« By nature I am rather shy. » « Not rather, Hilde. Very! »

They are a well-rehearsed power couple, the founders of the World Economic Forum. Hilde and Klaus Schwab welcome us to their home in Cologny, Geneva, and speak for the first time about everything. Not least about their struggle over their legacy.

By Reza Rafi — Photography by Guillaume Megevand

Mr. Schwab, in your memoir you describe the evening of September 10, 2001 in New York. You had just received an award from UN Secretary-General Kofi Annan, and you were celebrating together. The next morning, the terrorist attack on the World Trade Center took place. You write that this “contrast between building and destroying” reminded you of formative experiences from your childhood during the World War.

Klaus Schwab: Nine-Eleven was an amplification of that. And it was a severe setback. Just the night before, we believed we were living in a new world…

Francis Fukuyama spoke in his famous book of the “end of history.”

Klaus Schwab: Exactly. Of a world in which the ideological divides were thought to have been overcome. In 1989 the Cold War ended, also thanks to Davos, where the German foreign minister Hans-Dietrich Genscher said: “Let’s give Gorbachev a chance.” There was a real sense of new beginnings.

And then the shock when the Twin Towers collapsed…

Hilde Schwab: …the idea that just three or four kilometers away, 3,000 people had just died was horrifying.

You have always advocated “constructive optimism.” Does this have to do with the fact that, as a child of war, you longed for humanity to overcome its destructive impulses. Is that the central driving force in Klaus Schwab’s life?

Klaus Schwab: A childhood memory I still have is that in Ravensburg we were among the few who could cross the border into Konstanz because my father ran a Swiss company in Germany. He also had a role with the Red Cross. As a boy, it was difficult for me to understand why there was this artificial line – peace on one side, war on the other.

Do you have other memories of the Second World War?

Klaus Schwab: I still remember once there was an air-raid alarm, and we had to go into the forest as quickly as possible so we wouldn’t be seen. But Ravensburg was relatively spared. My father helped ensure the city was a distribution point for Red Cross aid packages, and therefore it was mostly spared from attack. But once it did happen. I remember sitting in the basement with my teddy bear while my mother was terribly afraid. Those are experiences that shape you. On the other hand, I was always fortunate to be in a privileged position. I was able to advance quickly in my career. And I asked myself: What do I want to do with my life? I had several academic degrees and was the youngest professor here in Geneva. I had a successful career. But in the end, I was always interested in how global cooperation could be promoted.

Which ultimately led to your organizing in 1971 the very first precursor conference of what would become the World Economic Forum. You were there from the very beginning as well, Mrs. Schwab. How did the two of you actually meet?

Hilde Schwab: I was looking for a job – that was in 1969. And I saw an advertisement from my husband in the Neue Zürcher Zeitung.

What did the job description say?

Hilde Schwab: The ad said: Assistance in building an international organization. That was an area in which I had experience. I had worked for four years for the European Agricultural Association in Brugg, organizing many conferences throughout Europe: on viticulture, vegetable cultivation, agricultural insurance. I had studied Italian art history for a year in Italy. And I wondered: What now? When I came to Geneva, Klaus offered me this position.

Klaus Schwab: It was also a time when a sort of cultural struggle was already raging. On one side, the social market economy implemented under Germany’s chancellor Ludwig Erhard, who was also my father’s role model. On the other, the neoliberal Milton Friedman, who said: “The business of business is business.”

Meaning the purpose of a company is to maximize profit.

Klaus Schwab: Alongside social responsibility, I was always concerned with the question of how to promote global cooperation. Those are the two central, interconnected motivations in my life.

Then came the birth of the World Economic Forum.

Hilde Schwab: It was truly pioneering work. You had a list of people, you would send invitations. I spent nights sticking stamps. And waited for the registrations to come back. It was, first of all, exciting, and second, nerve-racking.

Why nerve-racking?

Hilde Schwab: We had no idea whether it would really work out. And everything was pre-financed by us. I didn’t have much money, my husband had a little more. We had to pay for everything. And every day when the envelopes arrived by post, we eagerly asked ourselves: Is this a registration or a refusal? It was truly thrilling. That’s how it started.

How did you assemble the guest list?

Klaus Schwab: There was no internet. I had studied at Harvard Business School, although I was enrolled at the Kennedy School, and I kept in touch with the dean – his name was Baker – who scolded me for signing up for too many courses. From that grew a friendly relationship. Then I had the idea to make this dean the chairman for the first WEF in Davos, which attracted many Harvard Business School alumni to Davos. That was one effect. The second was that in 1967, I met Henry Kissinger, later US Secretary of State, who was a professor at the Kennedy School. We had an excellent relationship; we spoke German together. That led me to move more toward public policy than making a career in business.

Besides Henry Kissinger, you hosted many other towering figures such as Nelson Mandela or Shimon Peres. Who impressed you most deeply?

Klaus Schwab: Each in their own way. And there were many. I was always lucky to have mentors, people who believed in me. My relationship with Kissinger was certainly the longest. His last session in Davos – it’s hard to believe! – was in 2022. It was about the war in Ukraine. Imagine that! And the other person with whom we had a similarly long relationship was Nelson Mandela. Shortly after he was released from isolation, I visited him in Johannesburg. That was the early 1990s – was it 1992?

Hilde Schwab: No, 1992 he came to Davos. He was released in 1990.

Klaus Schwab: You’re right. That day, there were huge Zulu demonstrations. I remember having to make my way alone through the incredibly loud, massive crowd of Zulu warriors with their spears and shields to reach Shell House, where Mandela had his office and received me.

A gauntlet in the literal sense!

Klaus Schwab: Oh yes! On the way back, Mandela gave me two bodyguards to protect me. He and I maintained a very good relationship.

Mandela’s motto “to forgive but not forget” is under pressure today.

Klaus Schwab: The fundamental ideas and concepts we had are all under pressure. Even the idea of stakeholder capitalism is under pressure again. Today there is much more self-centeredness, on both the individual and national levels. And there is much more short-termism. This ultimately leads to a dead end.

Switzerland is also feeling this acutely at the moment. US President Donald Trump is one of the main reasons for this. Seen this way, he opposes values you have always stood for with the WEF. In 2018 you congratulated him in Davos on his tax reform.

Klaus Schwab: I must correct that: Yes, I congratulated him, but in the name of the Business League, which welcomed Trump’s reforms. The paradox is that I always had a relatively good relationship with him. When you deal with him personally, he is very pleasant. Our last phone call this April was tough on substance, but friendly. We disagreed about an initiative I had launched. But in the end he said: “See you in Davos!”

You always depended on allies. Your most important one is your wife. “Hilde, My Partner in Life and Mission,” you write in your book Leadership in Public Service, a Personal Journey, to be published in 2026. Mrs. Schwab, did you really feel comfortable in that role?

Hilde Schwab: I grew up in a middle-class family and never met any presidents. I was rather reserved and modest, went my own way. Then I entered a completely different world, the world of business and government. I really had to find my footing. By nature, I am rather shy.

Klaus Schwab: Not rather, Hilde. Very!

Hilde Schwab: Not anymore (laughs). I was 25 at the time and had to learn how to deal with these big personalities. It wasn’t easy at first. Then I got along very well with all the guests. The first one I met was Raymond Barre…

…the former French prime minister and vice president of the European Commission.

Hilde Schwab: I got along very well with him. I always had to look after the top guests in Davos. I grew into the role, and I enjoyed it.

Did you never feel reduced to “the wife of…” as people like to say?

Hilde Schwab: No, I never felt that way. There is something important I still tell young women today.

And that is?

Hilde Schwab: Forget the saying that behind every successful man stands a woman! Say instead that she stands beside him. That makes all the difference. I always lived that way, because I had my own responsibilities. I was the hostess. I organized all the dinners, I handled the Forum’s branding, the installations in the Congress Center, and so on. With the World Arts Forum and the Schwab Foundation for Social Entrepreneurship, I was able to give Davos a cultural and social soul.

Klaus Schwab: People always saw you as very independent, Hilde. We were viewed as a power couple, complementing each other. I arranged a lunch with an important ambassador for tomorrow. Today he wrote to say his wife could not attend, but he wanted to make sure that you would definitely come.

You would not be who you are without your wife, correct?

Klaus Schwab: (Thinks.) Yes, yes. But it would be different.

When one’s life’s work is so closely tied to oneself, there is also a risk. Did you consider that?

Klaus Schwab: I always did. I was lucky to enjoy good health. In 2003 I was diagnosed with cancer, which I overcame quickly after surgery. That makes you think! After that I made sure that the Forum became institutionalized and less dependent on its founder, that it had a board with major personalities who would be willing, in an emergency, to ensure the WEF continued. My idea was to bring the main international organizations into the structure and give them shared responsibility for the Forum.

In 2015 you handed over operational leadership.

Klaus Schwab: To obtain international status, we concluded a host-state agreement with the Federal Council in 2015. This required a formalization of the foundation’s governance and the appointment of a managing board. I then introduced the role of president, something that had not existed before.

And yet you remained the dominant figure.

Klaus Schwab: I did bear the title of Executive Chairman, but I was no longer operational.

This spring, accusations were suddenly leveled against you and your wife – anonymous allegations of mismanagement and misuse of WEF funds. An external investigation completely exonerated you both. Was it easy to deal with?

Klaus Schwab: Not at all. Not at all.

Hilde Schwab: It was incomprehensible!

Klaus Schwab: In strategy you learn: if you face a problem, solve it. But when you’re dealing with anonymous accusations that didn’t come through the normal whistleblower system – we have an internal early-warning mechanism – but instead through anonymous emails, then you are confronted with an evil spirit. You cannot ignore it; the spirit pursues you.

You also can’t control how the public sees you.

Klaus Schwab: It hurts especially when the accusations are designed to generate as much animosity as possible. It’s astonishing how even top people believe such primitive claims.

People you always trusted.

Klaus Schwab: That leaves a mark. You see who your real friends are. It’s unbelievable how many letters we received from ordinary people who felt something unjust was happening. And on the other hand, you experience people you trusted suddenly turning away, taking no position. The human side – that probably hurts most. And when you are at the end of your career, it hits harder than if you still had 20 or 30 years ahead of you.

How do you explain the storm unleashed against you? You had to undergo two lengthy investigations.

Klaus Schwab: It took me a long time to understand how such a situation could arise. The only explanation I found comes from the French sociologist René Girard. He shows how in a transition period – say, from a founder to a successor – internal tensions arise that demand a scapegoat or villain. The organization tries to refocus attention on this villain to regain cohesion. If it then turns out the villain is not a villain at all, the narrative of guilt must still be upheld in order not to endanger the artificially achieved unity. Hence the second investigation, which, like the first, found nothing.

Hilde Schwab: I fear this momentum of blame may continue even further.

What was the state of the World Economic Forum when you stepped down in April?

Klaus Schwab: That is the crucial question: At the moment of the leadership change, the World Economic Forum was in a strong, stable position. The WEF has nearly 1,000 leading partner companies, diversified income sources, high reserves, and a foundation endowment of nearly one billion Swiss francs. In other words: In April 2025, the Forum was financially solid, globally recognized, conceptually leading, institutionally stable, and culturally rooted – ready for the future. All this was only possible thanks to highly motivated staff who worked with me to pursue the entrepreneurial guiding idea of creating platforms for global cooperation. We always had a motto that drove us as a team: “Entrepreneurship in the global public interest.”

And how do you view the future of Davos as the Forum’s location?

Klaus Schwab: Davos has always stood for the promise of stakeholder capitalism…

…that companies must operate sustainably, not only for shareholders but also in the public interest.

Klaus Schwab: Now the WEF stands at a crossroads: Either Davos becomes a conceptual force shaping the future, or it becomes a meaningless ritual. The world does not need another conference. It needs a compass.

It is known that Saudi Arabia, Qatar, Singapore and other states would love to take over the WEF…

Klaus Schwab: …or the USA. Before my departure, I had initiated steps for the 40,000 square meters here in Cologny – the WEF headquarters, among the most valuable land in Switzerland – to be transferred to the state. Nothing would have changed for the Forum. It would retain unrestricted usage rights. But the Swiss Confederation or the Geneva government would have felt more like co-owners. Both attempts were meant to anchor the Forum even more firmly in Switzerland institutionally. That would also prevent unnecessary speculation.

Hilde Schwab: Through the Schwab Foundation for Social Entrepreneurship and the World Arts Forum, I am deeply connected to the Forum. For me, the situation is a bit more difficult. After the militant unrest in Davos in the early 1990s, we founded the Schwab Foundation for Social Entrepreneurship so we could offer social entrepreneurs a platform in Davos.

Klaus Schwab: We founded the Schwab Foundation because we wanted to ensure that beyond business, entrepreneurship, and science, we would also reach people working at the grassroots of society. So that the people at the top would hear what is going on below. We also created the Young Global Leaders for those aged 30 to 40 and the Global Shapers for those 20 to 30. These foundations are close to our hearts. I hope these communities will not be scaled back.

Hilde Schwab: We must not forget that Davos is not just a conference. It is a community of values based on solidarity and respect.

And what role do you both see for yourselves at the WEF?

Klaus Schwab: At the moment, the Forum is stabilized by the two interim chairs. I think the new team should be given a chance. I don’t want to interfere and will keep my distance for a few years. I also have another idea that I’m working on.

That’s a cliffhanger!

Klaus Schwab: I’m writing a new book series on what I call the Intelligent Age. I am convinced humanity is on the threshold of a new era. The Intelligent Age will not be defined solely by technological progress but by a profound transformation of how we live, work, and think. If we align technology with humanity, we can shape this new age not only to be more intelligent but also fairer, more sustainable, and more compassionate. That is the task – and the hope – that will guide my future work.

That brings us back to Klaus Schwab the war child, to the theme of building rather than destroying. Does it hurt not to shape the World Economic Forum anymore?

Klaus Schwab: The foundation board decides what happens. I believe in the future of the Forum as an important bond in a polarized world. The WEF is well positioned. We laid good groundwork.

KLAUS SCHWAB, born in 1938 to Swiss parents in Ravensburg, Germany, holds several doctorates and a U.S. master’s degree. After positions in industry, including at Sulzer in Winterthur, he became a professor at the University of Geneva. In 1971 he founded what later became known as the World Economic Forum (WEF) as well as several foundations.
HILDE SCHWAB, born in 1946, organized conferences for the European Agricultural Association before she began working for her future husband in 1969. In 1971, the woman from Aarburg became the WEF’s first employee. Today she heads the Schwab Foundation for Social Entrepreneurship. The couple lives in Cologny, Geneva, and has two adult children.