Measuring Inclusive Wealth in a Resource-dependent Country
The Ivey Foundation
The Ivey Foundation recognizes that GDP, while relevant as a measure of current economic progress, must be complemented with new measures that reflect the prospects for the long-term sustainability of well-being. The concept of inclusive wealth – the value of all of the nation’s produced, human, natural and social capital – offers a sound basis for measuring sustainability. Businesses have for centuries measured both income and wealth – there is no reason nations should not do the same. While no country measures all the components of inclusive wealth, some – including Canada – are moving in that direction. As a country with a high level of well-being, much of which rests upon a substantial endowment of natural capital (more per capita than any other nation), Canada has much to gain from measuring inclusive wealth. Canada already has a relatively well developed program of wealth measurement and has the potential to emerge as a leader in this important domain. Building on the measures that already exist in Canada and on best international practice, this project will result in Canada’s first-ever inclusive wealth report in early 2016.
Working with IISD and the other project partners, Midsummer Analytics is providing overall project leadership and ensuring effective liaison with the Ivey Foundation. We are also taking the lead on the development of the conceptual framework and making major contributions to the methodology, indicator selection and empirical outputs. We will be lead author on all major project outputs, including the final report. We are also actively involved in communications with Mobilize Strategies, the project communications partner and with Global Forest Watch Canada, the project spatial analysis partner.