Not being one of the richest men in the world and without holding an elected position, the organizer of the Davos Forum has shaped the global agenda of countries and companies since its family foundation where his wife and children work.

Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees.

The World Economic Forum announced on Tuesday that it has launched an investigation into its founder, Klaus Schwab, following a whistleblower letter alleging misconduct by the former chairman. The announcement came a day after the 87-year-old Schwab said he was resigning as chairman,