'You'll own nothing in retirement and be happy'...

Wit the organization he founded 50 years ago bringing in nearly $500 million in revenue in the year ending March 2023 (and sitting on a neat pile of 200 million Swiss francs cash), Klaus Schwab will own some things as he reportedly steps back from his role running the World Economic Forum has has headed since 1971.

Semafor reports that Schwab announced his intentions to step down as executive chairman in an email to staff on Tuesday that was shared with Semafor by a person connected to the organization.