Bhutanese voters find that while money can’t buy happiness, it sure helps.

FILE PHOTO: Bhutan's Prime Minister Tshering Tobgay looks on during a meeting with Sri Lanka's President Maithripala Sirisena (not pictured) at the Presidential Secretariat in Colombo April 10, 2015.
FILE PHOTO: Bhutan's Prime Minister Tshering Tobgay looks on during a meeting with Sri Lanka's President Maithripala Sirisena (not pictured) at the Presidential Secretariat in Colombo April 10, 2015.
REUTERS/Dinuka

The Land of the Thunder Dragon has just elected its fourth government since King Jigme Khesar Namgyel Wangchuck implemented democratic reforms in 2008, and incoming Prime Minister Tshering Tobgay has been promising to center one key issue: Economic growth.

Bhutan has never been a rich country, and it famously has rejected wealth as a metric of development: In the 1970s, during a modernization drive by the current king’s father, the country started using a metric called Gross National Happiness as a basis for government policy. It was enshrined in the 2008 constitution that democratized Bhutan as well. However, the index has stayed relatively flat, rising from 0.743 in 2010 to 0.781 in 2022, and 51% of Bhutanese fall under the “not-yet-happy” category.

Tobgay, who previously served as PM between 2013 and 2018, oversaw a major expansion of Bhutan’s tourist industry during his first term, charging foreign visitors a sustainable development fee of $65 per person per day for the privilege of enjoying Bhutan’s spectacular landscapes. That became a key source of foreign currency. But the number of visitors in 2023 was around a third of the pre-pandemic figures, leaving many families struggling to make ends meet and worsening youth unemployment to 29%.

Tobgay has promised to goose the tourism sector and attract more foreign investment with a $180 million stimulus package, as well as ramp up production of hydroelectricity. If he can’t get a handle on the situation, Bhutan’s prospects may worsen as talented young people leave for brighter horizons. Between July 2021 and July 2022, 15,000 Bhutanese received visas to live in Australia alone, more than the previous six years combined.

More from GZERO Media

Chart of the most consequential Supreme Court cases of 2025.
Eileen Zhang

The 2025 Supreme Court term began this month, ushering in a slate of cases that could reshape American governance. No one will be watching more closely than President Donald Trump, whose efforts to expand executive power and limit independent oversight will be under the judicial microscope.

Kenya's opposition leader Raila Odinga addresses delegates after President William Ruto signed the Independent Electoral and Boundaries Commission Amendment Bill 2024, backed by the National Dialogue Committee (NADCO), at the Kenyatta International Conference Centre in Nairobi, Kenya, on July 9, 2024.
REUTERS/Thomas Mukoya

When Walmart stocks its shelves with homegrown products like Fischer & Wieser’s peach jam, it’s not just selling food — it’s creating opportunity. Over two-thirds of what Walmart buys is made, grown, or assembled in America, fueling jobs and growth in communities nationwide. Walmart’s $350 billion commitment to US manufacturing is supporting 750,000 jobs and empowering small businesses to sell more, hire more, and strengthen their hometowns. From farms to shelves, Walmart’s investment keeps local businesses thriving. Learn how Walmart's commitment to US manufacturing is supporting 750K American jobs.

Earlier this month, Microsoft released the 2025 TechSpark Impact Report, which highlights how the company is assisting regions across the US in achieving these goals. Since its launch, TechSpark has obtained over $700 million in community funding, supported more than 65,000 people in developing digital skills, and, thanks to the work of TechSpark Fellows, catalyzed $249M+ in funding and upskilled 34,600 individuals across 46 communities — highlighting the ripple effect of local leadership and innovation. Learn more about this progress in the 2025 report here.

People walk past a jewelry store in the Diamond District of Manhattan, New York City, USA, on August 6, 2025.
Jimin Kim / SOPA Images via Reuters Connect

GZERO spoke to Eurasia Group’s Commodities Director Tim Puko to better understand why the diamond industry has tanked, and the consequences of this for geopolitics.

- YouTube

In Ask Ian, Ian Bremmer notes that US–China relations are once again on edge. After Washington expanded export controls on Chinese tech firms, Beijing struck back with new limits on critical minerals. President Trump responded by threatening 100% tariffs, then quickly walked them back.

In this episode of The Ripple Effect: Investing in Life Sciences, host Dan Riskin speaks with Patrick Horber, President of Novartis International, and David Gluckman, Vice Chairman of Investment Banking and Global Head of Healthcare at Lazard. Together, they break down the outsized economic impact of life science innovation, from trillions in US bioscience output to China’s meteoric rise as a global R&D hub.