For decades, economists and governments have used conventional production indicators, such as per-capita GDP, to measure societies' overall "well-being". There are, however, a series of shortcomings when using a production indicator for measuring societies’ success; since more production may, for instance, mean less forest or more pollution, which are relevant aspects for human well-being.

A promising replacement for GDP as an indicator of well-being is a basket of stocks of various assets - or "wealth" - including natural capital (natural resources, land and ecosystem services, etc.); produced capital (machinery, buildings, etc.); human capital (education, health, skills, etc.); and social capital (institutions, social networks, etc.). There is a large body of theory, supported by empirical testing, demonstrating that asset accounts can provide robust indicators of overall social welfare. The Inclusive Wealth Report (IWR) is a joint initiative of UNEP and UNU -IHDP . The project aims at developing the first report on wealth and changes in wealth of nations, with a particular focus on developing countries. The main objectives of IWR are:

1. To carry out a comprehensive analysis of the different components of wealth by country and their link to economic development, particularly highlighting the importance of natural capital.

2. To formulate policies based on the notion of asset portfolio management. The ways in which nations manage their diverse assets and create productive economic bases for the future, have critical implications for long-term sustainable development.

Work on the development of the report was initiated in March 2010 by IHDP through a grant from UNEP. The first IWR is planned to be launched in April of 2012, at the Rio+20 conference.