The Inclusive Wealth Index (IWI), first created in 2012 by the United Nations University (UNU) and United Nations Environment Programme (UNEP), measures changes in the total wealth of nations. It is an index based on the sum of a country’s natural, human, social, and physical (including manufactured and financial) capital, and goes beyond conventional forms of wealth measurement such as gross domestic product (GDP). It enables policymakers to understand a country’s wealth stock and whether it is increasing or depleting, which in turn helps in managing the economy. IWI includes available natural resources, the ecosystem services provided by nature, the levels of human health, education, and skill, and built physical infrastructure such as roads and factories. At the G20, the idea that development should encompass more than mere GDP was first discussed during Saudi Arabia’s presidency in 2021, and again in 2022, under Indonesia’s presidency. India takes the idea further through the concept of ‘Lifestyle for Environment’ (LiFE).
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