How to build a well-being economy for people and planet

As we enter a polycrisis of cross-cutting climate, nature, societal and economic challenges, the limitations of gross domestic product (GDP) as a measure of progress are beginning to surface, as well as the need for a new compass of growth – one such as the well-being economy.

The well-being economy is a model that centres human and planetary well-being in economic decision-making. While this is not a new concept, there is a fresh sense of urgency to put it into action.

A well-being economy is designed to create the well-being of life and a flourishing people and planet, reframing success from relentless output to enhancing quality of life, regenerating ecosystems and fostering inclusive prosperity. It measures progress through diverse lenses – from health and social connection to sustainability, equity, education and economic resilience.

At its core, the well-being economy asks: what is the economy for and who does it serve?

New Zealand has been a global pioneer in the well-being economy movement, adopting a series of well-being budgets from 2019 to shift the focus of national planning from GDP growth to the lived experiences of citizens.

It allocates government spending according to how policies and programmes contribute to intergenerational well-being, including mental health, child poverty, domestic violence, biodiversity and climate resilience.

In 2020, New Zealand became one of the first countries to introduce a Living Standards Framework, aligning government action with multiple well-being domains. While no system is perfect and challenges such as implementation gaps remain, it offers a template for embedding holistic metrics into governance.

The well-being economy movement is gaining momentum worldwide, with other countries such as Canada, Scotland, Wales, Finland, Iceland and New Zealand joining the Wellbeing Economy Governments partnership, collaborating on shared frameworks and policy innovation.

Despite rising interest, well-being economies remain the exception to the norm, with several obstacles:

While the barriers are significant, they are not insurmountable. A systems approach can help scale the well-being economy beyond isolated examples through the activation of three powerful levers:

In a well-being economy, leadership is no longer defined by dominance, accumulation or short-term achievement but rather as stewardship rooted in consciousness, compassion and purpose.

In this well-being era, the inner well-being of leaders and systems is interconnected – each part is tied to the whole. Without fostering awareness and alignment, any external reforms and their impacts will be fragile and temporary.

This shift demands more than strategic change; it calls for a quantum recalibration of consciousness through practices of connection, such as meditation, mindfulness and self-inquiry, to reorient ambition into responsibility and power into service.

This is not a luxury; it is a necessity. Leaders who continue to chase growth without reflection risk destabilizing the very systems they rely on. But those who lead with awareness can reimagine success as the flourishing of people, planet and all life.

Asia’s cultural foundations, rooted in harmony between humanity, nature and the cosmos, foster long-term, intergenerational values that align naturally with a well-being economy.

We see these values come to life in family enterprises across the region, in particular, with long-term stewardship, legacy thinking and multi-generational investment strategies naturally aligned with well-being economy principles.

Combined with these deep cultural foundations, Asia’s rising philanthropic leadership, innovation capacity and demographic momentum uniquely position it to lead and scale a more balanced, regenerative economic model.

Several cases demonstrate the shift towards the well-being economy.

TPC (Tsao Pao Chee) Group, for example, a Singapore based profit-driven organization whose mission is “to serve the well-being of life and create wealth at the same time.”

The company redefines corporate philanthropy by integrating three non-profit initiatives with its business modus operandi focused on restoring relationships (NO.17 Foundation), restoring purpose (OCTAVE Institute) and restoring nature (Restore Nature Foundation).

TPC also initiated external initiatives, such as AWE (Association for a Well-being Economy) in Hong Kong, a co-creation and learning platform that drives innovative business models, creates systemic change and connects businesses with global opportunities.

Globally, TPC partners with the World Economic Forum to scale the well-being economy through cross-sector collaboration and family enterprise stewardship.

GAEA (Giving to Amplify Earth Action), a Forum initiative, is also establishing a community of committed leaders. Business is no longer just a vehicle for profit; it needs to be an integrated and impactful actor in society, led by purpose to add value, driven by the mission to serve life flourishing.

Equally, many of these principles are quietly gaining ground in China, where well-being-oriented development and leadership rooted in harmony, regeneration and collective flourishing are finding renewed relevance.

As shown through GAEA, public, private and philanthropic partnerships are key to unlocking systems change through collaborative public policies that prioritize: social and ecological outcomes; private capital flows that align profit with purpose; and philanthropic funding that de-risks innovation and seeds new models.

For example, the Coal to Clean Initiative in Southeast Asia utilizes blended finance tools to retire young coal plants early while safeguarding energy security and livelihoods. This kind of collaboration reflects the essence of a well-being economy in action: balancing economic needs with long-term ecological and human value.

Headquartered in Europe, Built by Nature exemplifies cross-sector collaboration, driving well-being to transform the emissions-heavy built environment. The GAEA Awards recently recognized Built by Nature for using bio-based materials such as mass timber. Its growth in Asia-Pacific signals how regenerative, community-rooted design can advance ecological and well-being goals.

While GDP measures economic growth, it ignores the deeper question of quality of life and planetary health. Actual progress demands reorienting systems around well-being – a moral and practical imperative.

As climate, nature and inequality crises deepen, resilience lies not in output alone but in restoring balance, fostering equity and regenerating life-supporting systems.

With its cultural depth, family enterprise networks and drive for innovation, Asia is uniquely positioned to lead this shift, not just imagining a well-being future but living it together.

TPC Chairman, Chavalit Frederick Tsao, is now serving as the GAEA Global Wealth Steward for Well-being.