Klaus Schwab was the undisputed “King of Davos” for 55 years. But when his downfall came, it was swift.
The 87-year-old founder of the World Economic Forum (WEF), which holds the annual conference in the Swiss alpine ski resort, fought until the end.
But over two days in April, beset by allegations of misusing WEF funds, manipulating research and inappropriate behaviour with staff, he was forced out of his personal fiefdom.
“He had the chance to step back 10, seven, five years ago. But he hung on,” one WEF insider told The Telegraph.
On Sunday, the early findings of a second investigation into the WEF were leaked. They alleged Mr Schwab had misspent WEF money and manipulated research for political reasons, including rigging data to make Brexit look like a failure.
Mr Schwab also allegedly put his crotch in front of a female staffer’s face, splurged $50m on a luxury villa, and ran up £836,000 in expenses that were not sufficiently linked to WEF activities.
His credibility now lies in ruins and the future of Davos is openly questioned.
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Author: Marty Kaufmann
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