World Economic Forum

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World Economic Forum

Headquarters in Cologny, Switzerland
Formation	24 January 1971; 53 years ago (1971-01-24)
Founder	Klaus Schwab
Type	International NGO, lobbying organisation
Legal status	Foundation
Purpose	Influencing global agendas & 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

The World Economic Forum (WEF) is an international non-governmental organization, think tank, and lobbying organisation^[1][2] based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer Klaus Schwab.

The foundation, which is mostly funded by its 1,000 member companies^[3] – typically global enterprises with more than five billion US dollars in turnover – as well as public subsidies, views its own mission as "improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".^[4]

The Forum suggests that a globalised world is best managed by a self-selected coalition of multinational corporations, governments and civil society organizations (CSOs),^[5] which it expresses through initiatives like the "Great Reset"^[6] and the "Global Redesign".^[7][8] It sees periods of global instability – such as the financial crisis of 2007–2008 and the COVID-19 pandemic – as windows of opportunity to intensify its programmatic efforts.^[9]

The WEF is mostly known for its annual meeting at the end of January in Davos, a mountain resort in the eastern Alps region of Switzerland. 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 discuss global issues across 500 sessions.^{[citation needed]}

Aside from Davos, the organization convenes regional conferences. It produces a series of reports, engages its members in sector-specific initiatives^[10] and provides a platform for leaders from selected stakeholder groups to collaborate on projects and initiatives.^[11]

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, 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 the environmental footprint of its annual meetings.^{[citation needed]}