We investigate the occurrence of magnetic and charge density wave instabilities in rhombohedralstacked multilayer (three to eight layers) graphene by first principles calculations including exact exchange. Neglecting spin-polarization, an extremely flat surface band centered at the special point K of the Brillouin zone occurs at the Fermi level. Spin polarization opens a gap in the surface state by stabilizing an antiferromagnetic state. The top and the bottom surface layers are weakly ferrimagnetic in-plane (net magnetization smaller than 10 −3 µB), and are antiferromagnetic coupled to each other. This coupling is propagated by the out-of-plane antiferromagnetic coupling between the nearest neighbors. The gap is very small in a spin-polarized generalized gradient approximation, while it is proportional to the amount of exact exchange in hybrid functionals. For trilayer rhombohedral graphene it is 38.6 meV in PBE0, in agreement with the 42 meV gap found in experiments. We study the temperature and doping dependence of the magnetic gap. At electron doping of n ∼ 7 × 10 11 cm −2 the gap closes. Charge density wave instabilities with √ 3 × √ 3 periodicity do not occur.In a solid, at low enough density, the Coulomb energy dominates the single particle energy and electronic instabilities such as magnetic phases or even Wigner crystallization become possible. A reduction of the singleparticle energy, and a consequent enhancement of the electron-electron interaction, can be obtained by considering a metallic system with a very flat single-particle band-dispersion. This unfortunately does not happen in graphene where the high Fermi velocity prevents electronic instability. The situation is different, however, in weakly doped Bernal-stacked (AB) even-multilayer graphene (see Fig. 1), as the single-particle bands become massive. Indeed, a spontaneously gapped ground state is already observed in suspended bilayer 1,2 and fourlayer graphene (1.5 meV gap) 3 .Even more favorable to electronic instabilities is rhombohedral-stacked (ABC) multilayer graphene. Neglecting spin polarization, tight-binding and density functional theory (DFT) calculations find bulk rhombohedral graphite to be metallic with a high Fermi velocity (see grey region in Fig. 1). On the contrary, within these approximations, rhombohedral-stacked multilayer graphene (RSMG) displays the occurrence of an extremely flat surface state at the Fermi level (see Fig. 1) located at the K point of the graphene Brillouin zone (BZ) 4-9 . The extension of the surface state in the BZ increases with increasing thickness and saturates at ≈ 7 layers. Its bandwidth is at most 2 meV for flakes of fewer than eight layers. The extremely reduced bandwidth makes RSMG one of the strongest correlated systems known nowadays and an ideal candidate for correlated states even in the absence of d orbitals.On the experimental side, only recently has it been possible to synthesize RSMG. Ouerghi et al.10 found fivelayer RSMG on top of a cubic SiC substrate to be metallic with a very high d...