Recent trends in farm productivity and food prices raise concerns about whether the era of global agricultural abundance is over. Agricultural R&D is a crucial determinant of agricultural productivity and production, and therefore food prices and poverty. In this article, we present entirely new evidence on investments in public agricultural R&D worldwide as an indicator of the prospects for agricultural productivity growth over the coming decades. The agricultural R&D world is changing, and in ways that will definitely affect future global patterns of poverty, hunger, and other outcomes. The overall picture is one in which the middle‐income countries are growing in relative importance as producers of agricultural innovations through investments in R&D, and have consequently better prospects as producers of agricultural products.