Health is the new wealth

The first wealth is health

"Health is the new wealth" is a phrase that's been doing the social media rounds, arguing the case for changing social priorities in favour of physical and mental health as the cornerstone of life satisfaction. It's also the title of a book by Dr.Rachel Thomas, the full name being: Health is the new wealth: "The Importance of Mental Health in the Pursuit of Health as Wealth".

The phrase most likely stems from the American philosopher, Ralph Waldo Emerson, who wrote “The first wealth is health” in 1860 (a man before his time, it seems), but given a twist for the 21st century.

The OPEC Fund for International Development elaborates, saying: "His statement is a reminder that a good life – meaning the well-being of people and communities as well as economies – can only be built on sound foundations. Health is a fundamental human right and a key indicator of sustainable development."

The International Monetary Fund (IMF), adds that Emerson's quote:

"reminds us that good health is the foundation on which to build a life, a community, an economy."

Our take on it is that while the original version of the phrase implied that to achieve material wealth you must first of all have physical and mental health, the new version implies that monetary wealth is no longer the real achievement or goal, but wellbeing is. Your personal views will no doubt vary as well.

Changing views and opportunities when it comes to wellbeing

Even so, the phrase is apt in a world where it's long been reported that Millennials and Gen Z (currently the largest generation in the world) have been championing a shift in priorities, citing health and wellbeing as a primary factor in their decision making from where to work to how to spend their money and their downtime.

Clearly, there's still much to be done - notably, a Deloitte survey has found that "84% of millennials say they have experienced burnout at their current job", and "nearly half of millennials say they have left a job specifically because they felt burned out".

However, the opportunities to support wellbeing, from dedicated experiences, like spa breaks, to daily rituals, is growing in response to the rigours and specific stresses of our modern lives.

As Emma Beddington put it in The Guardian: "The thing is, we’re still evolutionarily maladapted to deal with the world in which we find ourselves. None of our fight-or-flight stuff is turning out to be particularly helpful for dealing with constant aggressive digital stimuli, the melting Antarctic, zoonotic bird flu, flesh-eating opioids, alien balloons et al. We’re reporting higher levels of stress all the time: according to Ipsos research last year, 60% of participants across 34 countries report that they have felt stressed 'to the point where they felt like they could not cope or deal with things at least once in the past year'."

Wellness is a world of opportunity

Meanwhile, and with all of that in mind, "the wellness industry is booming" says the omniscient McKinsey & Company, noting that we're all spending more on our health, fitness, nutrition, appearance, sleep, and mindfulness than ever before.

Wellbeing has been a growing sector for some time, and many credit the pandemic with piquing our interest more than ever, as we all explore our own preferred approaches to preventative care and feel-good-factor.

From the escalating "demand for natural and 'clean' products", to sleep innovations and the the pursuit of mindfulness, McKinsey concludes that the future of wellness is "connected and customised", in their insightful report 'The Next Normal'.

Meanwhile, this year's Spa Business Handbook notes that the "global wellness economy has exceeded US$5.6 trillion", in response to growing demand. That figure spans areas including traditional and complementary medicine, mental health, wellness real estate, public health prevention and personalised medicine, nutrition and weight loss, physical activity, wellness tourism, personal care and beauty, spas, and workplace wellness.

2024 wellness trends cited in the handbook range from 'brain training' technologies, binaural beats, cryotherapy, and biofeedback portals, to the simple magic of walking. It's a breadth of opportunity that inspires and delights, encapsulating our firm belief at Spabreaks.com that wellness is a spectrum of things that are all about making us feel good. What a wonderful opportunity to explore.