The Global Risks Report 2025, produced by the World Economic Forum in collaboration with Marsh McLennan and Zurich Insurance Group, finds that nearly two-thirds of over 900 surveyed experts anticipate a turbulent decade ahead.

The top five risks identified are:

State-based armed conflict: Wars in Ukraine, the Middle East and Sudan have brought unprecedented instability, propelling armed conflict to the top of the global risk list. This issue, ranked ninth last year, now holds the number one spot, with nearly a quarter of surveyed experts citing it as their top concern.

Extreme weather events: The escalating use of fossil fuels is intensifying the frequency and severity of floods, wildfires and storms. Experts attribute $143 billion of the $451 billion in weather-related damages in 2023 directly to climate change.

Geoeconomic confrontation: From trade wars to tariffs, the rise of protectionist trade policies reflects growing uncertainty in the global economy. This risk underscores increasing economic tensions and their potential to disrupt international cooperation.

Misinformation and disinformation: Advancements in technology are accelerating the spread of false information, fostering civil unrest and threatening the free flow of information. The consequences could include heightened societal divisions and restrictions on communication.

Societal polarization: Political divisions and growing inequality are eroding trust in institutions and fragmenting shared values. This deepening polarization is weakening the foundation of societal cohesion worldwide.

In this year’s Global Risks Report, AI technology was ranked 31 out of 33 risks by respondents for the next two years, a decline in two positions since the previous edition of the report. On a 10-year outlook the associated severity jumps to 6th.

Last year’s edition of the Global Risks Report saw inflation and economic downturn as notable new entrants into the top 10 ranking on a two-year outlook, in 7th and 9th respectively. This year, there are no economic risks in the top 10 on either a two-year or 10-year outlook. Inflation has fallen to 29th and economic downturn to 19th, with no stakeholder group selecting either as a top 10 risk.

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