Research leadership is characterized as visionary while research management is sometimes viewed as being process oriented and administrative. Many studies have proposed that the twenty-first century will be the age of the knowledge-based economy, but how can the wide spectrum of today's economies all structure their knowledge generating sector to prosper? In general terms, research leadership is the ability to foresee the emerging scientific road and drive the research sector with respect, confidence, loyalty, willing cooperation and commitment to follow that path. It involves focusing the efforts of a group of people toward a common goal and inspiring them to work as a real team. In comparison, research management is the administrative ability that focuses primarily on planning, organizing, and developing processes and methodologies to ensure that the research team effort is effective, efficient and successful. In a research environment, all research managers are not necessarily leaders, but the most effective managers over the long-term may prove to be good leaders as well. Both leadership and management are important because leadership emphasizes communicating the vision and then motivating and inspiring project participants to deliver higher performance, while management focuses on getting things done. The discussion will explore the difference between research leadership and research management and the importance of balancing both to achieve overall economic and social success in the twenty-first century. Statistical comparisons will be made between North America and Europe in the developed world, the emerging economies of India and China, and the stark contrast that exists in the developing economies of Africa