The chapter begins with a discussion of the concept of material wellbeing. This is followed by a description of the organization and structure of the Arctic economy, and then a definition of material wellbeing within the context of the Arctic region. Based on this definition, a set of indicators is constructed and evaluated in terms of various criteria for assessing their strengths and weaknesses. Indeed, a brief look at happiness and well-being provides a useful point of departure in the discussion of the concept of material well-being.