Is humanity on a path of true progress, or are we undermining our wellbeing? This report examines this question using a novel, human-centred framework focused on economic development. It analyses the historical evolution of inter- and intragenerational wellbeing and its implications for the future. To this end, the report utilises empirical data from the entire world (from 1820 onwards), as well as from Africa (1960 onwards), China (1978 onwards), and the EU27-US (1960 onwards). Furthermore, the framework links wellbeing outcomes to six key drivers: economy, technology, globalisation, demography, nature, and institutions. The report highlights that the foundations of humanity’s wellbeing are increasingly at risk due to intertwined crises, including rising environmental and social pressures and the weakening of institutions. However, humanity can drive institutional change at all levels. For instance, this can be achieved by developing a clear, relatable vision of progress centred on sustainable and inclusive wellbeing. This necessitates reforming both formal and informal institutional structures to establish the conditions for achieving these goals.