Wellbeing economy governments partnership: annual engagement report

4. Wellbeing Economy Forum (7 – 9 May 2025)

The Wellbeing Economy Forum held in Reykjavik from 7–9 May 2025^[9], hosted by the President of Iceland and supported by international organisations including the World Health Organisation (WHO), Organisation for Economic Cooperation and Development (OECD), the United Nations Educational, Scientific and Cultural Organisation (UNESCO), and the EU Health Network, focused on linking health and economic outcomes within wellbeing economy frameworks. The Wellbeing Economy Governments (WEGo) partnership played a central role, with a dedicated plenary session and a policy meeting, and was honoured with an inaugural Wellbeing Prize presented by the Icelandic President. The conference^[10] showcased growing international interest in WEGo, with new engagement from Portugal, Brazil, and Nordic countries. Mariana Mazzucato, in a keynote delivered virtually, challenged participants to rethink the state’s role in shaping value, arguing for bold public missions that foster inclusive growth^[11]. Other key themes included wellbeing budgeting, governance frameworks, and legislative approaches such as Scotland’s Community Wealth Building and Wales’ Future Generations Act. The event reinforced WEGo’s role as a collaborative platform for sharing best practice and shaping global wellbeing policy.

4.1 Panel discussion and WEGo in-person meeting

The Partnership had a meeting in Reykjavik hosted at the Prime Minister’s Office with representatives from Iceland, Finland, Wales, and Scotland. Officials from the Portuguese Government also attended in person, and we were joined virtually by officials from Canada^[12].

There was agreement to produce another engagement report, similar to the one published in November 2024, detailing the activity of WEGo partners. Iceland expressed interest in collaborating on wellbeing budgeting, presenting an opportunity for joint work in this area. There was an offer to take a collaborative approach to preparations for the upcoming UN Sustainable Development Goals summit, with potential for WEGo to engage collectively.

4.2 WEGo wins first-ever wellbeing prize

While at the conference the inaugural Wellbeing Prize was awarded to the WEGo partnership by the President of Iceland. The prize recognises outstanding contributions to advancing the global movement for a Wellbeing Economy — one that prioritises human and planetary wellbeing over narrow economic growth.

While at the conference the inaugural Wellbeing Prize was awarded to the WEGo partnership by the President of Iceland^[13]. The prize recognises outstanding contributions to advancing the global movement for a Wellbeing Economy — one that prioritises human and planetary wellbeing over narrow economic growth.

WEGo was nominated for the award without prior knowledge, making the recognition especially meaningful. The partnership was commended for its collaborative and cross-government efforts to rethink traditional economic approaches. Specifically, the award highlighted WEGo’s achievements in:

• Pioneering policy innovation, including the integration of wellbeing into economic decision-making processes;
• Facilitating knowledge sharing between countries through regular engagement reports, policy labs, and bilateral exchanges;
• Encouraging international participation, with a growing number of countries showing interest in adopting similar wellbeing approaches.

The award serves as a significant milestone for WEGo, reinforcing its growing global influence and the increasing relevance of wellbeing-oriented governance. Each member country of the partnership received a personalised certificate of recognition to recognise their individual contributions. The announcement of the award drew positive media coverage, helping to raise awareness of WEGo’s work and the Wellbeing Economy agenda.