This paper describes the evolution of the main indicators of economic well-being and inequality in Italy from World War II onwards, showing that their dynamics differed across time periods and population subgroups. It also presents some reflections on the adequacy of per capita GDP as a measure of well-being. We argue that economic resources play a significant role in explaining the well-being of a population, but other dimensions, such as subjective indicators of well-being and inequality measures, should be considered too.