London | 3 December, 2025
While G201 business leaders remain concerned about the potential impact of economic downturn and inflation in the near-term, the risks associated with insufficient public services and social protections, lack of economic opportunity and misinformation and disinformation are now also seen as significant threats. This is according to the Executive Opinion Survey 2025, conducted by the World Economic Forum and released today by its strategic partners – Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people and Zurich Insurance Group (Zurich), a leading global multi-line insurer and provider of resilience services.
Andrew George, President, Marsh Specialty, said: “With the rise of AI, the proliferation of misinformation and disinformation is enabling bad actors to operate more broadly. As such, the challenges posed by the rapid adoption of AI and associated cyber threats now top boardroom agendas. Also, while economic and geopolitical factors have deflected some of the focus on change commitments in the short-term, businesses must remain focused on their environmental objectives to mitigate the risks associated with the changing climate in the longer-term.”
Alison Martin, CEO, EMEA & Bank Distribution, Zurich, said: “This year’s survey makes it clear: critical areas like pensions and public health are no longer just government issues – they’re boardroom priorities. It is concerning to see that in Europe today, there are fewer than three working-age adults for every pensioner, and over a third of EU citizens aren’t saving enough for retirement. These gaps threaten both workforce wellbeing and broader social stability. The time to act is now, by joining forces across sectors, we can help empower people to build financial resilience and secure a brighter future for all.”
The annual survey reveals the top five near-term risks identified by more than 11,000 business leaders from 116 countries. Fears relating to an economic downturn continue to dominate concerns cited by G20 business leaders – leading the list overall for the third consecutive year – and claiming the top spot in the UK and US.
For the first time, technological threats associated with misinformation and disinformation entered the top five risks for G20 business leaders, in fifth place. This reflects fears that advances in AI are fuelling information warfare amid rising geopolitical tensions, influencing elections and global markets, and threatening critical infrastructure and cybersecurity.
Social risks associated with insufficient public services and social protections, and a lack of economic opportunity or unemployment were ranked in second and third place, reflecting growing concerns about social fragmentation. Inflation, which was cited as the third-most pressing risk in 2024, was ranked fourth this year.
Extreme weather events, which were ranked as the fifth biggest risk by G20 leaders in 2024, did not feature in this year’s top five risks.
The Executive Opinion Survey is conducted by the World Economic Forum’s Centre for the New Economy and Society. Zurich Insurance Group and Marsh McLennan are strategic partners of the World Economic Forum.