2026+全球家族企业报告：面向未来信心与审慎并存+Global+Family+Business+Report+2026

KPMGGlobal

familybusiness

report2026

Facingintothefuture,confidentyetcautious

KPMG.MaketheDifference.

Resilienceandthe

familybusiness

advantage

Voicesfromthefield:

Peerwisdomand

lessonslearned

Capitalstructureand

operatingmodel

Strategicprioritiesand

thechallengesahead

Conclusionand

recommendations

Cybersecurityasa

strategicpriority

EnterpriseRisk

Management

Future-proofing:

Introduction

Enhancingproductivity

andbuildingskills

Foreword

Adefiningmomentfor

familyenterpriseandwhyitmattersnow.

Inhis1926bookTheLongWavesinEconomicLife,1

SovieteconomistNikolaiKondratievproposedatheorythatglobaleconomiesmovethroughlongcyclesof

expansionandcontraction.Whilethemodelisdebated,theideaisuseful:atcertainmoments,economic,social,andpoliticalconditionsshiftinwaysthatresethow

businessescompete.

Forfamily-ownedbusinesses,externalforces—

acceleratingAIadoption,socialinequality,andgeopoliticalfragmentation—areconvergingwithinternalpressures,includingintergenerationaltransition,governanceuplift,

andheightenedrisk.Together,thesefactorsarereshapingoperatingmodelsandthecapabilitiesrequiredtosustainperformance.

Howfamilybusinessesreacttothesepressuresand

managetheriskstheyarefacingintothefuturemaybeoffundamentalsignificancetotheoverallperformanceandwell-beingoftheglobaleconomy.Family-owned

businessesaccountformostenterprisesineverymajormarket,andthecharacteristicsoffamilyownership—adoptingastewardshipphilosophy,investingpatient

capital,maintainingalong-termorientationandmakingvalues-drivendecisions—haveprovenremarkably

resilientthroughpreviouscyclesofdisruption.The

COVID-19pandemic,financialcrisesandtechnologicalrevolutionshavealltestedfamilybusinesses,andmosthaveenduredandadapted.

Today,however,thepaceofchangeisoutstripping

preparednessinseveralareas.AIisbeingembeddedintooperationsfasterthangovernanceframeworksarebeingbuilttooverseeit.Talentexpectationsareshiftingfasterthanmanytraditionalemploymentmodelscanadapt.

By2035,manyfamilybusinessesexpecttooperateas

family-ownedenterpriseswithprofessionalmanagement,ratherthanfamily-runbusinesses.2

1NikolaiD.Kondratieff,“TheLongWavesinEconomicLife,”ArchivfürSozialwissenschaftundSozialpolitik,1926,vol.56,no.3,pp.573–609.|

2McKinsey&Company,Thesecretsofoutperformingfamily-ownedbusinesses:Howtheycreatevalueandhowyoucanbecomeone,November28,2023,

Viewarticle

.

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|2

Introduction

Strategicprioritiesand

thechallengesahead

Resilienceandthe

familybusiness

advantage

Capitalstructureand

operatingmodel

Cybersecurityasa

strategicpriority

Future-proofing:

Enhancingproductivity

andbuildingskills

EnterpriseRisk

Management

Voicesfromthefield:

Peerwisdomand

lessonslearned

Conclusionand

recommendations

TheKPMGGlobalfamilybusinessreport2026isdesignedtolearnhowfamilybusinessesarereactingtothese

changes,totaketheirpulse,andtounderstandwhat

theybelievethefutureholds.ConductedbyindependentresearchfirmMeridianWestwithcontributionsfrom

1,927seniorleadersin41jurisdictions,itisoneofthemostgeographicallycomprehensivesurveysofitskind.

Thefindingsreinforcetheresilienceofthefamily-centricmodelandthebenefitsitcanconfer.Consistently,

familybusinessesreportbeingstrategicallyconfident,

values-alignedandclearaboutwheretheywanttogo.Atthesametime,manyalsonotegapsbetweencurrentcapabilityandthelevelofgovernance,technology,talentandriskreadinessthenextdecadeislikelytorequire.

Thisreportdistilsthosefindingsintoactionableinsightsforfamilybusinessleaders,boardmembersandowners.Ithighlightsgapsingovernanceconfidence,AIreadiness,talent,andriskmanagementcapability.Italsoincludes

thedirectwordsofbusinessleaders,includingleadersoforganisationsthathaveoperatedforacenturyormore.

providesauniquelyglobalviewoffamilybusinesses.

Thisreportisintendedtodomorethandescribethe

sector’scurrentposition.Itisdesignedtopromptpracticalconversationsaboutgovernance,riskmanagement,

technologyadoption,innovation,andinvestment—

sofamilyenterprisescanstrengthenresilienceand

competitivenessthrough2035andbeyond.The

enterprisesmostlikelytosucceedarenotnecessarilythelargestoroldest,butthosethatcombinethestrengthsoffamilyownershipwiththedisciplinetoevolve.

TheKPMG/MeridianWestsurvey,

1,927

covering

leadersacross41countries,

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.

RobynLangsford

GlobalLeader,KPMGPrivateEnterprise

FamilyBusiness,

KPMGInternational,Lead,KPMGPrivateEnterprise,ASPACregion&NationalLead,FamilyBusiness&PrivateClients,

KPMGAustralia

E:

rlangsford@.au

Robynhasadvisedprivateclientsformore

than30yearsandisatrustedadviserto

familybusinesses,familyoffices,startupsandgrowingprivategroups.Sheprovidesstrategicfinancial,taxandestateplanningadvice.

WorkingwithKPMG’sAustralianandGlobalPrivateEnterprisenetworks,Robynhelps

clientsnavigatetax-effectivestructuring,successionandprivatecapitalinvestment.ShejoinedKPMGin2014andbecameapartnerin2017.

KPMGGlobalfamilybusinessreport2026|3

Resilienceandthe

familybusiness

advantage

Voicesfromthefield:

Peerwisdomand

lessonslearned

Capitalstructureand

operatingmodel

Strategicprioritiesand

thechallengesahead

Conclusionand

recommendations

Cybersecurityasa

strategicpriority

EnterpriseRisk

Management

Future-proofing:

Introduction

Enhancingproductivity

1.Strategicconfidence

83%

Thesignal

haveaclear

growthstrategy

79%

reportstrong

leadershipalignment

Executivesummary

1,927

familybusinessleaders

41

countries

Sixfindingsthatmatter

Threethemesstandoutimmediately:familybusinessesareconfidentintheirdirection,manyexpecttoshiftfromfamily-runtoprofessionallymanagedmodelsby2035,andgovernanceisnotyetkeepingpacewithAI,talent,andriskdemands.

andbuildingskills

Familybusinessesknowwheretheyaregoing—but59percentacknowledgethepathwillbeharderthanbefore.Thisholds

regardlessofgeography,industrysector,scale,orage.

2.Thefamilybusinessadvantage

Topvaluedrivers

89%

Sharedvalues

Thesignal

87%

Familyreputation

83%

Patientcapital

Theintrinsicadvantagesoffamilyownershipremainpowerful,buttheseadvantagesshouldbereinforcedacrosstransitions.

Familybusinessesshouldbuildconfidencearounddecision-makingandgovernanceprocesses.

Acentralinsightfromthereportisastructuralshift:manyfamilyenterprisesexpecttomovefrom

beingfamily-runoperatingbusinessestofamily-ownedenterprisesgovernedthroughboardsandledbyprofessionalmanagement.Inthefollowingsections,theheadlinegivesthecorefindinginonesentence;thesignalexplainswhyitmattersandwhatleadersshouldtakefromit.

Resultsarebasedon1,927responsesacross41countries.Whiledifferencesbyage,scale,industry,andgeographyareexploredinlocalanalysis,theglobalpatternsareconsistentenoughtosurfacesixheadlinefindings,theirpotentialimplications,andpracticalcallstoaction.

KPMGGlobalfamilybusinessreport2026|4

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.

Introduction

Strategicprioritiesand

thechallengesahead

Resilienceandthe

familybusiness

advantage

Capitalstructureand

operatingmodel

Cybersecurityasa

strategicpriority

Future-proofing:

Enhancingproductivity

andbuildingskills

EnterpriseRisk

Management

Voicesfromthefield:

Peerwisdomand

lessonslearned

Conclusionand

recommendations

3.Structuralrevolution

Familybusinessleadersprojectashift–onaveragetheyexpecttheshareidentifyingas‘family-run’todeclinefrom

49%to~12%

by2035(withmostmovingtoprofessionallymanagedmodels).

Thesignal

Professionalmanagementandholdingstructuresareexpectedtobemoreprevalentby2035.

Thishassignificantramificationsinhowfamily

businessleadersmanageatransitionfrombeing‘onthetools’managersto‘ontheboard’owners.

4.AIgovernancegap

5.AIandtalent

AIisthepredominantbusinessdriverforfamily-owned

enterprises.

Attractingexternaltalentisnowthe#1peoplechallenge.

Thesignal

Familybusinessesareshifting

awayfromfamily-ledmanagement,butthetalentpropositionto

attractprofessionalsneedsurgentstrengthening.

Managingprofessionaltalentisaskillthatfamilyboardsshouldenhance

astheirpreferredstructuralmodelchanges.

64%

actively

deployingAI,but

38%

havenogovernanceframework.

Thesignal

AIadoptionisacceleratingfasterthangovernancereadiness.Asdeploymentscales,oversightgapscanincrease

exposuretooperational,compliance,andreputationalrisk.

6.Riskreadinessgap

Just

33%haveacomprehensiveenterpriseriskmanagement

framework.Fewerthan20percentstronglyagreeriskrolesareclearlydefined.

Thesignal

Riskmanagementreadinessis

decliningasthreatintensityrises.

Riskexposureislesslikelytostemfromlackofawarenessandmorelikelytoarisewhenresponses

aredevelopedonlyafterrisksmaterialise.

Whattodonext:

Overall,thedatadescribesaresilientsectorenteringaperiodofsignificanttransition.Thefamilyenterprisesmostlikelytoperformwellthrough2035arethosethatcanstrengthengovernance,buildAIoversight,investintalent,andmatureriskmanagementinparallelwithtechnologyandoperating-modelchange.

Thefindingspointtoanurgentgovernancechallengeforfamilyenterprises.Boardsandownersshouldusethesixfindingstopressure-testtheirfutureoperatingmodel,clarifythefamily’sroleasownersversusoperators,andassesswhethergovernance,AIoversight,talentstrategy,andriskdisciplineareevolvingfastenoughtosupportprofessionalisedmanagement.Themostresiliententerprisesareexpectedtomakethesedecisionsdeliberately,ratherthanincrementally,overthenext12–18months.

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|5

Resilienceandthe

familybusiness

advantage

Voicesfromthefield:

Peerwisdomand

lessonslearned

Capitalstructureand

operatingmodel

Strategicprioritiesand

thechallengesahead

Conclusionand

recommendations

Cybersecurityasa

strategicpriority

EnterpriseRisk

Management

Future-proofing:

Introduction

Enhancingproductivity

andbuildingskills

Contents

07

Introduction

27

Future-proofing:

Enhancingproductivity

andbuildingskills

08

Strategicprioritiesand

thechallengesahead

33

EnterpriseRiskManagement

14

Resilienceandthefamily

businessadvantage

39

Voicesfromthefield:

Peerwisdomand

lessonslearned

18

Capitalstructureand

operatingmodel

45

Conclusionand

recommendations

24

Cybersecurityasa

strategicpriority

48

Appendix:Methodology

50

Acknowledgments

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|6

Resilienceandthe

familybusiness

advantage

Voicesfromthefield:

Peerwisdomand

lessonslearned

Capitalstructureand

operatingmodel

Strategicprioritiesand

thechallengesahead

Conclusionand

recommendations

Cybersecurityasa

strategicpriority

EnterpriseRisk

Management

Future-proofing:

Introduction

Enhancingproductivity

andbuildingskills

Introduction

Thefamilybusinessmodelremainsresilient,butthenextdecadeisexpectedtofavorenterprisesthat

Whatmakesthisreportdifferent:

Unlikemanyfamilybusinessstudiesthatfocusonlyoncurrentsentiment,thisreporthighlightsaprojected

structuraltransitionto2035,combinessurveyevidencewithvoicesfromthefield,andtranslatesthefindingsintoimplicationsforboards,owners,andprofessionalmanagement.

professionalisegovernanceatthesamepacetheyadoptAI,evolvetheiroperatingmodel,andtransitionleadership.Familybusinessesfaceaconvergenceofpressures,anddecisionsmadeinthenextthreetofiveyearswillhelpshapeperformance,control,andcontinuityforageneration.

Thisreportisforleaders,boarddirectors,ownerfamilies,

andadvisersnavigatingacceleratedchange.Itdistills

sixglobalfindings,outlinesshiftsexpectedthroughto

2035,andtranslatesthemintopracticalactionsacross

governance,technologyandAI,talent,capitalstructure,andEnterpriseRiskManagement.Takentogether,theresults

showstrategicconfidencealongsidestructuralstrain.

Methodologyataglance:TheKPMGGlobalfamilybusinessreport2026wasconductedbyMeridianWestinJanuary–February2026.Itcapturesresponsesfrom

1,927seniorleadersandsignificantshareholdersoffamilyandprivatelyownedbusinessesacross41countries.

Findingsarebasedonaggregatedsurveyresultsandaresupplementedwithverbatimopen-textresponses.Percentagesarerounded.

Thereportfollowsthelogicofthesurvey:itsetsthe

strategiccontext,examinesstructuralandcapitalforces

shapingevolution,exploresthetechnology,talent,and

governanceinvestmentsrequiredtohelpfuture-prooftheenterprise,andthenprovidesrole-basedrecommendationsforboards,owners,andmanagementteams.

Theuniquecharacteristicsandstrengthsoffamily-

ownedenterprisesregardlessoftheirage,scaleor

geographyshinethroughinthedatacapturedinthis

report.FromAustraliatoCanada,GermanytoJapan,

familyenterprisesfindwaystoberesilientandconfidentintheirrelationshipswithkeystakeholders.

However,thiscapacityforresilience,inthefaceof

broaddisruptionandheightenedglobalrisk,islikely

tobetestedoverthenextdecade.Inourview,familybusinesseswillberequiredtoadapttoafast-changingenvironmentthathaslesstolerancefortraditionandplacesmoreemphasisonspeedandefficiency.”

ConorMoore

GlobalHeadofKPMGPrivateEnterpriseKPMGInternational

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|7

Resilienceandthe

familybusiness

advantage

Future-proofing:

Enhancingproductivity

andbuildingskills

Voicesfromthefield:

Peerwisdomand

lessonslearned

Capitalstructureand

operatingmodel

Cybersecurityasa

strategicpriority

EnterpriseRisk

Management

Conclusionand

recommendations

Strategicprioritiesand

thechallengesahead

Introduction

01

Strategicprioritiesand

thechallengesahead

Familybusinessesreportstrongalignmentand

confidenceintheirstrategy,whilerecognisingthatexecutionwillbeharderinthedecadeahead.

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|8

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|9

Introduction

Strategicprioritiesand

thechallengesahead

Resilienceandthe

familybusiness

advantage

Capitalstructureand

operatingmodel

Cybersecurityasa

strategicpriority

Future-proofing:

Enhancingproductivity

andbuildingskills

EnterpriseRisk

Management

Voicesfromthefield:

Peerwisdomand

lessonslearned

Conclusionand

recommendations

Strategicconfidence:Highconvictionalongsidesoberrealism

Askedtoratetheiragreementwithsixstatementsabouttheirgrowthstrategy,familybusinessrespondents

presentapictureofhighconvictionalongsideasenseofpragmatism,borneofexperience.Morethanfourinfivehaveacleargrowthstrategyandreportstronginternalalignment.

Atthesametime,nearlythreeinfive(59percent)

simultaneouslyacknowledgethatgrowthwillbehardertoachieveandsustainoverthenextdecade.Thatpercentageincreasesto64percentofthoserespondentsworkingorowningfamilybusinessesthatareover100yearsold.

Thefactthat69percentofparticipantsfromthe

Technology&Softwaresectorperceivethatgrowthwill

behardertoachieveandsustainoverthenextfiveyearsisprobablyareflectionoftheirexperienceofstronggrowthinthesectorinthefiveyearsleadinguptothispoint.

Itshouldbenotedthatglobally29percentdisagreeandscalewouldseemtoinfluenceconfidence.Over

44percentofbusinessesemployingbetween10,000and25,000employeesdisagreedwiththeideathatgrowth

wouldbehardertoachieveoverthenext5to10years.Infamilybusinesses,misalignmentongrowthdirectioncanquicklybecomeanoperationalconstraint.Only

11percentdisagreethatthereisstrongconsensusamongfamilyandleadersonthegrowthagenda,apatternconsistentacrossgenerations.Thissuggests

manyenterprisesrecognisethatdisagreementsat

ownershipandleadershiplevelsarenotabstractrisks;theycandirectlyaffectdecisionspeedandexecution.

The66percentwhoprioritisefamilycohesionoverreturnsreflectsavalueshierarchythatcanbea

Strategicpriorities

competitiveadvantagethroughlong-termorientation,butitcanalsocreategovernancetensionwhen

cohesionandvaluecreationdiverge.Makingdecisionprinciplesexplicit—whatisnegotiableandwhatis

not—helpsreduceambiguitywhentrade—offsarise.

77%

30%

47%

12%12%

Beinga

family-owned

businessmakesit

easiertoseize

opportunities

78%

27%

51%

11%11%

Thereisastrong

consensusamong

family&business

leadersonhow

besttogrowthe

business

83%

59%

18%

41%

12%

29%

Weareentering

anoperating

environmentwhere

growthisgoingto

behardertoachieve

orsustainoverthe

next5to10years

66%

22%

44%

14%

18%

Wewould

prioritisefamily

cohesion

evenifthat

meansaccepting

alowerrateof

return

72%

30%

53%

12%

8%

19%

53%

17%

12%

Ourorganisationhasacleargrowth strategyforthenext5to10years

Weanticipateour

growthwill

outpacemostof

ourcompetitors

overthenext5to

10years

Positivetotal(6_10)Stronglyagree(9_10)Agree(6_8)Neutral(5)Disagree(0_4)

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|10

Resilienceandthe

familybusiness

advantage

Voicesfromthefield:

Peerwisdomand

lessonslearned

Capitalstructureand

operatingmodel

Conclusionand

recommendations

Strategicprioritiesand

thechallengesahead

Cybersecurityasa

strategicpriority

EnterpriseRisk

Management

Future-proofing:

Introduction

Enhancingproductivity

andbuildingskills

Growthprioritiesto2035

M&A/acquisitions13%16%16%21%34%

Diversifyingcustomertypes

22%

Transformingdigital&datacapabilities(incl.AI)

Diversifyingproducts&services

24%

25%

Expandinggeographicfootprint

26%

18%

Ranked#1(%)

Ranked#2(%)

Ranked#3(%)Ranked#4(%)Ranked#5(%)

Respondentsrankedfivegrowthdriversbyanticipatedimpact.Geographicexpansionismostfrequentlyselectedasthetop

driver(26percent),narrowlyaheadofdiversificationofproductsandservices(24percent).DigitalandAItransformationranks

third(21percent),butissignificantlyhigherinsectorswheredigitalcapabilitydirectlydrivesrevenue.

AseparatesurveyofprivatecompanyCEOs[

3

]provides

importantcontexthere.The

2025KPMGGlobalprivate

companyCEOOutlook

suggestedthat73percentof

privatecompanyCEOsareeitheractivelypursuingstrategicexpansionorexpectingtodosointhenearterm,with

48percentplanningtoexplorenewmarketsorregional

opportunities.Geographicambitionisnotuniquetothe

familybusinesssegment;itisadefiningfeatureofprivateenterprisegrowthstrategyin2025–26.

Industrypatternsaddgranularity.FinancialServices

(34percent),Media&Telecommunications(31percent),

andTechnology&Software(29percent)eachshowwell

above-averagerankingofdigital/AItransformationasthetopgrowthdriverreflectingsectorswheredigitalcapabilityisadirectrevenuedriver.M&AappetiteishighestinAutomotive(24percent)andMedia&Telecommunications(20percent),sectorsexperiencingstructuraldisruptionthatmakesorganicgrowthstrategiesinsufficient.

16%

21%23%17%

21%

19%

20%16%24%

25%16%10%

17%24%15%

Growthdrivers

However,itisnotthecasethatfamily-ownedbusinessesarekeentoexploreacquisitionsasameansofgeneratinggrowth.Infact,overone-thirdsuggestmergersand

acquisitions(M&A)activitywouldhavethelowestimpactasadriverofgrowthoverthenext10years.

TherelativelylowrankingofM&AisanalyticallysignificantconsideringthefindingsintheprivatecompanyCEO

survey.While85percentofprivatecompanyCEOsshowsomeappetiteforM&A,only30percentreportenthusiasmfor‘high-impact’transformativedeals.

Thiscautionisbroadlyconsistentwiththefamily

businessdata,whereM&Arankslastasatopgrowthdriveramongmostrespondents.Inahighlyvolatile

world,whereeconomicforecastscanchangerapidlyinresponsetotariffsandgeopoliticalevents,thereisasensethatprivatecompanyleadersplacegreatertrustintheircapacitytogenerateorganicgrowth.

3KPMGGlobalPrivateCompanyCEOOutlook,November2025,KPMGInternational

©2026CopyrightownedbyoneormoreoftheKPMGInternationalentities.KPMGInternationalentitiesprovidenoservicestoclients.Allrightsreserved.KPMGGlobalfamilybusinessreport2026|11

Resilienceandthe

familybusiness

advantage

Voicesfromthefield:

Peerwisdomand

lessonslearned

Capitalstructureand

operatingmodel

Conclusionand

recommendations

Strategicprioritiesand

thechallengesahead

Cybersecurityasa

strategicpriority

EnterpriseRisk

Management

Future-proofing:

Introduction

Enhancingproductivity

Thegeopoliticalandmacroeconomiccontext

ThesurveywasconductedinJanuary–February2026,duringaperiodmarkedbytariffsandtradedisputes,

internationalconflict,inflationarypressure,regulatory

change,climateevents,andongoingsupply-chain

disruption.Theseconditionsprovidecontextfortheriskperceptionsreflectedintheresults.

Inaworldwhereseparatingsignalfromnoiseisincreasinglydifficult,thissurveyprovidesclearalignmentonthelong-termdirectionoftravel.

Familybusinessesshouldactnow—

respondingtotoday’sstrategicimperativeswhiledeliberatelyplanningforinevitable

ownershiptransitionsandtheimpactsofsystemicchange.”

RuthTodd,

PartnerandNationalLeaderKPMGPrivateEnterprise

KPMGinCanada

andbuildingskills

Family

Businesschallenge

businesssurvey

ASPAC

%

EMEA%

Americas

%

Australia

%

Germany

%

US

%

global%

AIadoption&governance

38%

45%

33%

40%

50%

41%

47%

Talentattraction&retention

36%

38%

35%

37%

40%

20%

34%

Cybersecurity

31%

32%

28%

33%

37%

39%

39%

Macroeconomic

disruption&uncertainty

31%

25%

36%

28%

19%

38%

23%

Changingcustomerdemandpatterns

29%

32%

29%

27%

26%

21%

25%

Geopoliticaltrade&tariffs

25%

20%

27%

27%

12%

39%

26%

Re