Human leadership and followership take many forms, shaped by the social, economic, politi- cal, and cultural contexts of our groups and societies. Underlying this complexity, we argue, are key elements of human social psychology regarding social comparison and the resolution of coordination and collective action problems. More specifically, the Multi-Capital Leadership (MCL) theory posits that leader emergence and effectiveness depend on perceptions of individ- uals’ abilities to either provide benefits or impose costs in the context of problems associated with group living, by deploying different forms of capital. These forms of capital include ma- terial capital, social capital, and embodied capital, which encompasses somatic capital (e.g., physical formidability, height, and immune functionality) and neural capital (e.g., knowledge, intelligence, personality, and supernatural abilities). We apply this theory to a review of the diver- sity of leadership forms, including leadership in non-state and non-industrial societies and novel analyses of comparative ethnographic data. Critically, the context-specific requirements for co- ordination and collective action, as well as the extent to which social comparison is accurate, profoundly affect the structure and dynamics of leadership and followership.