The world will look different within two to three years, and investment decisions need to account for that reality.
By the end of the decade, many of today's political leaders will be leaving office, facing succession challenges, or governing with weaker mandates. Donald Trump will have left office by January 2029, closing a chapter in which American politics was defined by his influence. In Europe, Viktor Orbán’s recent electoral loss suggests the current cohort of strongman politicians may also be receding. Narendra Modi in India and Recep Tayyip Erdoğan in Turkey face growing uncertainty ahead of their next elections, while Xi Jinping, though entering a fourth term, may see the CCP begin positioning a successor for the term after 2028. Together, these shifts point to a generational transition in political leadership across many major powers, and the world is heading into a new global leadership era.