Ackn owledge ments Contributors Mark Elsner Head, Global Risks Grace Atkinson Insights Specialist, Global Risks Saadia Zahidi Managing Directo r, World Economic Forum At the World Economic Forum, a debt of gratitude is owed to Professor Klaus Schwab (Founder and Chairman of the Board of Trustees) and Børge Brende (President), under whose guidance this report has been produced. This report has relied heavily on the dedication and expertise of World Economic Forum colleagues: Ricky Li, Ignacio Moreno and Gayle Markovitz. The report has greatly bene fited from the insight and expertise of the members of the Global Risks Report Advisory Board: Rolf Atler (Hertie School of Governance); Azeem Azhar (Exponential View); Amitabh Behar (Oxfam); Sarah Cottle (S&P Global); Nita Farahany (Duke University); Niall Ferguson (Stanford University); Charles Godfray (Oxford Martin School); Jim Leape (Stanford University); Robert Muggah (Igarapé Institute); Eleni Myrivili (UN Habitat); Jonathan Ostry (Georgetown University); Carol Ouko-Misiko (Institute of Risk Management); Eduardo Pedrosa (Pacific Economic Cooperation Council); Danny Quah (National University of Singapore); Daniel Ralph (Cambridge Centre for Risks Studies); Pardis Sabeti (Harvard University); Samir Saran (Observer Research Foundation); John Scott (formerly Zurich Insurance Group); Richard Smith-Bingham (formerly Marsh McLennan); Effy Vayena (Swiss Federal Institute of Technology Zurich); Charlotte Warakaulle (CERN); Amy Webb (Future Today Institute); Beatrice Weder di Mauro (Graduate Institute Geneva); Ngaire Woods (University of Oxford); and Alexandra Zapata Hojel (Future Tense Now). We are also grateful to the following individuals from our Risk Communities: Chief Risk Officers Community: Nadir Ahmed (Omnivest); Eric Allen (Russell Reynolds); Yazid Alsabi (NDF); Fredrik Arnö (Vattenfall); Cherie Axelrod (Western Union); Oliver Bartholet (Bank Julius Baer & Co); Alison Bewick (Nestlé); Vanessa Candela (Celonis); Giuliano Carrozza Iorio (Petrobras); Manoj Chawla (Emirates NBD); Laurie Cherpock (Chanel); Pedro Cupertino de Miranda (Sonae); Diane Doering (Takeda Pharmaceutical Company); Mohamed Dukandar (e&); Andressa Duran (Vale); Rui Eustáquio (EDP); Adam Farber (Boston Consulting Group); Natasha Fields (World Trade Organization); Ed Fishwick (BlackRock); François-Marie Gardet (Holcim); Peter Giger (Zurich Insurance Group); Amy Gradnik (S&P Global); Bob Graham (Deloitte); Karen Griffin (Mastercard); Arun Hari (Gulf International Bank); Erin Harris (Accenture); Bahare Heywood (Clifford Chance LLP); Mats Holmström (SEB); Deborah Hrvatin (CLS Bank International); Thomas Kyhl (PensionDanmark); Alex Markovski (Rio Tinto); Enrica Marra (Mundys); Pierre-Yves Mathonet (Mubadala Investment Company); Bhaskar Mehta (GFH Financial Group); Jody Myers (US International Development Finance Corporation); Heike Niebergall-Lackner (International Committee of the Red Cross); Torben Oeder (Volkswagen); Enrico Piotto (EFG International); Sriram Ramchandran (Mahindra Group); Hanne Raatikainen (Offi ce of the United Nations High Commissioner for Refugees); Senem Rena (Aydem Enerji); Mark Steele (OakNorth Bank); Lakshmi Shyam- Sunder (World Bank); Maria Thestrup (Gavi); Richard Thomas (Mercuria Energy Group); Christopher Townsend (Allianz); Iliyana Tsanova (European Commission); Gary Turner (Bain & Company Inc); Yoshihiro Uotani (SOMPO Holdings); Alex Vallejo (PG&E); Jacob van der Blij (UNICEF); and Damian Vogel (UBS AG). Global Risks Report 2025 103