Following a day of conversations, Christian Caryl, editor of Democracy Lab, hosted a reception with Professor Deaton, who in October 2015 was awarded the Nobel Prize for Economics and International Affairs for his work charting global developments in health, wellbeing and inequality.

In his remarks, Professor Deaton noted that wealth does matter, because without wealth governments do not have the resources to improve the wellbeing of their people, but it is important how that wealth is created.

Professor Deaton also discussed the importance of measuring wellbeing, before giving an incredible account of what it was like to receive 'that' phone call from Stockholm.

Professor Deaton's continued involvement with the Legatum Institute, and his invaluable assistance and counsel over many years, are proof of his commitment to improving and deepening the prosperity discussion and raising the standard of living for billions around the globe.

As another Nobel Prize winner, Robert Lucas, once said of why some countries grow and others do not, “once you start to think about it, it is almost impossible to think of anything else".