World Economic Forum needs a visionary new leader

With Klaus Schwab stepping down after more than five decades at the helm of the World Economic Forum, the organization he is synonymous with stands at a historic impasse. As the world grapples with increasing economic fragmentation, geopolitical unrest and a rapidly evolving technological transformation, the time has come not just to find a new leader — but to reinvent the WEF itself. As the world shifts, the WEF must do more than change leadership. It must evolve. Reinvention is no longer optional; it is imperative.

We live in a rapidly evolving context. The assumptions that governed 20th and early 21st-century globalism no longer hold. Today, we face fragmentation, a trend toward multipolarity, fraying trust in institutions and intensifying inequality. The Global South — long marginalized in elite conversations — is now the seat of the world’s future and the center of population growth. A new WEF must not just acknowledge this; it must be shaped by it.

Africa, home to a billion young people, is on the cusp of being an engine of creativity, talent and economic growth. The 21st century was once heralded as the “Asian Century” and, public health, geopolitical and economic issues notwithstanding, Asia remains the fastest-growing economic region in the world. Other emergent actors notably include the resource-endowed Gulf Cooperation Council states, which are rapidly diversifying their economies and shifting the center of global innovation and investment eastward.

In reality, the WEF’s traditional emphasis was on the needs and priorities of its corporate and government clients

Khalid Abdulla-Janahi

The WEF’s mission — to improve the state of the world — is noble, but in reality the traditional emphasis was on the needs and priorities of its corporate and government clients, those “paying to play.” In many cases, they managed to improve the state of themselves but with less regard for the underserved, the underbanked, the underrepresented and those without access to the many of the privileges reserved for the Global North and the elite circles within the Global South.

The hallowed corridors of the Davos Congress Center, where paying WEF members and government leaders mingle, was traditionally where all the action was during the forum’s annual meeting. Over the course of the last decade, however, the venue has become even more the bastion of corporatism, with more deal-making and less critical thinking and exchanging of ideas.

The town of Davos and notably its promenade has been overrun by a new crowd of venture capital investors, technology entrepreneurs, thought leaders, philanthropists and activists engaging directly with WEF constituents, via side events and bilateral meetings, on the back of the WEF, but always seen as a distraction by the organization’s secretariat and more of a challenge than an opportunity. The unofficial, promenade-centered Davos conference is where there is open dialogue and where there is a safe space for critical thinking.

It needs a leader who can inspire global trust, navigate and manage complexity, and deal effectively with leaders from all sectors

Khalid Abdulla-Janahi

The WEF undoubtably owes its origin and visionary leadership to Schwab. Today, however, the organization is no longer a private Swiss foundation. Since 2015, it has been an official multilateral institution. It therefore needs a leader who can inspire global trust, navigate and manage complexity, and deal effectively with leaders from all sectors, irrespective of politics. This person should have the experience and legitimacy to convene, foster collaboration and push innovation without losing sight of inclusivity.

For the past few decades, the WEF team has included many notable ex-CEOs, government and multilateral leaders, and subject matter experts. Most, however, have come and gone, since the organization offered little space for dissent with the founder. Senior staff were either pushed out or opted out to achieve their potential with other platforms. A rebooted WEF needs both its conductor and an orchestra, and this can become a critical success factor for real impact if led and managed right.

If the WEF truly wishes to remain committed to improving the state of the world, then it must redefine what that world looks like — and who gets to define it. This is not revolution, it is evolution.

• Khalid Abdulla-Janahi is a leading financier, global strategy pundit and philanthropist. He is co-founder of the Maryam Forum Foundation (UK). He previously served as co-chair of the World Economic Forum Global Agenda Council on the Middle East and North Africa and vice chair of the Arab Business Council.