The move follows a report on Tuesday by the Wall Street Journal, which detailed accusations concerning potential conflicts of interest and mismanagement.
The WEF stated on Wednesday that it had received a whistleblower letter outlining the allegations and has launched an internal review in co-operation with external legal counsel.
"While the Forum takes these allegations seriously, it emphasises that they remain unproven, and will await the outcome of the investigation to comment further," a statement said.
A spokesperson for Klaus and Hilde Schwab denied the accusations in comments to the Wall Street Journal, rejecting claims that the couple blurred lines between personal and WEF business.
Best known for its high-profile annual meeting in Davos, Switzerland, the WEF convenes global political and business leaders, academics and civil society figures to discuss pressing international issues.
The gathering in the Swiss ski resort town has become one of the most prominent platforms for global dialogue since the WEF's launch by Schwab in 1971.
Schwab, a German-born economist, resigned as executive chairman last year.
It was announced on Monday that he would also depart his role as chairman of the forum's Board of Trustees, with the organisation quoting him as saying he had chosen to step down "at the beginning of my 88th year".
No further details were provided.
