World Economic Forum

"WEF" redirects here. For other uses, seeWEF (disambiguation).

World Economic Forum

Headquarters in Cologny, Switzerland
Formation	24 January 1971(1971-01-24)
Founder	Klaus Schwab
Type	International NGO,lobbying organisation
Legal status	Foundation
Purpose	Influencing global agendas and decision making, lobbying for public-private cooperation
Headquarters	Cologny,Switzerland
Region served	Worldwide
Official language	English
Executive Chairman	Klaus Schwab
President	Børge Brende
Website	www.weforum.org
Formerly called	European Management Forum

TheWorld Economic Forum(WEF) is aninternational non-governmental organization,think tank,andlobbying organisationbased inCologny,Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineerKlaus Schwab.

The foundation, which is mostly funded by its 1,000 member companies– typically global enterprises with more than five billionUS dollarsin turnover – as well as public subsidies, state that its own 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".

The Forum claims that a globalized world is best managed by a self-selected coalition ofmultinational corporations,governmentsandcivil society organizations(CSOs),which it expresses through initiatives like the "Great Reset"and the "Global Redesign".It states that it views periods of global instability – such as thefinancial crisis of 2007–2008and theCOVID-19 pandemic– as windows of opportunity to intensify its programmatic efforts.

The WEF is mostly known for its annual meeting at the end of January inDavos,a mountain resort in the easternAlpsregion 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 issuesacross 500 sessions.

Aside from Davos, the organization convenes regional conferences. It produces a series of reports, engages its members in sector-specific initiativesand provides a platform for leaders from selected stakeholder groups to collaborate on projects and initiatives.

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, employer misconduct and harassment, 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 footprintof its annual meetings.

Klaus Schwab,founder and executive chairman, World Economic Forum

History

Professor Klaus Schwab opens the inaugural European Management Forum in Davos in 1971.

F. W. de KlerkandNelson Mandelashake hands at the annual meeting of the World Economic Forum held in Davos in January 1992.

Henry Kissingerwith former USSR leaders at the WEF Annual Meeting 1992

Børge Brende,managing director and current president 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.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.

In February 1971, Schwab invited 450 executives fromWestern Europeanfirms to the first European Management Symposium held in theDavos Congress Centreunder the patronage of theEuropean Commissionand European industrial associations, where Schwab sought to introduce European firms to American management practices.He then founded the WEF as a nonprofit organization based inGenevaand drew European business leaders toDavosfor the annual meetings each January.

The second European Management Forum in 1972 was the first meeting where ahead of governmentfeatured as a speaker, Prime MinisterPierre WernerofLuxembourg.

Events in 1973, including the collapse of theBretton Woodsfixed-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.

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."

Political leaders soon began to use the annual meeting as venue for promoting their interests. TheDavos Declarationwas signed in 1988 byGreeceandTurkey,helping them turn back from the brink of war. In 1992, South African PresidentF. W. de Klerkmet withNelson MandelaandChief Mangosuthu Butheleziat the annual meeting, their first joint appearance outside South Africa. At the 1994 annual meeting, Israeli Foreign MinisterShimon PeresandPLO chairmanYasser Arafatreached a draft agreement onGazaandJericho.

After 9/11, the WEF was held in the U.S., in New York City, for the first time.And in January 2003, U.S. Secretary of State Powell went to the forum to drum up sympathy for theglobal war on terrorismand the U.S.'s impending invasion of Iraq.

In October 2004, the World Economic Forum gained attention through the resignation of its CEOand executive directorJosé María Figueresover the undeclared receipt of more than US$900,000 in consultancy fees from the French telecommunications firmAlcatel.Transparency Internationalhighlighted this incident in theirGlobal Corruption Reporttwo years later in 2006.

In January 2006, the WEF published an article in itsGlobal Agendamagazine titled "Boycott Israel", which was distributed to all 2,340 participants of the annual meeting.Following the publication,Klaus Schwabdescribed the publication as "an unacceptable failure in the editorial process".

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.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".Despite protests byNorth Koreacalling 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".

In 2017, the WEF in Davos attracted considerable attention when, for the first time, a head of state from thePeople's Republic of Chinawas present at the alpine resort. With the backdrop ofBrexit,an incomingprotectionistUS administration and significant pressures onfree trade zonesandtrade agreements,Paramount leaderXi Jinpingdefended 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.

In 2018, Indian Prime MinisterNarendra Modigave the keynote speech, becoming the first head of government from India to deliver the inaugural keynote for the annual plenary at Davos. Modi highlightedglobal warming(climate change), terrorism and protectionism as the three major global challenges, and expressed confidence that they can be tackled with collective effort.

In 2019, Brazilian PresidentJair Bolsonarogave 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 thatBrazilis a protector of therain forestwhile 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".Environmental concerns like extreme weather events, and the failure ofclimate change mitigationandadaptationwere among the top-ranking global risks expressed by WEF attendees.On June 13, 2019, the WEF and theUnited Nationssigned a "Strategic Partnership Framework" in order to "jointly accelerate the implementation of the2030 Agenda for Sustainable Development."

The 2021 World Economic Forum was due to be held from 17 to 20 August inSingapore.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.

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 variantand its impact on travel and mobility had made deferral necessary, with the meeting in Davos eventually rescheduled for 22 to 26 May 2022.

Topics in the 2022 annual meeting included theRussian invasion of Ukraine,climate change, energy insecurity andinflation.Ukraine's presidentVolodymyr Zelenskyygave a special address at the meeting,thanking the global community for its efforts but also calling for more support.The 2022 Forum was marked by the absence of a Russian delegation for the first time since 1991, whichThe Wall Street Journaldescribed as signalling the "unraveling of globalization."The former Russia House was used to present Russia's war crimes.

The 2023 annual meeting of the World Economic Forum took place inDavos, Switzerlandfrom 16–20 January under the theme "Cooperation in a fragmented world".

In May 2024, WEF announced that Schwab will move from his role as Executive Chairman to Chairman of the Board of Trustees by January 2025. No successor has been named.

Organization

Headquartered in Cologny, the WEF also has offices in New York, Beijing and Tokyo. In January 2015, it was designated an NGO with "other international body" status by the Swiss Federal Government under the Swiss Host-State Act.

On 10 October 2016, the WEF announced the opening of its newCenter for the Fourth Industrial Revolutionin 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".

The World Economic Forum claims to beimpartialand that it is not tied to any political,partisan,or national interests. Until 2012, it hadobserver statuswith theUnited Nations Economic and Social Council,when it was revoked; it is under the supervision of theSwiss Federal Council.The foundation's highest governance body is the foundation board.

The managing board is chaired by the WEF's president,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.

Board of trustees

The WEF is chaired by founder and executive chairman ProfessorKlaus Schwaband is guided by a board of trustees that is made up of leaders from business, politics, academia and civil society.

As of 2024, the board of trustees is composed of:Queen Rania of Jordan,Mukesh D. Ambani,Ajay S. Banga,Marc Benioff,Peter Brabeck-Letmathe,Thomas Buberl,Laurence D. Fink,Chrystia Freeland,Orit Gadiesh,Kristalina Georgieva,Fabiola Gianotti,Al Gore,Andre Hoffmann,Paula Ingabire,Joe Kaeser,Christine Lagarde,Yo-Yo Ma,Patrice Motsepe,Ngozi Okonjo-Iweala,Lubna S. Olayan,David M. Rubenstein,Ulf Mark Schneider,Klaus Schwab,Tharman Shanmugaratnam,Jim Hagemann Snabe,Julie Sweet,Feike Sijbesma,Heizō TakenakaandZhu Min.

Members of the board of trustees (past or present) include:Al Gore,Herman Gref,André Hoffmann,Carlos Ghosn,Christine Lagarde,Chrystia Freeland,David Rubenstein,Ernesto Zedillo,Fabiola Gianotti,Feike Sijbesma,Heizō Takenaka,Indra Nooyi,Jack Ma,Jim Hagemann Snabe,José Ángel Gurría,Josef Ackermann,Klaus Schwab,Kofi Annan,Laurence Fink,Leo Rafael Reif,Luis Alberto Moreno,Marc Benioff,Mark Carney,Maurice Lévy,Michael Dell,Mukesh Ambani,Muriel Pénicaud,Niall FitzGerald,Orit Gadiesh,Peter Brabeck-Letmathe,Peter Maurer,Queen Rania of Jordan,Rajat Gupta,Susan Hockfield,Tharman Shanmugaratnam,Tony Blair,Mark Schneider,Ursula von der Leyen,Yo-Yo Ma,Zhu Min,Ivan Pictet, Joseph P. Schoendorf Peter D. Sutherland and Victor L. L. Chu..

Membership

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.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.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).

Activities

Annual meeting in Davos

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 analpineenvironment. 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).The participants also take part in role playing events, such as the Investment Heat Map.Informal winter meetings may have led to as many ideas and solutions as the official sessions.

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.

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.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."Allplenarydebates from the annual meeting also are available on YouTubewhile photographs are available onFlickr.

Overview of past annual meetings

Year	Dates	Theme
1988		The new state of the world economy
1989		Key developments in the 90s: implications for global business
1990		Competitive cooperation in a decade of turbulence
1991		The new direction for global leadership
1992		Global cooperation and megacompetition
1993		Rallying all the forces for global recovery
1994		Redefining the basic assumptions of the world economy
1995	26–30 January	Leadership for challenges beyond growth
1996	1–6 February	Sustaining globalization
1997	30 January – 4 February	Building the network society
1998	29 January – 3 February	Managing volatility and priorities for the 21st century
1999	28 January – 2 February	Responsible globality: managing the impact of globalization
2000	26 January – 2 February	New beginnings: making a difference
2001	25–30 January	Sustaining growth and bridging the divides: a framework for our global future
2002	31 January – 4 February	Leadership in fragile times (held in New York instead of Davos)
2003	21–25 January	Building trust
2004	21–25 January	Partnering for security and prosperity
2005	26–30 January	Taking responsibility for tough choices
2006	25–29 January	The creative imperative
2007	24–28 January	Shaping the global agenda, the shifting power equation
2008	23–27 January	The power of collaborative innovation
2009	28 January – 1 February	Shaping the post-crisis world
2010	27–30 January	Improve the state of the world: rethink, redesign, rebuild
2011	26–30 January	Shared norms for the new reality
2012	25–29 January	The great transformation: shaping new models
2013	23–27 January	Resilient dynamism
2014	22–25 January	The reshaping of the world: consequences for society, politics and business
2015	21–24 January	New global context
2016	20–23 January	Mastering the fourth industrial revolution
2017	17–20 January	Responsive and responsible leadership
2018	23–26 January	Creating a shared future in a fractured world
2019	22–25 January	Globalization 4.0: shaping a global architecture in the age of the fourth industrial revolution
2020	20–24 January	Stakeholders for a cohesive and sustainable world
2021	17–20 August	Crucial Year to Rebuild Trust,canceled as a result ofCOVID-19 pandemic
2022	22–26 May	History at a Turning Point: Government Policies and Business Strategies
2023	16–20 January	Cooperation in a Fragmented World
2024	15–19 January	Rebuilding Trust

Individual participants

Juan Manuel Santos,president of Colombia,at the 2010 World Economic Forum

Some 3,000 individual participants joined the 2020 annual meeting in Davos. Countries with the most attendees include theUnited States(674 participants), theUnited Kingdom(270),Switzerland(159),Germany(137) andIndia(133).Among the attendees were heads of state or government, cabinet ministers, ambassadors, and heads or senior officials of international organizations, including:Sanna Marin(prime minister of Finland),Ursula von der Leyen(president of the European Commission),Christine Lagarde(ECB president),Greta Thunberg(climate activist),Ren Zhengfei(Huawei Technologies founder),Kristalina Georgieva(managing director of the IMF),Deepika Padukone(Bollywood actress),George Soros(investor), and Donald Trump (president of the United States).

Israeli PresidentIsaac Herzogat the 2024 World Economic Forum

An analysis byThe Economistfrom 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).

Corporate participants

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.For 2019,Bloomberghas 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.The Economisthad 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.

Summer annual meeting

In 2007, the foundation established the Annual Meeting of the New Champions (also called Summer Davos), held annually in China, alternating betweenDalianandTianjin,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.ThePremier of Chinahas delivered a plenary address at each annual meeting.

Regional meetings

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.

Young Global Leaders

Main article:Young Global Leaders

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.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'sCabinethad been members of the program.

Social entrepreneurs

Since 2000, the WEF has been promoting models developed by those in close collaboration with theSchwab Foundation for Social Entrepreneurship,highlightingsocial entrepreneurshipas a key element to advance societies and address social problems.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 Billimoriamet with Roberto Blois, deputy secretary-general of theInternational Telecommunication Union,an encounter that produced a key partnership for her organizationChild helpline international.

Research reports

Two-timeAcademy Awardwinner, Pakistani journalistSharmeen Obaid-Chinoyat WEF in 2013

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.

The "Competitiveness Team"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 Reportexamined 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)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.

The "Risk Response Network"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.

In 2020, the forum published a report entitledNature Risk Rising: Why the Crisis Engulfing Nature Matters for Business and the Economy.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). The report also found that 1 dollar spent on nature restoration yields 9 dollars in economic benefits.

Initiatives

Health

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.

Between 21 and 24 January 2020, at the early stages of theCOVID-19 outbreak,CEPImet with leaders fromModernato establish plans for aCOVID-19 vaccineat theDavosgathering,with a total global case number of 274 and total loss of life the virus at 16.TheWHOdeclared a global health emergency 6 days later.

Society

The Global Water Initiative brings together diverse stakeholders such asAlcan Inc.,theSwiss Agency for Development and Cooperation,USAIDIndia,UNDPIndia,Confederation of Indian Industry(CII), Government ofRajasthan,and theNEPADBusiness Foundation to develop public-private partnerships on water management in South Africa and India.

In an effort to combat corruption, thePartnering 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.

Environment

Further information:Business action on climate change

In the beginning of the 21st century, the forum began to increasingly deal with environmental issues.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."

The Environmental Initiative covers climate change and water issues. Under theGleneagles Dialogue on Climate Change,theU.K. governmentasked the World Economic Forum at theG8 Summit in Gleneagles in 2005to facilitate a dialogue with the business community to develop recommendations for reducinggreenhouse gas emissions.This set of recommendations, endorsed by a global group of CEOs, was presented to leaders ahead of the G8 Summit inToyako,Hokkaido, Japan held in July 2008.

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 Ricathe 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.

In January 2017, WEF launched thePlatform for Accelerating the Circular Economy(PACE), which is a globalpublic private partnershipseeking to scalecircular economyinnovations.PACE is co-chaired byFrans van Houten(CEO ofPhilips), Naoko Ishii (CEO of theGlobal Environment Facility,and the head ofUnited Nations Environment Programme(UNEP).TheEllen MacArthur Foundation,theInternational Resource Panel,Circle Economy,Chatham House,the DutchNational Institute for Public Health and the Environment,theUnited Nations Environment ProgrammeandAccentureserve as knowledge partners, and the program is supported by the UKDepartment for Environment, Food and Rural Affairs,DSM,FrieslandCampina,Global Affairs Canada,the DutchMinistry of Infrastructure and Water Management,Rabobank,Shell,SITRA,andUnilever.

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 tradethrough 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 emissionsin China and other large industrial nations.

Also in 2017, WEF launched theFourth Industrial Revolution(4IR) for the Earth Initiative, a collaboration among WEF,Stanford UniversityandPwC,and funded through the Mava Foundation.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.

The World Economic Forum is working to eliminateplastic pollution,stating that by 2050 it will consume 15% of the globalcarbon budgetand will pass by its weight fishes in the world's oceans. One of the methods is to achievecircular economy.

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 subsidiesshould be stopped. Many of the participants said that a better capitalism is needed.Al Goresummarized the ideas in the conference as: "The version of capitalism we have today in our world must be reformed".

In this meeting the World Economic Forum:

• Launched theTrillion Tree Campaignan initiative aiming to "grow, restore and conserve 1 trillion trees over the next 10 years around the world – in a bid to restorebiodiversityand help fightclimate change".Donald Trumpjoined 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 existingreforestationprojects
• Discussed the issue of climate change and called to expandingrenewable energy,energy efficiencychange the patterns ofconsumptionand remove carbon from the atmosphere. The forum claimed that the climate crisis will become aclimate apocalypseif the temperature will rise by 2 degrees. The forum called to fulfill 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.

At the 2021 annual meetingUNFCCClaunched 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.

Coronavirus and green recovery

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 todeforestationandspecies 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 globalGDPis moderately or largely dependent on nature. The article concludes that the recovery from the pandemic should be linked to nature recovery.

The forum proposed a plan for agreen recovery.The plan includes advancingcircular economy.Among the mentioned methods, there isgreen building,sustainable transport,organic farming,urban open space,renewable energyandelectric vehicles.

Global Shapers Community

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.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 protectionandsocial entrepreneurshipas a strategy to disguise the trueplutocraticgoals of the organisation.

The Great Reset

Main article:The Great Reset

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."The Great Reset" was to be the theme of WEF's annual meeting in August 2021.

According to forum founder Schwab, the intention of the project is to reconsider the meaning ofcapitalismand capital. While not abandoning capitalism, he proposes to change and possibly move on from some aspects of it, includingneoliberalismandfree-market fundamentalism.The role of corporations, taxation and more should be reconsidered. International cooperation and trade should be defended and theFourth Industrial Revolutionalso.

The forum defines the system that it wants to create as "Stakeholder Capitalism". The forum supportstrade unions.

The 'Great Reset' has also been the target ofseveral debunked conspiracy theories,which heavily overlap with related conspiracy theories concerning the'New World Order',Qanon,andCOVID-19.

Criticism

Physical protests

Protest march against the WEF inBasel,2006

During the late 1990s, the WEF, as well as theG7,World Bank,World Trade Organization,andInternational Monetary Fund,came under heavy criticism byanti-globalizationactivists who claimed that capitalism and globalization were increasing poverty and destroying the environment. In 2000, about 10,000 demonstratorsdisrupted a regional WEF meetinginMelbourne,by obstructing the path of 200 delegates.Small demonstrations are held in Davos on most but not all years, organised by the local Green Party (seeAnti-WEF protests in Switzerland, January 2003) to protest against what have been called the meetings of "fat cats in the snow", atongue-in-cheekterm used by rock singerBono.

After 2014, the physical protest movement against the World Economic Forum largely died down, andSwiss policenoted 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.Around 150TibetansandUighursprotested inGenevaand 400 Tibetans inBernagainst the visit of China'sparamount leaderXi Jinpingfor the 2017 meeting, with subsequent confrontations and arrests.

Allegations of employer misconduct and harassment

On June 29, 2024,The Wall Street Journalpublished an article, authored by staff reporters Shalini Ramachandran and Khadeeja Safdar, stating that WEF FounderKlaus Schwabis accused by former WEF employees of having engaged in two instances of sexual harassment. Furthermore, a former employee alleges that she was "pushed out" from her role as leader of an initiative for startups, following a brief trial period, after telling Schwab she was pregnant. Schwab grew upset that she wouldn’t be able to continue working at the same pace, people familiar with the incident said, and told her she wasn’t suited for her new leadership role. A fourth allegation was that Schwab ordered the firing of all individuals over 50 years of age at the WEF, which then HR-chief Paolo Gallo refused to do. After this, Schwab allegedly fired Gallo. The article then went on to discuss alleged misconduct by other high-ranking WEF officials, which was not directly related to Schwab. The WSJ article quoted the WEF's response to the specific allegations against Schwab, which the authors had gathered before publishing the article, as: "Schwab has never made sexual advances toward an employee and the women's' allegations were vague and false" and that “Mr. Schwab does not and has never engaged in the vulgar behaviors you describe”.Three days later, the WSJ article was reported on, separately and respectively, in Swiss daily newspapersTages-AnzeigerandNeue Zürcher Zeitung,where WEF further commented that "it is deeply disappointing that the WSJ made provably false allegations" and that there existed a zero-tolerance policy for this sort of misconduct.

In the aftermath of these revelations, some commentators pondered the future of the WEF.

Growing gaps in wealth

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 Internationalco-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.At the 2019 meeting, she presented another report claiming that the gap between rich and poor has only increased. 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.

"You'll own nothing and be happy"is a phrase adapted from an essay written byIda Aukenin 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 Rightscriticized Auken's vision of centralized property ownership as a "benevolent dictatorship".During theCOVID-19 pandemic,the phrase went viral, eliciting strongly negative reactions from mostly conservative but also some left-wing and unaffiliated commentators.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.

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.Bregman described his motivation, saying "it feels like I’m at a firefighters’ conference and no one’s allowed to speak about water".

Formation of a detached elite

Main article:Global elite

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.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.

TheTransnational Institutedescribes 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."

In 2019, theManager Magazinjournalist Henrik Müller argued that the "Davos Man" had already decayed into different groups and camps. He sees three central drivers for this development:

• Ideologically: the liberal western model is 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 are represented by government members in Davos).
• Socially: societies increasingly disintegrate into different groups, each of which evokes its own identity (e.g. embodied through the Brexit vote or congressional blockades in the USA).
• Economically: the measured economic reality largely contradicts the established ideas of how the economy should actually work (despite economic upswings, wages and prices e.g. barely rise).

Public cost of security

TheGraubündenCivil 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.Following massive criticism from politicians and the Swiss civil society, the Swiss federal government decided in February 2021 to reduce its annual contributions to the WEF.

As of 2018, the police and military expenditures carried by the federal government stood at 39 million Swiss francs.TheAargauer Zeitungargued in January 2020 that the additional cost borne by theKanton Graubündenstand at CHF 9 million per year.

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.

Gender debate

Further information:Gender bias

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.

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".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 Timesin March 2020, with the articles still online as of January 2024.

Workplace discrimination

According toThe Wall Street Journal,the WEF has had numerous accusations of workplace discrimination against women andBlack people.

Undemocratic decision making

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".

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.

Some critics have seen the WEF's attention to goals likeenvironmental protectionandsocial entrepreneurshipas mere window dressing to disguise its trueplutocraticnature and goals.In aGuardianopinion 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.A writer in the German magazineCicerosaw 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".The FrenchLes Echosfurthermore concludes that Davos "represents the exact values people rejected at the ballot box".

Lack of financial transparency

Further information:Financial transparency

In 2017, the formerFrankfurter Allgemeine Zeitungjournalist 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.

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.From July 2019 to June 2020, the World Economic Forum has spent €250,000 on lobbying theEuropean Union.

The German newspaperSüddeutsche Zeitungcriticised 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.

Unclear selection criteria

In a request to theSwiss National Council,theSwiss Green Partycriticised 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-Gaddafihad been invited to the WEF and even awarded membership in the club of "Young Global Leaders".Even after the beginning of theArab springin December 2010 and related violent uprisings against despot regimes, the WEF continued to invite Gaddafi to its annual meeting.

Environmental footprint of annual meetings

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.

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.

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-Generalto end it.They see such an agreement as a "disturbing corporate capture of the UN, which moved the world dangerously towards a privatised global governance".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.

Non-accreditation of critical media outlets

In 2019, the Swiss newspaperWOZreceived 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.WOZdeputy 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".

Institutional initiatives

In addition to economic policy, the WEF's agenda is in recent years increasingly focusing on positively connoted activist topics such asenvironmental protectionandsocial entrepreneurship,which critics see as a strategy to disguise the organisation's trueplutocraticgoals.

In a December 2020 article byThe Intercept,authorNaomi Kleindescribed 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.

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.

A study published in theJournal of Consumer Researchinvestigated 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."

Appropriation of global crises

In December 2021, the Catholic Cardinal and formerPrefectof theCongregation for the Doctrine of the Faith(CDF)Gerhard Ludwig Müllercriticised 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.TheGerman Central Council of Jewscondemned this criticism, which is also linked to Jewish financial investors, as antisemitic.

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.WEF cited the need to remain "impartial" on the issue. However,Khaled Al Sabawi,writing inMondoWeisscalled it hypocritical after it voluntarily condemned Russia's aggression against Ukraine months later.

Management of archaeological sites

In 2016 project management of theGöbeklitepesite transferred to the Doğuş Group, a Turkish conglomerate, with WEF also having an unclarified management input. The announcement of Dogus Group taking over the Göbeklitepe site was made at the 2016 World Economic Forum in Davos. A presentation on Göbeklitepe formed a keynote addressand ice statue replicas of parts of temple complex were installed outside the Davos Congress Centre.Critics have said that after assuming control, Doğuş Group, on the advice of WEF, ceased excavation work and instead focused on developing the site for tourism, resulting in interventions that have been criticized for potentially compromising the site's archaeological integrity.The WEF connection has also prompted conspiracy theories regarding the discovery of unexcavated structures at Göbeklitepe, the sudden death of the head excavator, and, after Doğuş Group took control, the halting of future excavations at the site and the forestation of large areas of the site said to contain those unexcavated structures.

Controversies

Davos municipality

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 2021/2022had 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.

Usage of "Davos"

As there are many other international conferences nicknamed with "Davos" such as the "Davos of the Desert" event organised bySaudi Arabia'sFuture Investment Initiative Institute,the World Economic Forum objected to the use of "Davos" in such contexts for any event not organised by them.This particular statement was issued on 22 October 2018, a day before the opening of 2018Future Investment Initiative(nicknamed "Davos in the desert" ) organised by thePublic Investment Fund of Saudi Arabia.

Alternatives

Open Forum Davos

Since the annual meeting in January 2003 in Davos, anOpen Forum Davos,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.

Public Eye Awards

ThePublic Eye Awardshave 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 oildiesel maker,Neste Oilin Finland, and mining companyAngloGold Ashantiin South Africa.According toSchweiz aktuellbroadcast 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 (nowLandratspolitician), by not directly engaged politicians, and by the police responsible.

See also

• 2009 Davos incident
• Antalya Diplomacy Forum
• Asian Leadership Conference
• Bilderberg Meeting
• Boao Forum for Asia
• Davos process
• Eurofi
• European Business Summit
• Event 201
• Horasis
• International Transport Forum
• St. Petersburg International Economic Forum
• World Knowledge Forum
• World Social Forum
• World Youth Forum

General and cited references

• "How to Open the World Economic Forum"– Matthias Lüfkens in interview with 99FACES.tv
• Bornstein, David(2007).How to Change the World: Social Entrepreneurs and the Power of New Ideas.New York:Oxford University Press.ISBN978-0-19-533476-0.358 pages.
• "Behind the Scenes at Davos"broadcast 14 February 2010 on60 Minutes,CBS News
• Kellerman, Barbara(1999).Reinventing Leadership: Making the Connection Between Politics and Business.Albany, New York:State University of New York Press.ISBN978-0-7914-4071-1.268 pages.
• Moore, Mike(2003).A World Without Walls: Freedom, Development, Free Trade and Global Governance.Cambridge; New York:Cambridge University Press.ISBN978-0-521-82701-0.292 pages.
• Pigman, Geoffrey Allen(2007).The World Economic Forum: A Multi-Stakeholder Approach to Global Governance.London; New York:Routledge.ISBN978-0-415-70204-1.175 pages.
• Rothkopf, David J.(2008).Superclass: The Global Power Elite and the World They Are Making.New York:Farrar, Straus and Giroux.ISBN978-0-374-27210-4.376 pages.
• Schwab, Klaus M.;Kroos, Hein(1971).Moderne Unternehmensführung im Maschinenbau.Frankfurt: Verein Dt. Maschinenbau-Anst. e.V. Maschinenbau-Verl.OCLC256314575.
• "Everybody's Business: Strengthening International Cooperation in a More Interdependent World"—World Economic Forum; launched May 2010, Doha, Qatar
• Wolf, Michael(1999).The Entertainment Economy: How Mega-Media Forces Are Transforming Our Lives.New York:Random House.ISBN978-0-8129-3042-9.336 pages.

External links

• Official website
• WEF Board of Trustees
• "Klaus Schwab and Prince Charles on why we need a Great Reset"at the World Economic Forum
• Klaus Schwab in"A Conversation with Henry Kissinger on the World in 2017"at the World Economic Forum