Klaus Schwab will steps down as Executive Chairman of the World Economic Forum

"You'll own nothing in retirement and be happy". Remember this famus phrase?

With the organization he founded 50 years ago generating nearly $500 million in revenue for the year ending March 2023—and holding a substantial reserve of 200 million Swiss francs in cash—Klaus Schwab is poised to step back from his role leading the World Economic Forum, which he has headed since 1971.

Klaus Schwab, 86, will step down as Executive Chairman of the so-called 'Davos Forum' to become Chairman of the Board of Trustees, which will be organized around four strategic committees to further enhance the impact of its work.

In a statement, the World Economic Forum explained that since 2015, it has been transforming from a convening platform into the world's leading institution for public-private cooperation.

"As part of this transformation, the organization has also undergone a planned evolution in its governance, transitioning from being managed by its founders to one where a president and a board of directors assume full executive responsibility," the Forum indicated.