 349 million for the year 2019 with reserves of CHF 310 million and a foundation capital of CHF 34 million. There are no further details provided to what asset classes or individual names the WEF allocates its financial assets of CHF 261 million.[188] From July 2019 to June 2020, the World Economic Forum has spent €250,000 on lobbying theEuropean Union.[189]
The German newspaperSüddeutsche Zeitung criticised in this context that the WEF had turned into a "money printing machine", which is run like a family business and forms a comfortable way to make a living for its key personnel. The foundation's founder Klaus Schwab draws a salary of around one million Swiss francs per year.[187]
In a request to theSwiss National Council, theSwiss Green Party criticised that invitations to the annual meeting and programmes of the World Economic Forum are issued according to unclear criteria. They highlight that "despots" such as the son of the former Libyan dictatorSaif al-Islam al-Gaddafi had been invited to the WEF and even awarded membership in the club of "Young Global Leaders".[171] Even after the beginning of theArab spring in December 2010 and related violent uprisings against despot regimes, the WEF continued to invite Gaddafi to its annual meeting.[190]
Critics emphasise that the annual meeting of the World Economic Forum is counterproductive when combating pressing problems of humanity such as the climate crisis. Even in 2020, participants travelled to the WEF annual meeting in Davos on around 1,300 private jets while the total emissions burden from transport and accommodation were enormous in their view.[191][171]
Corporate capture of global and democratic institutions
The World Economic Forum's "Global Redesign" report suggests to create "public-private"United Nations (UN) in which selected agencies operate and steer global agendas under shared governance systems.[192]
In September 2019, more than 400 civil society organizations and 40 international networks heavily criticised a partnership agreement between WEF and the United Nations and called on theUN secretary-general to end it.[193] They see such an agreement as a "disturbing corporate capture of the UN, which moved the world dangerously towards a privatised global governance".[194] The Dutch Transnational Institute think tank summarises that we are increasingly entering a world where gatherings such as Davos are "a silent globalcoup d'état" to capture governance.[183]
In 2019, the Swiss newspaperWOZ received a refusal of its accreditation request for the annual meeting with the editors and subsequently accused the World Economic Forum of favoring specific media outlets. The newspaper highlighted that the WEF stated in its refusal message that it [the forum] prefers media outlets it works with throughout the year.WOZ deputy head Yves Wegelin called this a strange idea of journalism because in "journalism you don't necessarily have to work with large corporations, but rather critique them".[195]
In a December 2020 article byThe Intercept, authorNaomi Klein described that the WEF's initiatives like the "Great Reset" were simply a "coronavirus-themed rebranding" of things that the WEF was already doing and that it was an attempt by the rich to make themselves look good. In her opinion, "the Great Reset is merely the latest edition of this gilded tradition, barely distinguishable from earlier Davos Big Ideas.[200]
Similarly, in his review ofCOVID-19: The Great Reset, ethicist Steven Umbrello makes parallel critiques of the agenda. He says that the WEF "whitewash[es] a seemingly optimistic future post-Great Reset with buzz words like equity and sustainability" while it functionally jeopardizes those goals.[201]
A study published in theJournal of Consumer Research investigated the sociological impact of the WEF. It concluded that the WEF do not solve issues such as poverty, global warming, chronic illness, or debt. The Forum has, according to the study, simply shifted the burden for the solution of these problems from governments and business to "responsible consumers subjects: the green consumer, the health-conscious consumer, and the financially literate consumer."[202]
In December 2021, the Catholic Cardinal and formerPrefect of theCongregation for the Doctrine of the Faith (CDF)Gerhard Ludwig Müller criticised in a controversial interview that people like WEF founder Schwab were sitting "on the throne of their wealth" and were not touched by the everyday difficulties and sufferings people face e.g. due to the COVID-19 pandemic. On the contrary, such elites would see crises as an opportunity to push through their agendas. He particularly criticised the control such people would exercise on people and their embracement of areas such astranshumanism.[203][204] TheGerman Central Council of Jews condemned this criticism, which is also linked to Jewish financial investors, as antisemitic.[205]
On the other hand, the WEF has been criticized as "hypocritical" towards Palestinian human rights, when it rejected a petition from its own constituents to condemn Israel's aggression against Palestinians.[206] WEF cited the need to remain "impartial" on the issue. However,Khaled Al Sabawi, writing inMondoWeiss called it hypocritical after it voluntarily condemned Russia's aggression against Ukraine months later.[207]
In July 2025, the founder of World Economic Forum, Klaus Schwab, was accused of abuse of power after an internal WEF investigation found that when data for the 2017/18 WEF's Annual Competitiveness Report showed the UK had moved up the ranking from seventh to fourth place he intervened by writing to staff that the UK "must not see any improvement" as this would otherwise be "exploited by the Brexit camp". The final report published showed the UK had instead dropped by one place to eighth.[208] In the same report India should have dropped 20 places in the ranking. However Schwab told his staff that "we must protect our relationship with India before Davos 2019", consequently the published report showed India had dropped by only one place to fortieth.[209]
In May 2025, Klaus Schwab launched a defamation and coercion complaint against anonymous whistleblowers whose allegations prompted his resignation as chair of the WEF board of trustees in 2025. The accusations, including claims of financial impropriety, research manipulation, and mishandling of sexual harassment cases, were described by Schwab as "stupid and constructed." Despite stepping down from the WEF, Schwab maintains his innocence and has stated that his lawyers filed a criminal complaint with the Geneva public prosecutor, marking a turbulent period for the World Economic Forum as an organisation. The controversy also highlighted management issues at the WEF identified in earlier investigations and reignited scrutiny over its workplace culture.[210]
In June 2021, WEF founder Klaus Schwab sharply criticised what he characterized as the "profiteering", "complacency" and "lack of commitment" by the municipality of Davos in relation to the annual meeting. He mentioned that the preparation of the COVID-related meeting in Singapore in 2021/2022[211] had created an alternative to its Swiss host and sees the chance that the annual meeting will stay in Davos between 40 and 70 per cent.[212][213]
Since the annual meeting in January 2003 in Davos, anOpen Forum Davos,[218] which was co-organized by theFederation of Swiss Protestant Churches, is held concurrently with the Davos forum, opening up the debate about globalization to the general public. The Open Forum has been held in the local high school every year, featuring top politicians and business leaders. It is open to all members of the public free of charge.[219][220]
ThePublic Eye Awards have been held every year since 2000. It is a counter-event to the annual meeting of the World Economic Forum (WEF) in Davos. Public Eye Awards is a "public competition of the worst corporations in the world." In 2011, more than 50,000 people voted for companies that acted irresponsibly. At a ceremony at a Davos hotel, the "winners" in 2011 were named as Indonesianpalm oil diesel maker,Neste Oil in Finland, and mining companyAngloGold Ashanti in South Africa.[221] According toSchweiz aktuell broadcast on 16 January 2015, a public presence during the WEF 2015, may not be guaranteed because the massively increased security in Davos. The Public Eye Award will be awarded for the last time in Davos: "Public Eyes says Goodbye to Davos", confirmed by Rolf Marugg (nowLandrats politician), by not directly engaged politicians, and by the police responsible.[222]
^abPigman, Geoffrey Allen (2007).The World Economic Forum – A Multi-Stakeholder Approach to Global Governance. London: Routledge. pp. 41–42.ISBN978-0-415-70204-1.
^"Platforms".World Economic Forum.Archived from the original on 21 July 2021. Retrieved21 July 2021.
^Pigman, Geoffrey Allen (2007).The World Economic Forum – A Multi-Stakeholder Approach to Global Governance. London: Routledge. pp. 6–22.ISBN978-0-415-70204-1.
^Department Of State. The Office of Electronic Information, Bureau of Public Affairs (26 January 2003)."Remarks at the World Economic Forum".2001-2009.state.gov.Archived from the original on 18 December 2023. Retrieved18 December 2023.
^"CEO resigns".World Economic Forum.Archived from the original on 6 August 2020. Retrieved14 June 2020.
^Reuben, Anthony (27 January 2013)."My first Davos – what I learned".BBC News.Archived from the original on 4 January 2016. Retrieved8 June 2015. My first Davos – what I learned
^Pigman, Geoffrey Allen (2007).The World Economic Forum – A Multi-Stakeholder Approach to Global Governance. London: Routledge. pp. 43,92–112.ISBN978-0-415-70204-1.
^Pigman, Geoffrey Allen (2007).The World Economic Forum – A Multi-Stakeholder Approach to Global Governance. London: Routledge. p. 115.ISBN978-0-415-70204-1.
^Steven Umbrello (17 February 2021), "Should We Reset? Eine Rezension von Klaus Schwab und Thierry Mallerets 'COVID-19: The Great Reset'",The Journal of Value Inquiry (in German), vol. 56, no. 4, pp. 1–8,doi:10.1007/s10790-021-09794-1,ISSN1573-0492,PMC7886645
^Klein, Naomi (8 December 2020)."The Great Reset Conspiracy Smoothie".The Intercept.Archived from the original on 13 December 2020. Retrieved14 December 2020.Writing about 'The Great Reset' is not easy. It has turned into a viral conspiracy theory purporting to expose something no one ever attempted to hide, most of which is not really happening anyway, some of which actually should.
^Pigman, Geoffrey Allen (2007).The World Economic Forum – A Multi-Stakeholder Approach to Global Governance. London: Routledge. p. 130.ISBN978-0-415-70204-1.
^"Open Forum". YouTube.Archived from the original on 25 January 2011. Retrieved7 March 2010.
^Lang, Olivia (28 January 2011)."BBC Davos Day three". BBC News.Archived from the original on 30 November 2023. Retrieved29 November 2011.
Geoffrey Allen Pigman (2007).The World Economic Forum: A Multi-Stakeholder Approach to Global Governance. London; New York:Routledge.ISBN978-0-415-70204-1. 175 pages.
Schwab, Klaus M.; Hein Kroos (1971).Moderne Unternehmensführung im Maschinenbau. Frankfurt: Verein Dt. Maschinenbau-Anst. e.V. Maschinenbau-Verl.OCLC256314575.
^Annex, Economic corridors and other projects catalyzed and supported by connectivity, 2019 Belt and Road Forum Joint Communique
^These projects and themes are not listed in the economic corridors list under the 2019 Annex but are frequently associated with the Belt and Road Initiative in media and scholarship.
^The Belt and Road Initiative: Progress, Contributions and Prospects released in April 2019 by the Office of the Leading Group for Promoting the Belt and Road Initiative.
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