![\"World](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/SEI_248296850-8174.jpg\")
\n\t\tKlaus Schwab announced his immediate resignation today (Picture: Getty Images)<\/p>\n
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\n\t\tKlaus Schwab announced his immediate resignation today (Picture: Getty Images)<\/p>\n
The founder of the Davos<\/a> Economic Forum has stepped down today. <\/p>\n Klaus Schwab, the German<\/a> economist who started the powerful World Economic Forum<\/a>, has resigned from the top job.<\/p>\n The 87-year-old millionaire left the role as the chair of the forum\u2019s board of trustees today just as the death of Pope Francis<\/a> dominated the headlines.<\/p>\n The move won\u2019t come as a total surprise as the Geneva-based institution had announced earlier that Schwab is planning to step down. <\/p>\n Schwab, whose net worth is estimated at up to \u00a318,000,000, said: \u2018Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect.\u2019 <\/p>\n \t\t The Davos conference<\/a>, which gathers world leaders and business figures in the Swiss village, will carry on as usual, with an interim chair already appointed.<\/p>\n Vice chairman Peter Brabeck-Letmathe has taken over until the WEF committee appoints the successor. <\/p>\n Schwab was born in Nazi Germany in 1938 and he went on to become a professor of business policy and engineer. <\/p>\n Davos conferences have seen some dramatic moments. <\/p>\n In 2020, the US President Donald Trump<\/a> and Greta Thunberg<\/a> almost came face to face<\/a> as both attended the forum.<\/p>\n \t\t The young climate activist took aim at the leaders in the audience, saying they have done \u2018nothing\u2019 to address the environmental emergency. <\/p>\n Meanwhile, Trump arrived all guns blazing in a convoy of jeeps, a jet and seven helicopters. <\/p>\n The Davos forum launched in January 1971 as a platform for business leaders and politicians to meet and brainstorm on some of the hottest global issues. <\/p>\n Other iconic Davos moments include the meeting between Nelson Mandela and South Africa\u2019s then-president Frederik Willem de Klerk during the Apartheid in 1992. <\/p>\n Attending the Davos forum is not cheap nor is it openly available to just anyone \u2013 a corporate membership can cost anywhere between $100,000 and $1,000,000 (around \u00a375,000 \u2013 \u00a3753,000). <\/p>\n Got a story? Get in touch with our news team by emailing us at webnews@metro.co.uk<\/a>.<\/strong> Or you can submit your videos and pictures here<\/a>.<\/strong><\/p>\n For more stories like this, check our<\/strong>\u00a0news page<\/strong><\/a>.<\/strong><\/p>\n Follow Metro.co.uk on Twitter<\/a> and Facebook<\/a> for the latest news updates.<\/strong> You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here<\/a>. <\/strong> <\/p>\n \t\t\t\tNews Updates<\/p>\n Stay on top of the headlines with daily email updates.<\/p>\n \t\t\t\t\t\t\t![\"U.S.](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/SEI_248297073-a274.jpg\")
\n\t\tThe US President Donald Trump with Klaus Schwab on stage at Davos in January 2018 (Picture: Bloomberg\/Getty Images)<\/p>\n![\"A](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/SEI_248299724-f24d.jpg\")
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Hotel rooms can reportedly cost $3,000 a night at Davos during the World Economic Forum (Picture: Getty Images)<\/p>\n