Last Updated on March 5, 2024
Klaus Martin Schwab is a German engineer, economist, investor, and author.
Schwab is best known for founding the World Economic Forum (WEF). He has also served as WEF’s chairman since establishing the organization in 1971.
Klaus Schwab Quick Facts
Full Name: | Klaus Martin Schwab |
Popular Name: | Klaus Schwab |
Nicknames: | N/A |
Birth Date: | March 30, 1938 |
Age: | 85 years |
Parents: | Eugen Wilhelm Schwab and Erika Epprecht |
Siblings: | Has 2 Swiss brothers |
Birth Place: | Ravensburg, Germany |
Nationality: | German |
Ethnicity: | Swiss |
Religion: | Christianity |
Education: | Spohn-Gymnasium Ravensburg, Swiss Federal Institute of Technology, the University of Fribourg, and John F. Kennedy School of Government at Harvard University |
Marital Status: | Married to Hilde Schwab (since 1971) |
Sexual Orientation: | Straight |
Children: | Nicole Schwab and Olivier Schwab |
Net Worth: | USD 7 million |
Source of Wealth: | Salary from Professional Engagements, Income from Personal Investments, Book Royalties, and Other Ventures |
Height: | 6′ 2″ (1.87 m) |
Weight: | In kilograms: 79 kg; In pounds: 174 lbs. |
Early Life and Career Information
Early Life
Klaus Martin Schwab was born on March 30, 1938, in Ravensburg, German Reich (now Germany), to Eugen Wilhelm Schwab and Erika Epprecht.
Schwab completed his 1st and 2nd grade at a primary school located in the Wädenswil district of Au ZH, Switzerland. His family moved back to Germany after the First World War, where he attended the Spohn-Gymnasium Ravensburg until 1957.
Klaus Schwab graduated with a mechanical engineering degree in 1961 from Zurich-based Swiss Federal Institute of Technology. The institution awarded him a doctorate in engineering. He also received a doctorate in economics from the University of Fribourg and a Master of Public Administration from Harvard University’s John F. Kennedy School of Government.
Career Beginnings
Klaus Schwab kicked off his professional career in 1972 by becoming a professor of business policy at the University of Geneva. He served in that capacity until 2003 and then became the university’s Honorary Professor.
In 1979, Schwab began publishing the Global Competitiveness Report. This is an annual report compiled by a team of economists, which analyzes the potential for ramping up economic growth in countries around the world.
Schwab also served on the boards and committees of several organizations during the initial years of his career. Notable mentions include The Swatch Group, Vontobel Holdings, The Daily Mail Group, and The Bilderberg Group.
The World Economic Forum
Klaus Schwab founded the World Economic Forum in 1971. The organization was previously called the European Management Forum before changing its name in 1987.
Schwab founded WEF to impact positive transformation around the world by harnessing the technical expertise of renowned achievers in the economic, political, and social spheres. The non-governmental organization is presently headquartered in Geneva, Switzerland.
In addition to being WEF founder, Schwab has also served as the organization’s chairman since its establishment in 1971.
Writing Career
Schwab published his first book, titled Moderne Unternehmensführung im Maschinenbau (Modern Enterprise Management in Mechanical Engineering), in 1971. The book analyzes the importance of enterprise management in serving the interests of both individual and corporate shareholders.
Schwab’s other books include;
• The Fourth Industrial Revolution (2016)
• Shaping the Future of the Fourth Industrial Revolution (with Nicholas Davis in 2018)
• COVID-19: The Great Reset (with Thierry Malleret in 2020)
• Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet (2021)
• The Great Narrative: For a Better Future (with Thierry Malleret in 2022)
Klaus also contributed the foreword to the 2017 book ‘Ten Good Reasons to Go for a Walk’ by Thierry and Mary Anne Malleret
Klaus Schwab’s Net Worth
As the founder and chairperson of one of the world’s largest prestigious organizations, it’s intuitive to imagine that Klaus Schwab is a billionaire. But that’s not the case. The WEF founder has a net worth of $7 million.
However, the exact scope of Schwab’s fortunes remains unknown. In fact, the same has been a subject of debate for years, with some media outlets criticizing him for being tight-lipped about the status of his actual wealth.
While most public records put Klaus’ net worth at around &4 million, some outlets believe the engineer cum economist might be worth more than $50 million.
Lessons from Klaus Schwab
1. Find a higher calling
Klaus Schwab is a classic example of a man who discovered his higher calling in life. Schwab’s long-term vision, through the World Economic Forum, is to impact positive transformation around the world by challenging the status quo in our economic and political establishments.
2. It’s not always about the money
Schwab has served as World Economic Forum chairperson since the organization’s establishment. However, he hasn’t focused his tenure in WEF on wealth acquisition. In fact, Klaus believes his fortune shouldn’t be a topical issue, which explains why he doesn’t bother sharing the details of his actual net worth.
3. Keep all your dealings above board
Klaus Schwab doesn’t just advocate for transparency in enterprise management. He also lives by his ideals. In October 2004, Schwab prevailed upon WEF CEO José María Figueres to resign following allegations of undeclared receipt of over $900,000 worth of consultancy fees from the French telecommunications company Alcatel.
Famous Quotes by Klaus Schwab
• On the societal front, a paradigm shift is underway in how we work and communicate, as well as how we express, inform and entertain ourselves.
• Shared understanding is particularly critical if we are to shape a collective future that reflects common objectives and values.
• The fact that a unit of wealth is created today with much fewer workers compared to 10 or 15 years ago is possible because digital businesses have marginal costs that tend towards zero.
• The more we think about how to harness the technology revolution, the more we will examine ourselves and the underlying social models that these technologies embody and enable, and the more we will have an opportunity to shape the revolution in a manner that improves the state of the world.
• When two people are talking, the mere presence of a phone on the table between them or in their peripheral vision changes both what they talk about and their degree of connectedness.
Wrap Up
Klaus Schwab has succeeded in shaping global conversations around politics and the economy by bringing together stakeholders from various walks of life through his World Economic Forum organization. The German engineer and inventor has an estimated net worth of $7 million.