Klaus Schwab, a German economist, established the World Economic Forum (WEF) in 1971 with the aim of drawing “political, business, and social leaders” to collaboratively shape global, regional, and industry agendas.
Throughout his leadership, Schwab didn’t shy away from expressing his ambition to fundamentally transform the world. He has advocated for a “great reset” of capitalism, urged companies to eliminate carbon emissions, and focused on cultivating a network of future political leaders. He also highlighted “false information and disinformation” as significant threats to humanity.
In a notable statement from 2018, the WEF communicated, “You will own nothing. You’ll be happy.” After serving in this role for fifty years, Schwab announced his resignation as chairman on April 1.
Initially, WEF stated that Schwab’s resignation would complete by January 2027. However, he stepped down on April 21 after the organization was scrutinized for possible financial and ethical violations. Following this investigation, the WEF’s announcement indicated that there was “no evidence of material misconduct by Klaus Schwab,” and now BlackRock CEO Larry Fink and Roche’s vice-chairman André Hoffmann will serve as co-chairs.
The forum expressed that this transition is crucial, as the Board aims to solidify the WEF as a resilient international organization for public-private collaboration. They emphasized their commitment to Schwab’s original vision, which seeks to unite government, business, and civil society to enhance global conditions.
It seems Fink, who oversees over $11 trillion in assets, will steer the forum’s mission forward. His leadership reflects a commitment to socially engineered behavior change through investment strategies linked to environmental, social, and governance principles.
Fink has previously discussed the necessity for businesses to alter their practices in favor of diversity, equity, and inclusion during various interviews. Although BlackRock recently removed specific DEI targets, citing shifts in U.S. legal landscapes, the WEF remains well-positioned to advance its agenda internationally.
Fink shares Schwab’s global vision. He noted that globalization is evolving and seemed critical of nationalism while expressing cautious optimism about the future of global collaboration.
In a joint statement with Hoffmann, Fink remarked that the forum’s role is more vital than ever, underscoring its capacity to foster cooperation, build trust, and turn discussions into actionable outcomes.
