Preface 4

Overview of methodology 5

Key findings 6

Chapter 1: Global Risks 2026-2036: The Age of Competition 14

1.1 The world in 2026: on a precipice 14

1.2 The path to 2028: compounding risks 15

1.3 The path to 2036: over the edge? 18

1.4 A darkening outlook 21

Chapter 2: Global Risks In-Depth: Anticipating Tomorrow’s Challenges Today 23

2.1 An underlying context of structural change 23

2.2 Multipolarity without multilateralism 24

2.3 Values at war 32

2.4 An economic reckoning 40

2.5 Infrastructure endangered 46

2.6 Quantum leaps 53

2.7 AI at large 60

Endnotes 68

Appendix A: Definitions and Global Risks List 78

Appendix B: Global Risks Perception Survey 2025-2026 78

Appendix C: Executive Opinion Survey: National Risk Perceptions 81

Appendix D: Risk Governance 91

Partner Institutes 94

Acknowledgements 100