BCG’s SEDA provides a definition of well-being based on three fundamental elements, which themselves are comprised of ten dimensions that are used to create a relative fact-based measure of well-being across countries.
The first element is economics, which includes income, economic stability, and employment dimensions. The second element, investments, encompasses education, health, and infrastructure, which account for much of government budgets. The third element covers two aspects of sustainability: social inclusion—including income equality, civil society, and governance—and environment.
SEDA provides four measures that deliver different insights into each country's relative level of well-being: