Among other awards, Schwab has been conferred with the French Legion of Honour (knight distinction), the Grand Cross with Star of the National Order of Germany, and the Japanese Grand Cordon of the Order of the Rising Sun.[34] He also was awarded the Dan David Prize,[35] and was knighted by Queen Elizabeth as Knight Commander of the Order of St Michael and St George.[34]

Schwab has been the recipient of multiple honorary doctorates from institutions including the London School of Economics,[36] the National University of Singapore,[34] and the Korea Advanced Institute of Science and Technology.[37]