This paper evaluates the Genuine Progress Indicator (GPI) as a response to the shortcomings of GDP and key contemporary challenges to well‐being in a single framework. As a monetary indicator GPI is uniquely suited to gauge economic performance and evaluate impact of proposed policies. Meanwhile GPI’s dashboard‐like features allow changes in contributing variables to be tracked in physical terms. GPI is currently not available to use for cross‐country analysis. However once issues relating to data are resolved and there is a consensus about what GPI 2.0 would look like, then a standard methodology will be available for measuring GPI. The main obstacles to widespread use of GPI is lack of political leadership and institutional support.