This　paper　investigates　the　tail　risk　spillover　effects　among　the　stock　and　foreign　exchange　markets　of　G20　economies,　as　well　as　the　oil　and　gold　markets　by　constructing　a　tail　event　driven　network.　Adjacency　matrices　indicate　time-varying　connectedness　between　network　nodes.　The　systemic　risk　decomposition　results　highlight　the　predominant　contribution　of　stock　markets　to　the　aggregate　risk　level,　while　oil,　gold,　and　specific　currencies　such　as　JPY,　USD,　and　CNY　contribute　to　diversifying　systemic　risk.　Moreover,　tail　event　driven　network　quantile　regression　analysis　demonstrates　the　asymmetry　and　market　heterogeneity　of　risk　spillover　effects.　Our　findings　have　instructive　implications　for　financial　regulators　and　institutional　investors.　©　2024　Elsevier　Inc.