The World Economic Forum has been shaken by revelations that its founder and longtime chairman, Klaus Schwab, is under investigation for alleged financial corruption and abuse of power.
An independent probe was launched after whistleblowers accused Schwab, 87, of using WEF resources for personal benefit—including alleged misuse of funds and property by both Schwab and his family. The claims, though unproven, have triggered a firestorm at the highest levels of global leadership.
In a stunning development, Schwab has stepped down immediately from his role as chairman of the WEF’s board of trustees, as the board—packed with influential figures like Al Gore, Queen Rania of Jordan, and ECB President Christine Lagarde—voted unanimously to pursue a full investigation.
A spokesperson for Schwab fiercely rejected the accusations, insisting all personal expenses were reimbursed and branding the whistleblower's claims as “malicious and unfounded.” Schwab is reportedly planning legal action in response.
The WEF, which has long portrayed itself as a pillar of ethical global governance, is now on the defensive. It has pledged transparency, emphasizing that the investigation is ongoing and no conclusions have yet been drawn.
Founded in 1971, the WEF became a symbol of elite consensus and high-level cooperation under Schwab’s leadership. Now, the organization faces a crisis of confidence as it confronts allegations that strike at the heart of its credibility.