Geopolitics has topped the list of concerns among investors, according to a new study.

Nearly three-quarters (74%) of the investors polled by Goldman Sachs Asset Management said that geopolitical risk is what they are most concerned about.

Only a small number, around 18%, are most worried about macroeconomic risk, while 6% of investors are most concerned about market risk.

A total of 96 investors participated in the survey last month.

The respondents did not specify what types of geopolitical risks they are most worried about.

The key geopolitical risks to watch in 2024 include the Russian-NATO tensions, cyberattacks, US-China relations, as well as climate risks and energy security, among others, according to S&P Global.

Geopolitical risks can have an impact on market sentiment, industry stability and business operations, the ratings agency said.

Stocks

While most investors worry about geopolitics, many of them continue to bet on equities, particularly in the US.

In a related survey of 158 investors last month, Goldman Sachs also found that most investors (48%) believe that US stocks offer the best return opportunities, compared to 23% who bet on Europe, 22% on emerging markets and 8% on Japan.

Senior executives from European insurers, pension funds and wealth platforms participated in the poll.

A large majority of them hold either a bullish or a neutral outlook on stocks over the remainder of the year, with only 8.3% saying they were bearish in their outlook.

(Editing by Seban Scaria seban.scaria@lseg.com)