This discussion paper by McKinsey Global Institute examines how frontier technologies may affect well-being beyond GDP, both positively and negatively. While technology has been a significant contributor to welfare growth in Europe and the United States in the past 40 years, the data suggests that, for the next decade, welfare growth may continue on the same trajectory only to the extent that new frontier technology adoption is focused on innovation-led growth rather than purely on labour reduction and cost savings through automation, and that technology  diffusion is actively accompanied by transition management that increases workers' mobility and equips them with new skills. The report emphasises that governments, businesses and individuals all have roles to play in ensuring both that the welfare-enhancing opportunities presented by AI, automation, and other technologies are embraced and that technology-related transitions are well managed.