World Business will launch in March next year and will be backed by a significant marketing campaign. It will be part of the Haymarket Management division, which publishes Management Today and Media Week.
The magazine will feature writing from business practitioners, academics and journalists, covering areas such as business travel and personal development issues for a senior level readership.
Launch circulation for World Business will be 100,000. Some 20,000 of whom will be alumni of INSEAD's schools in Asia and Europe. High profile INSEAD alumni include Patrick Cescau, group chief executive of Unilever, and Helen Alexander, chief executive of the Economist Group.
Diana Henderson has joined Haymarket from News International to head up the sales team as ad director.
Mike Hewitt, publishing director of World Business, said the magazine planned to make revenues from a variety of initiatives.
"It is not just on-the-page advertising, there's a website, a conference and an awards scheme. It is a business network with the magazine at its centre," he said.
Rufus Olins, managing director of Haymarket Management, commented: "It will offer fresh perspectives on global business and economic issues."