The World Economic Forum (WEF) is an international non-governmental organization, think tank, and lobbying organisation 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– 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".
The Forum suggests that a globalised world is best managed by a self-selected coalition of multinational corporations, governments and civil society organizations (CSOs),which it expresses through initiatives like the "Great Reset"and the "Global Redesign".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.
