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Criticism
Salary level and lack of financial transparency
While Schwab declared that excessively high management salaries were "no longer socially acceptable",[27] his own annual salary of about one million Swiss francs (a little more than $1 million USD) has been repeatedly questioned by the media.[citation needed] The Swiss radio and television corporation SRF mentioned this salary level in the context of ongoing public contributions to the WEF and the fact that the Forum does not pay any federal taxes.[28] Moreover, the former Frankfurter Allgemeine Zeitung journalist Jürgen Dunsch made the criticism that the WEF's financial reports were not very transparent since neither income nor expenditure were broken down.[29] Schwab has also drawn ire for mixing the finances of the not-for-profit WEF and other for-profit business ventures. For example, the WEF awarded a multimillion dollar contract to USWeb in 1998. Yet shortly after the deal went through, Mr. Schwab took a board seat at the same company, reaping valuable stock options.[30][31]
Schwab’s greatest accomplishment is decidedly entrepreneurial. He has developed the Forum from an earnest meeting of policy wonks into a glittering assembly of the world’s richest people. He has achieved this by ingratiating himself with those who wield power, and especially the billionaire class—a tribe known as Davos Man. Schwab has constructed a refuge for the outlandishly wealthy, an exclusive zone where they are free to pursue deals and sundry shenanigans while enjoying the cover of participating in a virtuous undertaking. Their mere presence in Davos at the Forum signals their empathy and sensitivity.
In truth, Davos Man has pillaged the global economy, exploiting workers, plundering housing and health care, and dismantling government programs while transferring the bounty to his personal bank accounts tucked in jurisdictions beyond the reach of any pain-in-the-ass tax collector. The resulting inequality constitutes a potent threat to peace, a source of mass grievance that has helped propel anti-democratic populists to prominence around much of the globe.
18 For I reckon that the sufferings of the present time [are] not worthy [to be compared] with the glory about to be revealed in us;
19 for the earnest looking out of the creation doth expect the revelation of the sons of God;
20 for to vanity was the creation made subject -- not of its will, but because of Him who did subject [it] -- in hope,
21 that also the creation itself shall be set free from the servitude of the corruption to the liberty of the glory of the children of God;