World Economic Forum facts for kids

Quick facts for kids
World Economic Forum

Headquarters in Cologny, Switzerland
Formation	24 January 1971; 54 years ago (1971-01-24)
Founder	Klaus Schwab
Type	International NGO, lobbying organisation
Legal status	Foundation
Purpose	Influencing global agendas and decision making, lobbying for public-private cooperation
Headquarters	Cologny, Switzerland
Region served	Worldwide
Official language	English
Executive Chairman	Peter Brabeck-Letmathe
President	Børge Brende
Formerly called	European Management Forum

The World Economic Forum (WEF) is an international group based in Cologny, Switzerland. It was started on January 24, 1971, by a German engineer named Klaus Schwab.

The WEF's main goal is to "improve the state of the world." It does this by bringing together important people. These include leaders from business, politics, schools, and other parts of society. They work together to discuss and shape plans for global, regional, and industry issues.

Most of the money for the WEF comes from its 1,000 member companies. These are usually large international businesses.

The WEF is best known for its yearly meeting. This meeting happens at the end of January in Davos, a mountain town in Switzerland. About 3,000 people attend this meeting. They include investors, business leaders, politicians, economists, famous people, and journalists. They spend up to five days talking about many different global issues in hundreds of sessions.

Besides the Davos meeting, the WEF also holds other conferences around the world. It publishes reports and helps its members work together on special projects.

Klaus Schwab, the founder and executive chairman of the World Economic Forum.

How the World Economic Forum Works

The main office of the WEF is in Cologny, Switzerland. It also has offices in other big cities like New York, Beijing, Tokyo, and Seoul. In 2015, the Swiss government officially recognized it as an international organization.

In 2016, the WEF opened a new center in San Francisco. This center is called the Center for the Fourth Industrial Revolution. It helps people understand and work with new scientific and technological changes. These changes are changing how we live, work, and connect with each other.

The World Economic Forum says it is fair and not connected to any specific political party or country. It is watched over by the Swiss government. The highest group that guides the WEF is its foundation board.

The managing board runs the daily activities of the WEF. It is led by the WEF's president, Børge Brende.

Board of Trustees

The WEF is guided by a special group called the board of trustees. This board includes leaders from business, politics, schools, and other parts of society. Klaus Schwab, the founder, was the chairman until 2025.

Who Can Be a Member?

The WEF gets its money from about 1,000 member companies. These are usually very large global businesses. They are often top companies in their field or country. They also play a big role in shaping the future of their industry or region.

Companies pay different amounts to be members. The more they want to be involved in meetings and projects, the higher their membership fees are. For example, in 2014, the cost for a "Strategic Partner" was about $628,000.

What the World Economic Forum Does

Annual Meeting in Davos

A sports shop turned into a temporary meeting spot during the WEF 2018.

The most important event for the World Economic Forum is its yearly meeting in Davos, Switzerland. Only invited people can attend this meeting. It brings together leaders from the 1,000 member companies. Also attending are politicians, professors, people from non-profit groups, religious leaders, and journalists.

During these winter discussions, they talk about major global issues. These include things like how countries are connected (globalization), money markets, managing wealth, international problems, and environmental issues. They also look for possible solutions to these problems. Sometimes, informal meetings lead to new ideas and solutions, just like the official sessions.

Summer Meeting in China

Since 2007, the WEF has also held a summer meeting in China. This meeting is called the Annual Meeting of the New Champions, or Summer Davos. It happens every year, switching between the cities of Dalian and Tianjin.

About 1,500 people attend this meeting. They come from fast-growing countries like China, Russia, Mexico, and Brazil. It also includes quickly growing companies from richer countries. This meeting also connects with the next generation of global leaders and new technology creators. The leader of China gives a speech at each of these meetings.

Regional Meetings

Prithviraj Chavan, a chief minister from India, Sudha Pilay, and Ben Verwaayen at the India Economic Summit in 2011.

Every year, the WEF holds regional meetings. These meetings help business leaders, local government leaders, and non-profit groups connect closely. Meetings are held in places like Africa, East Asia, Latin America, and the Middle East. The countries that host these meetings change each year.

Young Global Leaders

The WEF chooses a group of 800 people called Young Global Leaders. These people are chosen because they represent modern leadership. After five years, they become alumni of the program.

Social Entrepreneurs

Since 2000, the WEF has supported people who create new ways to solve social problems. These people are called social entrepreneurs. They work closely with the Schwab Foundation for Social Entrepreneurship. The WEF believes social entrepreneurship is key to making societies better.

Selected social entrepreneurs are invited to the WEF's regional and annual meetings. There, they can meet important business leaders and government officials. For example, in 2003, Jeroo Billimoria met with a leader from the International Telecommunication Union at a WEF meeting. This meeting led to an important partnership for her group, Child helpline international.

Research Reports

Pakistani journalist Sharmeen Obaid-Chinoy at the WEF in 2013. She has won two Academy Awards.

The WEF also works like a think tank. This means it publishes many different reports. Special teams focus on creating reports about how countries compete, global risks, and planning for the future.

One team creates yearly economic reports. For example, the Global Competitiveness Report (started in 1979) measures how well countries and economies compete. The Global Information Technology Report (2001) looks at how ready countries are for IT. The Global Gender Gap Report examines differences between men and women. The Global Risks Report (2006) looks at major global dangers.

In 2020, the WEF published a report called Nature Risk Rising. This report said that about half of the world's economy depends on nature. It also found that for every dollar spent on restoring nature, it creates nine dollars in economic benefits.

See also

In Spanish: Foro Económico Mundial para niños