Businesses continue to be the world’s most trusted institutions, according to report

A new report on public trust in institutions shows that the business community continues to gain trust globally while other institutions such as governments and the media continue to decline.

In the latest Edelman Trust Barometer report, 62% of 32,000 respondents in 28 countries say they trust businesses.

“Business is the only institution that can be considered competent and ethical,” says Richard Edelman, CEO of Edelman. “Business is expected to act.”

By contrast, a new report shows the government is seen as “unethical and incompetent.” Business leads government by 54 points in competence and 30 points in ethics.

Confidence in business rose 6 points in the US last year.

On the other hand, 59% of respondents believe non-governmental organizations are competent and ethical, compared with 51% in government and 50% in the media.

The survey also shows that the percentage of people who believe their lives will be better fell to 40% from 50% last year, a record low across 24 countries. That’s because 89% fear losing their jobs, 74% worry about inflation, 76% worry about climate change, and 72% worry about nuclear war.

Edelman is a global communications company that publishes an annual report. This is his barometer for the 23rd Annual Trust. The study, conducted by the Edelman Trust Institute, conducted online interviews with more than 32,000 of her adults in over 20 countries to assess the credibility of various institutions.

Read the full report here.