For the 12th edition of AXA’s Future Risks Report, 3,600 experts and 23,000 citizens from 57 countries were surveyed about emerging risks.
Overall, the sense of vulnerability is increasing (95%), and for the third consecutive year, climate change, geopolitical instability, and cybersecurity remain the top three risks identified by experts.
For the general public, the main concerns are climate change, new security threats & terrorism, and cybersecurity. Belgium stands out, as concern over geopolitical tensions is higher there than among the rest of the European — and even global — population.
Top 10 Risks
Data from the AXA Future Risks Report 2025
Global Top 10 Experts
- 1Climate change
- 2Geopolitical instability
- 3Cybersecurity risks
- 4AI and big data
- 5Social unrest and tensions
- 6Natural resources and biodiversity
- 7Macroeconomic risks
- 8Energy risks
- 9Financial instability
- 10Demographic risks
Global ranking – experts.
Global Top 10 General public
- 1Climate change
- 2New security threats & terrorism
- 3Cybersecurity risks
- 4Social unrest and tensions
- 5Geopolitical instability
- 6Pandemics and infectious diseases
- 7AI and big data
- 8Financial instability
- 9Pollution
- 10Chronic diseases
Perception – global general public.
Belgium Top 10 Experts
- 1Geopolitical instability
- 2Climate change
- 3Cybersecurity risks
- 4AI and big data
- 5Social unrest and tensions
- 6Energy risks
- 7Macroeconomic risks
- 8Natural resources and biodiversity
- 9Demographic risks
- 10New security threats & terrorism
Belgium ranking – experts.
Belgium Top 10 General public
- 1Climate change
- 2Geopolitical instability
- 3New security threats & terrorism
- 4Social unrest and tensions
- 5Cybersecurity risks
- 6Energy risks
- 7AI and big data
- 8Pandemics and infectious diseases
- 9Financial instability
- 10Pollution
Perception – Belgium general public.
Key insights
1. Climate change remains the top concern
For the fifth consecutive year, climate change ranks first among experts, though the gap is narrowing with geopolitical instability, cybersecurity, and social tensions.
In Europe — and in Belgium — climate risks have been overtaken by geopolitical instability, while in Africa, cybersecurity tops the list.
This convergence reflects a growing sense of polycrisis and highlights the need for a global and integrated approach to risk management.
For the general public, however, climate change still remains the primary concern.
2. Risks can be managed — and insurers have a key role to play
A large majority of respondents (86% of experts and 84% of the public) believe that major risks could be partly prevented through effective measures.
Scientists and researchers are the most trusted actors in managing future crises, though trust levels have declined since last year. Still, 72% of the public continue to believe that insurers will play an important role in protecting against future risks.
In Belgium, confidence in public authorities is particularly low for handling pollution (24%), terrorism (29%), geopolitical instability (26%), and biodiversity loss (24%) — and only 22% trust them to manage climate change.
However, the public shows greater confidence in government capacity to address disruptive technologies (66%), medical innovations (55%), and new regulatory risks (50%).
3. Technological risks are emerging at an unprecedented pace
Cybersecurity and AI & big data risks, ranked third and fourth globally by experts, present new challenges for individuals and organizations. Their rapid evolution influences perceptions of other technological issues: while ethical risks of technology use and autonomous systems don’t make the top 10, those who cite them overwhelmingly say they are “rapidly emerging” concerns.
4. A note of hope in a fragmented world
Society is perceived as increasingly divided: 59% of people feel they share fewer — or no — common values with others in their country, and only 12% believe most citizens share their vision of an ideal society. A majority of both the public (79%) and experts (84%) fear that geopolitical tensions could escalate into a world war.
In Belgium, as in much of Europe, fragmentation is growing — driven by social and economic inequalities and tensions around immigration and cultural integration. Only 43% of Belgians feel they share a common social vision with their compatriots (compared to 39% in France).
Yet despite polarization, optimism endures: 72% remain committed to democratic values, and 67% believe that international cooperation is the most effective way to address future risks (up from 63% last year).