Preface The multi-decade structural forces highlighted in last year’s Global Risks Report – technological acceleration, geostrategic shifts, climate change and demographic bifurcation – and the interactions they have with each other have continued their march onwards. The ensuing risks are becoming more complex and urgent, and accentuating a paradigm shift in the world order characterized by greater instability, polarizing narratives, eroding trust and insecurity. Moreover, this is occurring against a background where today’s governance frameworks seem ill-equipped for addressing both known and emergent global risks or countering the fragility that those risks generate. This is the 20th edition of the Global Risks Report. Looking back over the last two decades, environmental risks have steadily consolidated their position as the greatest source of long-term concern. This year’s Global Risks Perception Survey shows that a sense of alarm is also mounting in the shorter term: Environmental problems, from extreme weather to pollution, are here now and the need to implement solutions is urgent. Concerns about state-based armed conflict and geoeconomic confrontation have on average remained relatively high in the ranks over the last 20 years, with some variability. Today, geopolitical risk – and specifically the perception that conflicts could worsen or spread – tops the list of immediate-term concerns. Fear and uncertainty cloud the outlook in various parts of the world, including in Ukraine, the Middle East, and Sudan, with multilateral institutions struggling to provide effective mediation and work towards resolutions. Societal risks such as inequality rank high among today’s leading concerns as well as over the last years. Polarization within societies is further hardening views and affecting policy-making. It also continues to fan the flames of misinformation and disinformation, which, for the second year running, is the top-ranked short- to medium-term concern across all risk categories. Efforts to combat this risk are coming up against a formidable opponent in Generative AI-created false or misleading content that can be produced and distributed at scale. More broadly, technological risks, while not seen as immediate, rise in the rankings for the 10-year time horizon, given the rapid pace of change in areas such as AI and biotech. Saadia Zahidi Managing Director Economic risks have fallen in the rankings since last year, with inflation and the risk of an economic downturn no longer top of mind among decision- makers and experts. But there is no room for complacency: if the coming months see a spiral of tariffs and other trade-restricting measures globally, the economic consequences could be significant. Elevated valuations in several asset classes make them more vulnerable to these and other risks. In this report we dive deep into key global risk themes – conflict, trade wars, and technology and polarization as leading short- to medium-term concerns, as well as pollution, biotech and super- ageing as areas where serious risks could unfold over a longer-term time horizon. We also provide a retrospective view of the last two decades of assessing global risks. Twenty years ago, when we were preparing our first Global Risks Report, the world was in a different place. Risks that have been well managed and mitigated since then were those where the concerted and collective efforts of multistakeholder leaders helped to build common ground, compromises and mutually acceptable solutions. It will be up to visionary leaders to involve all key stakeholders to address the risks now foreseen for the next decade and to build durable peace and prosperity. The report highlights the latest findings from our annual Global Risks Perception Survey, which this year brought together the collective intelligence of over 900 global leaders across academia, business, government, international organizations and civil society. It also leverages insights from some 100 thematic experts, including the risk specialists who form the Global Risks Report Advisory Board, the Global Future Council on Complex Risks, and the Chief Risk Officers Community. We would also like to express our gratitude to the core team that developed this report – Mark Elsner and Grace Atkinson – and to Ricky Li, Ignacio Moreno and Gayle Markovitz for their support. The world has changed profoundly over the last 20 years and will continue to do so in unpredictable ways. But foresight based on informed, expert views remains critical for better planning and preparation, in both the short and long term. The 20th Global Risks Report continues to shine a light on globally relevant risks that are often complex and sometimes alarming. Yet, in examining the trajectory of the risks foreseen over the last two decades, it is clear that there is no viable alternative to multilateral solutions going forward. Leaders across the public and private sectors, civil society, international organizations and academia must seize the baton to work openly and constructively with each other. By deepening honest dialogue and acting urgently to mitigate the risks that lie ahead, we can rebuild trust and together create stronger, more resilient economies and societies. Global Risks Report 2025 4