This report analyses the values of Estonian society. Values are viewed here as the desirable goals which people strive to attain. Values guide the selection or evaluation of actions, policies, people, and events. We see them as a component of human capital – the characteristics of people that make a contribution to the development of a country, national economy and life satisfaction. The report provides an outline of the current state and recent changes of major Estonian values, in comparison to other European countries. Predictions about future value trends are also included.